The global demand for coronary stents in India is on track to witness a substantial surge, projected to rise from US$ 843.8 million in 2023 to an estimated US$ 1,213.5 million by 2033. This remarkable expansion is anticipated to be fueled by an average Compound Annual Growth Rate (CAGR) of 3.7% over the next decade, according to industry experts.
Cardiovascular diseases have seen a sharp increase in India, attributed to factors such as aging populations, urbanization, and lifestyle changes. As a consequence, there has been a significant uptick in demand for coronary stents, vital in managing such illnesses. The rise in interventional cardiologists and the proliferation of Cath labs, observed across both public and private hospitals, have contributed substantially to this trend. The emergence of new corporate hospitals has further catalyzed the growth in demand.
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Government initiatives aimed at improving healthcare accessibility and infrastructure have played a pivotal role in supporting the development of the coronary stent industry. Notably, various healthcare-centric programs have positively impacted the pricing and accessibility of cardiac treatments. In a landmark move in February 2018, the National Pharmaceutical Pricing Authority of India (NPPA) reduced the cost of Drug-Eluting Stents (DES), with the objective of stimulating interest in coronary stents.
Recognizing India’s sensitivity to pricing dynamics across industries, the balance between cost and quality becomes paramount for manufacturers. Patients and healthcare professionals in the country often seek economical options, posing a challenge for the widespread adoption of expensive stents. Moreover, a preference for alternative therapy approaches, including medication and lifestyle changes, persists among some patients and doctors, further complicating the broader acceptance of coronary stents.
In light of these trends, manufacturers are urged to navigate this delicate balance, ensuring that coronary stents remain an accessible and viable option for a diverse range of patients. The industry is poised for continued growth, with ongoing efforts to address pricing concerns and expand healthcare infrastructure promising a positive trajectory for India’s coronary stent market.
“There is a sizable untapped industry in rural places where access to high-quality healthcare is scarce. The development of healthcare infrastructure in these areas offers coronary stent producers a huge window of opportunity for expansion,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI) analyst.
Key Takeaways:
- In patients with PCI with a high risk of bleeding, a balloon stent covered with paclitaxel and iopromide is preferable over bare metal stents in India.
- In 2023, drug-eluting stent is leading the adoption of coronary stents in India, favored for their proven effectiveness and global acceptance in the medical community.
- Abbott Laboratories is India’s industry leader for coronary stents as of 2023, followed by Biotronik SE & Co, Boston Scientific, and Medtronic.
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Competitive Landscape:
In the coronary stent industry, one can observe a certain level of fragmentation, marked by numerous contenders vying for a slice of the industry pie. Alongside dominant leaders, there exists a significant presence of smaller regional players, contributing to a competitive landscape. As part of their strategic approach, manufacturers have invested substantial resources into research and development. They have also adeptly adjusted pricing models to maintain competitiveness, with a focus on reaching a broader customer base without compromising product quality.
Key Industry Players Profiled in the India Coronary Stent Report:
- Abbott Laboratories
- Medtronic, Inc.
- Biosensors Inc.
- Boston Scientific Inc.
Recent Developments:
- The E-MAGIC Plus Sirolimus Drug-Eluting Stent was introduced by Opto Eurocor Healthcare Limited (OEHL), a division of Bangalore-based Opto Circuits (India) Ltd., a medical equipment manufacturer. The launch occurred after receiving permission from the Drug Controller General of India (DCGI) to sell and advertise the medicine in India. With the introduction of E-MAGIC Plus, Opto Circuits has joined a select group of international companies that provide DES devices with two drug coatings.
- For eligibility to sell Infinnium in the European Union and numerous other countries across the world, Sahajanand Medical Technologies (SMT) has been granted CE certification, a certificate of authorization. The Infinnium paclitaxel-eluting coronary stent system is a first-of-its-kind locally designed coronary stent for treating coronary artery disease (CAD) and provides unparalleled clinical outcomes with an outstanding safety profile.
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Key Segments:
By Product Type:
- Drug-eluting Stent
- Bare Metal Stent
- Bioresorbable Vascular Stent
By Raw Material Type:
- Cobalt Chromium
- Stainless Steel
- Platinum Chromium
- Polymer
By End User:
- Hospitals
- Ambulatory Surgical Centres
- Cardiac Catheterization Laboratories
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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