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Why Is Catheters and Bands Usage Increasing in India?
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These products are being used in large quantities in countries like India, Nepal, Bangladesh, and Sri Lanka, on account of growing geriatric population and improving healthcare infrastructure. For example, the United Nations Department of Economic and Social Affairs (UNDESA) estimates that the population of people aged 60 years or above in India will reach 324 million by 2050. The surging population will accelerate the catheters and bands market at 6.6% CAGR during 2019–2024. The market has the potential to grow from $65.3 million in 2018 to $96.5 million by 2024.
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According to P&S Intelligence, India led the catheters and bands market in 2018, and it is also expected to retain its dominance in the coming years. This can be attributed to the escalating geriatric population, improving healthcare system, and rising prevalence of cardiac disorders. Moreover, the presence of established market players has escalated the adoption of catheters and bands in the country. In the coming years, south region in India is expected to consume significant quantity of these medical products, due to the highest cases of cardiovascular diseases (CVDs) in this region.
Thus, the rising population of the elderly and the surging incidence of acute coronary syndrome in developing countries, such as Bangladesh, Nepal, Sri Lanka, and India, will amplify the consumption of catheters and bands in the foreseeable future.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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