by The India Coronary Stents Market is estimated to be valued at US$ 1,303.5 Mn or Mn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Coronary stents are small expandable tubes made from surgical stainless steel, cobalt chromium or platinum chromium alloy that are inserted into narrowed coronary arteries to help keep them open. They are implanted during a procedure called percutaneous coronary intervention (PCI) or angioplasty. Stents are used to reduce chest pain and the risk of heart attack. The Indian coronary stents market has witnessed significant growth owing to rising incidence of cardiovascular diseases, increasing awareness regarding cardiac health, government initiatives and growing healthcare expenditure.
Market Dynamics:
High prevalence of cardiovascular diseases is the primary factor driving growth of the India coronary stents market. As per the National Heart Foundation of India, cardiovascular diseases cause around 25-30% deaths in India. In addition, growing geriatric population and urbanization resulting in sedentary lifestyles are further propelling risk for heart diseases. Furthermore, government is taking initiatives such as National Program for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases and Stroke (NPCDCS) to create awareness about risk factors of cardiovascular diseases. Moreover, increasing penetration of private and health insurance is improving access to cardiac treatments including PCI procedures. However, high pricing pressure on domestic manufacturers due to intense competition from multinational players may hamper the market growth.
Segment Analysis
The India coronary stents market is dominating by drug eluting stents segment. Drug eluting stents helps to release an active drug within the artery to prevent cell growth and heal the artery wall with reduced narrowing after the ballooning. This reduces the chances of re-blockage and eliminates the need for repeated procedures. This is the major reason behind the dominance of drug eluting stents segment.
PEST Analysis
Political: The government of India has taken various initiatives such as providing reimbursement for cardiac stents under health insurance programs which is boosting the market growth.
Economic: Rising healthcare expenditure and growing per capita income are fueling the demand for coronary stents in India.
Social: Growing prevalence of cardiovascular diseases due to changing lifestyle and rising geriatric population is a key factor driving the market.
Technological: Advancements in stent material and designs such as bioabsorbable stents and drug coated stents have augmented the treatments.
Key Takeaways
The Global India Coronary Stents Market Size was valued at US$ 1,303.5 Mn in 2023 and is expected to reach US$ 5,323.5 Mn by 2030, expanding at a CAGR of 13% during 2023-2030. The growth is attributed to rising prevalence of cardiac diseases, growing healthcare affordability, and increasing number of PCI procedures.
Regional analysis
Southern region holds the highest market share in the India coronary stents market owing to presence of major cities, rising healthcare infrastructure and high incidence of cardiovascular diseases.
Key players
Key players operating in the India Coronary Stents market are Abbott Laboratories, Medtronic, Inc, Biosensors Inc, Terumo Corporation, Boston Scientific Inc., Dickinson and Company, Cook medicals, B Braun Melsungen AG, SLTL Medical, Endocare, Cardiac Care Products, Invent Bio-med Private Limited, Nano therapeutics pvt ltd, MIV therapeutics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
