How Will High Burden of CVD Drive Catheters and Bands Industry Growth?
A number of factors such as the growing prevalence of cardiovascular diseases, soaring geriatric population, improving healthcare infrastructure, and increasing focus of governments on imparting knowledge about CVDs will help the catheters and bands market grow in the foreseeable future. Catheters refer to thin tubes that are utilized in diagnostic procedures and surgical interventions. Additionally, these tubes are also used to analyze and treat damaged target sites by eliminating the diseased tissues or unblocking blood vessels. Whereas, bands help maintain homeostasis to avoid radial artery occlusion.
The rising incidence of CVDs is one of the primary growth drivers for the market, as catheters and bands are used to treat acute coronary syndrome. According to the World Health Organization (WHO), CVDs were responsible for 17.9 million fatalities around the world in 2019, accounting for around 32% of global deaths. Among these, 85% of these deaths were caused due to heart attack and stroke. More than 75% of CVD deaths are recorded in low- and middle-income countries, as per the WHO.
Moreover, the burgeoning elderly population will also attribute to the catheters and bands industry in the forthcoming years, as this age pool is highly vulnerable to CVDs, due to their weak immune system. Moreover, the WHO forecasts that 1 in 6 individuals in the world will be aged 60 years or more by 2030. As per the organization, the number of people aged 60 years or over will rise from 1 billion in 2020 to 2.1 billion by 2050 and that of 80 years or above will reach around 426 million by 2050.
Under the end user segment of the catheters and bands market, the hospitals category accounted for the largest share in the last few years, due to the increasing number of hospitals and rising cases of hospitalization. As per the WHO, the number of hospital beds per 1,000 people in Bangladesh grew from 0.77 in 2015 to 0.79 in 2016. Further, the Ministry of Health and Family and Welfare, the Government of India, states that there were 29,899 primary health centers, 37,725 district hospitals, 1,003 sub-district/divisional hospitals, and 5,568 community health centers in India in 2018.
In recent years, key players of the catheters and bands market have focused on collaboration and acquisitions to stay ahead of their competitors. For example, in July 2018, TVA Medical Inc. was acquired by Becton, Dickinson and Company. With this move, Becton, Dickinson and Company aimed to expand its portfolio of end-stage renal disease products, such as drug-coated balloons, dialysis catheters, endovascular stent grafts, and standards angioplasty balloons. Other players undertaking such strategic measures include Smiths Group plc, Merit Medical Systems Inc., Global Surgimed Industries, and Boston Scientific Corporation.
Globally, on the basis of country, India accounted for the largest share in the catheters and bands market in the last few years, owing to the presence of established market players, the rapid improvements in healthcare infrastructure, and the existence of a vast geriatric population in the country. HelpAge International estimates that the population of people aged over 60 years in India will surge from 139 million in 2019 to around 319 million by 2050. Additionally, the surging prevalence of cardiac diseases will also contribute to the market growth in the country.
Therefore, the surging burden of cardiovascular diseases and the rising aging population will drive the demand for catheters and bands, globally.