The coronary stent market in India has achieved remarkable growth, reaching a valuation of USD 843.8 million in 2023. This significant rise underscores a substantial shift towards minimally invasive procedures, driven by the increasing prevalence of cardiovascular diseases and a heightened demand for advanced medical solutions.
The industry’s impressive growth trajectory is projected to continue, with forecasts indicating that the market could surpass USD 1,213.5 million by 2033. This optimistic outlook is supported by a steady compound annual growth rate (CAGR) of 3.7%, reflecting robust expansion and promising investment opportunities within the sector.
India’s healthcare infrastructure, supported by a comprehensive reimbursement framework, has played a pivotal role in this growth. The coronary stent industry has evolved rapidly, marked by significant advancements in product innovation and cost-effectiveness strategies. These developments have allowed manufacturers to maintain a competitive edge and meet the rising demand for effective cardiovascular solutions.
“Amidst the backdrop of increasing cases of diabetes, acute coronary syndromes, and hypertension, the coronary artery stent industry in India is witnessing significant expansion,” said FMI. “The preference for drug-eluting stents, due to their efficacy and global acceptance, has positioned them as the leading product type in 2023.”
Key Takeaways:
- In patients with percutaneous coronary interventions (PCI) at high risk of bleeding, balloon stents covered with paclitaxel and iopromide are preferred over bare metal stents in India.
- Drug-eluting stents are leading the market in 2023, favored for their proven effectiveness and global acceptance.
- Abbott Laboratories stands as the industry leader for coronary stents in India, followed by Biotronik SE & Co., Boston Scientific, and Medtronic.
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Competitive Landscape:
The coronary stent market is characterized by a competitive landscape, with numerous players vying for market share. Dominant leaders are joined by smaller regional players, contributing to a fragmented market environment. Manufacturers are investing heavily in research and development and have adjusted pricing models to enhance competitiveness while maintaining high product quality.
Key Industry Players:
- Abbott Laboratories
- Medtronic, Inc.
- Biosensors Inc.
- Boston Scientific Inc.
Recent Developments:
- Opto Eurocor Healthcare Limited (OEHL), a division of Bangalore-based Opto Circuits (India) Ltd., has introduced the E-MAGIC Plus Sirolimus Drug-Eluting Stent. The launch follows approval from the Drug Controller General of India (DCGI) and positions Opto Circuits among the select international companies offering DES devices with dual drug coatings.
- Sahajanand Medical Technologies (SMT) has received CE certification for its Infinnium paclitaxel-eluting coronary stent system, a locally designed innovation that delivers exceptional clinical outcomes and safety for treating coronary artery disease (CAD).
Market Segmentation:
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
The coronary stent market in India is set for sustained growth, driven by medical advancements and proactive healthcare measures. As the industry continues to evolve, it remains well-positioned to meet the increasing demands of a growing population and contribute to improved cardiovascular care.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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