The India coronary stents market is driven by the increasing prevalence of cardiovascular diseases across India. Coronary stents are small expandable tubes made of mesh-like wire that are inserted into the coronary arteries to open blocked arteries and improve blood flow to the heart. Stents are inserted via a minimally invasive catheterization procedure with the assistance of X-ray guidance. Coronary stents have revolutionized the treatment of blocked arteries and have become a standard treatment for most coronary artery disease patients, offering superior outcomes compared to angioplasty alone or medical management.
India Coronary Stents Market is estimated to be valued at US$ 1501.64 Bn in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the India coronary stents market are Allflex, Datamars , Zee Tags, Leader Products, Fitbit, SCR Dairy, Animana, Cainthus, Connecterra, CowManager, HerdInsights, Moocall, Quantified AG, BouMatic, IdentiGEN, Ceres Tag, Ardes , LAIPSON, Kupsan, Stockbrands.
The growing burden of cardiovascular diseases and increasing demand for minimally invasive procedures are major factors driving the growth of the India coronary stents market. Rising healthcare expenditures, availability of technologically advanced stents, and supportive reimbursement policies are also fueling the adoption of coronary stents.
The India Coronary Stents Market Demand is also witnessing expansion across rural areas over the forecast period with several key players intensifying their focus on tier-II and tier-III cities and facilitating digital platforms for easy home delivery.
Market Key Trends
Technological advancements in stent technology such as drug-eluting stents and bioresorbable vascular scaffolds are one of the key trends being witnessed in the India coronary stents market. Compared to bare-metal stents, drug-eluting stents have been shown to significantly lower the risk of restenosis and subsequent procedures. Additionally, bioresorbable vascular scaffolds that dissolve over time are an evolving technology with potential advantages over permanent metallic stents. Their widespread adoption is dependent on ongoing clinical evidence.
Porter’s Analysis
Threat of new entrants: Coronary stents market has high initial capital requirements, substantial resources and established brand identity of existing players which collectively make it difficult for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power as coronary stents have no close substitutes and switching costs are high. Moreover, buyers deal with a variety of stent manufacturers.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute raw materials used in stent manufacturing. In addition, market being dominated by large multinational companies exert pressure on suppliers.
Threat of new substitutes: Threat of substitutes is low as stents provide definite therapeutic advantages over other treatments like open-heart surgeries.
Competitive rivalry: Market witnesses intense competition among major players to gain higher market share. Players focus on expanding their portfolio through new product launches, regulatory approvals and geographic expansion.
Geographical Regions
India Coronary Stents Market for coronary stents in terms of value, with major demand concentrated in urban cities like Delhi, Mumbai, Bangalore, Chennai, etc. This is mainly attributable to increasing prevalence of CVD, rapidly growing aging population, expanding healthcare infrastructure and rising medical tourism in the country.
Southeast Asian countries like Indonesia, Malaysia, Vietnam and Philippines are emerging as the fastest growing regional markets. Factors such as rising incomes, growing health awareness and increasing access to healthcare are driving the demand for coronary stents in these developing nations at a higher rate compared to other regions.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.