Teleflex, Poly Medicure Lead India Vascular Access Device Market Fueled by Extensive Government Healthcare Policy Reform
February 28, 2017 (PRLEAP.COM) Health NewsFebruary 28, 2017 - Vancouver, BC – According to a new series of reports on the India market for vascular access devices and accessories by iData Research (www.idataresearch.com), the Indian government has been adamant on clearing regulatory hurdles related to imports and exports of medical devices, and has set new standards around clinical trials. In addition, the Indian government runs several health insurance programs designed for high-risk patients to pay upfront cash and then get reimbursed by filing a claim. However, this process has proven inefficient and major improvements are possible if better payment mechanisms are implemented. More reform is required to bring new opportunities to invest in the healthcare market and bring profound change to the healthcare landscape in India.
"The Indian market is still undergoing frequent changes in terms of regulations, shaped by efforts to contain the growing healthcare budget while supporting market growth and development," explains Jeffrey Wong, Strategic Analyst Manager of iData. "In addition to healthcare reforms, the government is encouraging private capital investment to improve service quality and meet the diverse and complex needs of the public."
The largest and fastest growing vascular access device segment in India is the central venous catheter (CVC) market. Growth in this market has been driven by increasing hospitalizations and rising expenditures on healthcare. The growth rate in both conventional and antimicrobial CVC unit sales have been significant and are expected to continue as these devices are the primary vascular access devices used in India.
The implantable ports market will also experience high growth due to product innovations such as power-injectable implantable ports, dual lumen ports and arm ports. Multi-lumen implantable ports are selling better than previously anticipated in India. Furthermore, the use of implantable ports in India is on the rise as soaring cancer rates continue to affect the country. According to the World Health Organization, over one million newly diagnosed cases of cancer were recorded in India in 2013. The resulting increased use of chemotherapy will require implantable ports.
Teleflex leads the Indian vascular access device and accessories market due to their dominance in the CVC segment and notable presence in the peripherally inserted central catheter (PICC) segment. The acquisitions of companies such as VasoNova Inc. and Nostix LLC have positioned Teleflex as an emerging force in the tip guidance space and strengthened the company's global vascular access portfolio. Poly Medicure is the second largest competitor in India and the largest local competitor in the vascular access and accessories market. The company was able to establish an early presence in the Indian market for dialysis catheters, which translated to a substantial share in the overall market. Due to its low labor costs and brand recognition, the company was able to maintain its dominance in the dialysis catheter market. Additional competitors in the Indian vascular access device market include B. Braun, Becton Dickinson, C.R. Bard, Covidien and Smiths Medical among others.
For Further Information
More on the vascular access device market in India can be found in a series of reports published by iData Research entitled the India Market Report Suite for Vascular Access Devices and Accessories. The suite covers reports on the following markets: implantable ports, port needles, central venous catheters (CVCs), peripherally inserted central catheters (PICCs), peripheral intravenous catheters (PIVCs), and dialysis catheters.
The iData report series on vascular access devices covers the U.S., Japan, South Korea, Australia, China, India and 15 countries in Europe including Germany, France, the United Kingdom (U.K.), Italy, Spain, Benelux (Belgium, Netherlands and Luxemburg), Scandinavia (Finland, Denmark, Sweden and Norway), Portugal, Austria and Switzerland. Reports provide a comprehensive analysis including units sold, procedure numbers, market value, forecasts, as well as detailed competitive market shares and analysis of major players' success strategies in each market and segment. To find out more about vascular access device market data or procedure data, register online or email us at email@example.com for an India Market Report Suite for Vascular Access Devices and Accessories brochure and synopsis.
About iData Research
iData Research (www.idataresearch.com) is an international market research and consulting group focused on providing market intelligence for medical device and pharmaceutical companies. Our research empowers our clients by providing them with the necessary tools to achieve their goals and do it right the first time. iData covers research in: Operating Room Equipment, Surgical Microscopes, Robotics and Surgical Navigation, Laparoscopy, Urology, Gynecology, Vascular Access, Endoscopy, Interventional Cardiology, Cardiac Surgery, Cardiac Rhythm Management, Electrophysiology, Ultrasound, X-Ray Imaging, Diagnostic Imaging, Oncology, Spinal Implants and VCF, Spinal MIS, Orthopedic Soft Tissue Repair and Regeneration, Orthopedic Trauma, Large & Small Joints, Anesthesiology, Wound Management, Orthopedics, Ophthalmics, Dental Operatory Equipment and more.
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