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Friday, February 23 2024

India’s nephrology, urology device mkt to grow at 4% CAGR by 2030: Report

India’s nephrology, urology device mkt to grow at 4% CAGR by 2030: Report
Photo Credit : IANS

New Delhi: India’s nephrology and urology devices market is expected to grow at a compound annual growth rate of around 4 per cent between 2023 and 2030, according to a report on Tuesday.

This is due to the rising prevalence of non-communicable diseases such as diabetes and hypertension, along with other risk factors, which has led to an increasing burden of kidney and urinary tract-related conditions in India.

These nephrological and urological diseases, intensified by shifting lifestyles and limited healthcare accessibility, represent a significant public health challenge.

The report by GlobalData, a data and analytics company, revealed that India’s nephrology and urology devices market accounts for around 10 per cent of the Asia-Pacific (APAC) market in 2023 due to multifaceted reasons including the high prevalence of nephrological and urological diseases in India.

“India faces an inadequacy in meeting the demand for specialised healthcare services in urology and nephrology. Additionally, the chances to implement secondary and tertiary prevention measures are frequently overlooked, as patients tend to seek medical care when they exhibit symptoms, often during the advanced stages of the illness,” said Shreya Jain, Medical Devices Analyst at GlobalData, in a statement.

“In the evolving landscape of India’s healthcare sector, nephrology and urology have gained prominence as essential specialties, addressing the rising challenges posed by kidney and urinary tract diseases.

“Notably, foreign investments are expected to be instrumental in shaping the future course of India’s healthcare sector, facilitating the advancement of inventive therapies and patient-centric care in these vital domains,” Jain added.

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