The global India Coronary Stents market is estimated to be valued at US$ 1,303.5 million in 2023 and is expected to exhibit a CAGR of 13.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
- A) Market Overview:
The India Coronary Stents market consists of medical devices used to treat narrowing or blockage of arteries in patients suffering from cardiovascular diseases. The stents are inserted into the arteries to keep them open and allow blood flow. These devices are commonly used in the treatment of coronary artery disease and are available in various types such as bare-metal stents, drug-eluting stents, and bioresorbable vascular scaffolds.
- B) Market Dynamics:
The market is driven by two main factors. Firstly, the increasing prevalence of cardiovascular diseases, such as heart attacks and strokes, is driving the demand for coronary stents. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death globally, with 17.9 million deaths reported in 2019. In India, the burden of cardiovascular diseases is particularly high, with an estimated 54.5 million people suffering from heart diseases in 2019.
Secondly, technological advancements in coronary stents are also fueling market growth. Manufacturers are continuously focusing on developing innovative stents with improved safety and efficacy profiles. For instance, bioresorbable stents are gaining popularity as they naturally dissolve over time, reducing the risk of long-term complications associated with permanent stents.
- C) Market Key Trends:
One key trend in the India Coronary Stents Market is the increasing preference for drug-eluting stents (DES) over bare-metal stents (BMS). DES are stents coated with medication, which helps prevent the growth of scar tissue and reduces the risk of reblockage. These stents have shown superior clinical outcomes compared to BMS, leading to their widespread adoption. For example, a study published in JAMA Cardiology found that DES were associated with significantly lower rates of target lesion revascularization compared to BMS.
- D) SWOT Analysis:
- Technological advancements in coronary stents drive market growth
- Increasing prevalence of cardiovascular diseases creates a large customer base
- High cost of coronary stents limits affordability for some patients
- Stringent regulatory requirements for stent approval pose challenges for manufacturers
- Rising government initiatives to improve healthcare infrastructure support market growth
- Growing awareness about cardiac health and preventive measures increases market potential
- Competition among key players may result in price wars
- Adverse events associated with stent implantation pose a risk to patient safety
- E) Key Takeaways:
In terms of market size, the India Coronary Stents market is expected to witness high growth, exhibiting a CAGR of 13.2% over the forecast period. This growth can be attributed to the increasing prevalence of cardiovascular diseases and technological advancements in stent design.
In regional analysis, India is expected to be the fastest-growing and dominating region in the market. The country has a high burden of cardiovascular diseases and an increasing patient population, driving the demand for coronary stents.
Key players operating in the India Coronary Stents market include 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, and MIV therapeutics. These companies are focusing on developing advanced stent technologies to gain a competitive edge in the market.
Overall, the India Coronary Stents market is poised for substantial growth in the coming years, driven by the increasing prevalence of cardiovascular diseases and advancements in stent technology