This Series B fund will be used to establish Rs 300 crore state-of-the-art integrated manufacturing facility for neurovascular devices, said a company statement.
The facility is set to boost the landscape of medical interventions, particularly in combating the alarming rise of strokes in India.
“Affordability should never come in the way of patients accessing advanced healthcare. The S3V Vascular Technologies has the potential to be a boon for brain stroke patients across income classes and across geographies. This also fits in with my belief that our indigenous engineering compares favourably with the world’s finest,” said A M Naik, Chairman Emeritus, L&T.
Stroke, the fourth leading cause of death in India, affects nearly 20 lakh individuals annually, causing substantial disability and, in many cases, complete paralysis. S3V Vascular Technologies aims to address this critical healthcare challenge with a focus on the development of advanced neurovascular devices, the statement said.
The gold standard for treating acute ischemic stroke is Mechanical Thrombectomy, an interventional procedure performed in a cath lab to physically remove clots lodged in the brain’s vessels.”S3V is investing in NextGen devices in Neuro, Cardiac, and Spine, creating significant value for customers and contributing to the future of healthcare,” said Badari Narayan, Promoter, Director and CEO – S3V Vascular Technologies.Currently, around 90 percent of medical devices are imported, presenting an opportunity for growth in the sector, he added.
Industry experts project the Indian medical devices market to reach $50 billion by 2025, growing at an impressive annual rate of 15 to 20 percent, outpacing the global industry.
With a population of 1.4 billion, India is expected to conduct 5 lakh Neuro Interventions and 15 lakh cardiovascular procedures annually by 2030.
