Coronary stents are tiny mesh tubes that help keep arteries open in the heart. They are placed into blocked or narrowed coronary arteries using a technique called percutaneous coronary intervention (PCI) or coronary angioplasty. Increasing prevalence of cardiovascular diseases such as coronary artery diseases is one of the major factors driving the demand for coronary stents in India. As per the World Health Organization (WHO), cardiovascular diseases accounted for 20.1% of total deaths in India in 2019. Stenting is a primary treatment for coronary artery diseases and rising cases of such diseases is expected to boost the adoption of coronary stents over the forecast period.
The global India Coronary Stents Market is estimated to be valued at US$ 1303.5 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing geriatric population: Aging is one of the principal risk factors for cardiovascular diseases. As life expectancy rises in India, the geriatric population is also increasing rapidly. As per the United Nations Population Fund, the population aged 60 years and above is projected to grow to 273 million by 2050 in India from 138 million in 2020. Growing elderly population base is anticipated to drive the demand for coronary stents in the country.
Technological advancements: Manufacturers are increasingly focusing on development of advanced coronary stents such as drug eluting stents (DES) and bioresorbable vascular scaffolds (BVS). DES helps reduce restenosis and re-intervention rates and provide improved clinical outcomes compared to bare metal stents. Growing adoption of technologically advanced stents is expected to fuel the market growth over the forecast period. However, high costs associated with technologically advanced stents may limit their adoption in India to some extent.
Segment Analysis
The India coronary stents market is segmented based on product type, material, end user, and geography. Based on product type, drug-eluting stents dominate the market and account for over 70% share due to the benefits such as reduced neointimal hyperplasia and lower rates of restenosis. Based on material, metallic stents hold the largest share and are expected to continue their dominance over the forecast period. Metallic stents have better mechanical integrity and visibility under angiography when compared to bioresorbable stents.
PEST Analysis
Political: The Government of India is taking initiatives to increase awareness regarding cardiovascular diseases and has launched several national programs to improve access to cardiac care. This is expected to drive the growth of the coronary stents market.
Economic: Rising geriatric population and growing prevalence of lifestyle diseases such as diabetes and hypertension has increased the burden of ischemic heart disease in India. This is resulting in higher healthcare spending on treatment of cardiovascular conditions.
Social: Changing lifestyle and food habits of Indians has led to an increase in risk factors for heart diseases. Growing health consciousness and rising disposable income also encourages people to opt for stent procedures for effective treatment of coronary artery diseases.
Technological: Major players are focusing on development of advanced stent technologies such as drug-eluting stents and bioresorbable vascular scaffolds. Introduction of wings/side branches in newer stents provides better vessel support and wider coverage area during angioplasty.
Key Takeaways
The Global India Coronary Stents Market Growth is expected to witness high over the forecast period of 2023 to 2030. The global India Coronary Stents Market is estimated to be valued at US$ 1303.5 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030.
Drug-eluting stents are the preferred choice of treatment for coronary artery diseases in India and this segment accounts for the majority share. Geographically, Southern region dominates the Indian market currently. However, Western region is anticipated to see the fastest growth due to increasing healthcare infrastructure and patient awareness in this region.
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. Allflex, Boston Scientific and Medtronic have a significant presence in this market. The Indian government’s focus on increasing healthcare access and spending on cardiac care is expected to drive higher adoption of stent procedures going forward.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it