According to the UnivDatos Market Insights analysis, the increasing prevalence of chronic diseases, the growing elderly population, and advancements in medical technology will drive the scenario of the Indian catheter market. As per their “India Catheters Market” report, the market was valued at ~USD 851 million in 2023, growing at a CAGR of about 17.2% during the forecast period from 2024-2032 to reach USD XX million by 2032.
Indian catheter market has received a particularly positive effect made by some government stimulus plans of various relations to the enhancement of health care services, the promotion for production of medical devices, and the provision of better health care availability. Here are some key government actions and programs that have positively impacted the catheter market:
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1. Medical Device Rules and Regulations: The Government of India earlier had placed Medical Device Rules that resulted in the categorization and regulation of medical devices such as catheters. This legislation under discussion aims to improve the welfare of citizens by removing substandard medical devices in use within the territory of India. Such rules have made it possible for domestic as well as international firms to invest in the Indian catheter after having been informed about the strict rules governing the market as well as removing many barriers.
2. Production Linked Incentive (PLI) Scheme: The PLI scheme has been announced by the Ministry of Commerce and Industry to provide financial incentives to manufacture Medical Devices. This initiative may aim at reducing the overall dependence on importing such products and, at the same time, enhancing the competitiveness of Manufacturing Industries in India with a special emphasis on innovation and productivity increase for catheter manufacturers.
3. Make in India Initiative: This was initiated for the promotion of manufacturing in the country and for medical devices as well. To promote the spread of production facilities within its territory it assists the business organisations. It has also enabled players to look for external sources for enhancing solutions and has extended support in growing the number of local competitors in the Indian catheter market.
4. Public-Private Partnerships (PPP): One of the tactics used is when the government fosters partnerships between the public health facilities and private players to support the execution of the healthcare causes and items connected to catheters. They may lead to the maximal utilization of resources employed in catheter-based procedures and the correspondent availability of those services in both – urban and rural areas.
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Recent developments in the market:
· In October 2022, Union Minister for Health and Family Welfare Dr. Mansukh Mandaviya inaugurated an Advanced Bi-Plane Cardiac Catheterization Laboratory at DY Patil Medical College, Hospital and Research Centre in Navi Mumbai.
· In August 2023, Paras Health Gurugram achieved another remarkable technological milestone by becoming the third medical center in India to adopt the groundbreaking C2 Plus IVL Catheter technology within five days of its launch in India.
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Some of the initiatives taken by the Government of India to enhance the growth of the healthcare industry through its commitment to frame supportive policies and regulations, promote indigenous manufacturing, and improve the availability of affordable healthcare services in the country have tremendously benefited the catheter market. These measures initiate possibilities in the country and boost the nation’s medical devices business which has started shaping a place for India on the international platform in this sector.
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