How is Surging Geriatric Population Driving Catheters and Bands Market?
According to a study conducted by P&S Intelligence, the catheters and bands market in Nepal, Bangladesh, Sri Lanka, and India is projected to attain $96.5 million by 2024, increasing from $65.3 million in 2018, registering a 6.6% CAGR during the forecast period (2019–2024).
The is due to the increasing prevalence of cardiovascular diseases, surging geriatric population, enhancing healthcare infrastructure, and rising government initiatives for raising awareness regarding cardiovascular diseases. Catheters are thin tubes which are utilized in diagnostic procedures and during surgical interventions and bands help maintain hemostasis for preventing radial artery occlusion.
Access Report Summary - Catheters and Bands Market Segmentation Analysis Report
In terms of product type, the catheters and bands market is divided into bands and catheters, between which, the demand for catheters was higher in Sri Lanka, India, Bangladesh, and Nepal. This can be owing to the increasing number of cases that require hospitalization and rising prevalence of cardiovascular diseases in these countries. Approximately 3,000 thousand units of bands and catheters were sold in these countries in 2018 and the number is predicted to reach more than 5,000 thousand units by 2024.
The hospitals division held the largest share of the catheters and bands market in 2018 and further predicted to dominate the market during the forecast period as well, which is owing to the rising number of hospitals and growing number of hospitalization cases in India, Bangladesh, Sri Lanka, and Nepal. Geographically, India dominated the market in 2018, ascribed to the presence of major companies, increasing geriatric population, and enhancing healthcare infrastructure in the country. Within the country, West India is predicted to account for considerable share of the market during the forecast period.
Another reason for the growth of the catheters and bands market in India, Bangladesh, Sri Lanka, and Nepal is the growing prevalence of cardiovascular diseases. These diseases often result in hospitalization and the patient may also need to go through a surgical procedure. During such situations, the use of catheters and bands is quite normal. Furthermore, governments of these countries are increasingly trying to create awareness regarding cardiovascular diseases, which is further driving the market.
In conclusion, the market is being driven by the growing prevalence of cardiovascular diseases and increasing geriatric population.