Indian cardiology market is anticipated to grow at a significant CAGR of 9.7% during the forecast period (2024-2031). Indian cardiology market growth is attributed to the increasing adoption of minimally invasive procedures for heart surgeries and treatments, with a growing focus on developing personalized medicine and cardiac medical devices. The increasing use of telemedicine and remote monitoring tools for heart management, and advancements in digital health technologies, such as wearables, AI-based diagnostics, and mobile health apps further promote global industry growth. According to the Government of India (Department of Pharmaceuticals), in 2023, the size of the Indian medical devices market is estimated at $11 Billion in 2020, expected to grow to $50 Billion by 2030 with a CAGR of 16.4%.

Market Dynamics

Increasing Adoption of Minimally Invasive Procedures

Minimally invasive techniques offer improved cosmetic outcomes, quicker recovery with reduced postoperative pain, and a faster return to daily activities. These techniques have decreased intensive care unit stays and reduced hospital length of stay. Cardiothoracic surgeons perform robotic and minimally invasive surgery. Interventional cardiologists usually perform Transcatheter repairs. If difficulties occur, cardiothoracic surgery collaborates with interventional cardiology, and the percutaneous from end-to-end mitral valve repair needs to be changed to a mediastinotomy.

Growing Demand for Artificial Intelligence (AI) and Machine Learning (ML) in Cardiology

AI and ML allow accurate prediction of cardiovascular outcomes, non-invasive diagnosis of coronary artery disease, detection of malignant arrhythmias, and diagnosis, treatment, and prediction of outcomes for heart failure patients. AI technologies have been increasingly used in cardiology to improve the accuracy and efficiency of diagnosis, treatment, and management of cardiovascular diseases. AI-based image analysis algorithms can quickly and accurately detect abnormalities in medical images, and predictive models can analyze vast amounts of patient data to identify patterns and predict the likelihood of developing certain cardiovascular diseases.

Market Segmentation

• Based on the cardiology device type, the market is segmented into cardiovascular stents, cardiovascular catheters, cardiac rhythm management devices, and cardiovascular assistive devices.

• Based on the drug type, the market is segmented into antithrombotic drugs, antidyslipidemic drugs, antihypertensive drugs, and anti-stroke drugs.

• Based on the surgery type, the market is segmented into coronary artery bypass grafting, transmyocardial laser revascularization, heart valve repair, Cardiac Resynchronization Therapy (CRT), aneurysm repair, and heart transplant.

Cardiovascular Stents is Projected to Hold the Largest Share

The primary factors supporting the high demand for cardiovascular stents include the increasing prevalence of cardiovascular diseases and the rising demand for minimally invasive procedures. Coronary stents are expandable tubular metallic devices that are introduced into coronary arteries that are clogged by an underlying atherosclerosis disease. This revascularization procedure is termed a percutaneous coronary intervention (PCI) or coronary angioplasty with stent placement. According to the International Journal of Health Technology and Innovation, in January 2024, 40.0% of stents are indigenously manufactured, while 60% are imported from India. Predominantly, Sirolimus-based stents lead the market at 61.0%, followed by zotarolimus (25.0%), everolimus (20.0%), rapamycin (15.0%), and paclitaxel (2.0%). Material-wise, cobalt chromium dominates at 63.0%, followed by stainless steel (28.0%), platinum chromium (2.0%), and nitinol (2.0%). In addition, the bare metal Stents (BMS) capture the list at (21.0%) and Drug-eluting stents (DES) at (60.0%). 

Coronary Artery Bypass Grafting Segment to Hold a Considerable Market Share

The factors supporting the market growth include many patients undergoing coronary artery bypass grafting operations in India. The rising prevalence of cardiovascular disease indicates that these conditions account for the greatest share of all disease groups' disease burden and are a serious public health issue that causes morbidity and early mortality in all of India's states. According to the Cardiothoracic Surgery Network (CTSNet), in July 2021, an estimated six million Indians require cardiac surgery. Over 1,000 CTV surgeons perform cardiothoracic surgery in over 175 centers. Annual open-heart procedures exceed 140,000. To put it into perspective, the US conducts 1,700 operations per million population. India performs a meager 130 operations per million population.

Market Players Outlook

*Note: Major Players Sorted in No Particular Order.

The major companies serving the Indian cardiology market include Boston Scientific Corp., Bristol-Myers Squibb Co., F. Hoffmann-La Roche Ltd., Johnson and Johnson Inc., and Medtronic PLC among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market. 

Recent Development

• In July 2023, Sher-i-Kashmir Institute of Medical Sciences (SKIMS) in collaboration with Medtronic introduced a CPR skill lab to enhance emergency cardiac care hands-on CPR training to be provided at the Lab to equip doctors, students, and the community at large for outside-of-hospital sudden cardiac arrest emergencies.

The Report Covers

• Market value data analysis of 2023 and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the Indian cardiology market. Based on the availability of data, information related to new products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.