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.
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.
On the basis of catheter type, the catheters market is categorized into diagnostic and therapeutic catheters, between which, the therapeutic catheters category is expected to advance at a faster pace during the forecast period. Based on band type, the bands market in Sri Lanka, Nepal, India, and Bangladesh is classified into long and regular bands. Between these two, the regular bands classification is projected to dominate the market during the forecast period. In terms of end user, the market is divided into ambulatory care centers, hospitals, and others.
The increasing geriatric population in Nepal, India, Sri Lanka, and Bangladesh is a major driving factor of the catheters and bands market. As per the United Nations Population Fund, the proportion of people aged 60 years or above in India was 7.0% in 2009 and is predicted to increase to 20.0% by 2050. Moreover, as per the World Health Organization, Sri Lanka is among the fastest-aging countries globally, and the proportion of aged people in the country is expected to rise to 16.7% by 2021. This is projected to lead to the growth of the market.
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.
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