by Coronary stents are small mesh tubes used to open blocked or narrowed coronary arteries and improve blood flow to the heart. The rising prevalence of lifestyle diseases such as diabetes and obesity has increased the risk of cardiovascular diseases significantly in India. Cardiovascular diseases are currently the leading cause of mortality in the country, responsible for over 2.5 million deaths annually. As a result, the demand for minimally invasive surgeries and devices used for treating cardiovascular ailments such as coronary stents has increased substantially.
Coronary stents are deployed using catheters during minimally invasive percutaneous coronary intervention (PCI) procedures, commonly known as angioplasty, to treat coronary heart diseases. They help prevent coronary arteries from collapsing and improve blood flow to the heart muscle. The increasing preference for PCI over open-heart bypass surgery due to shorter recovery times and lower risks associated with PCI has boosted the uptake of coronary stents.
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 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the India coronary stents market is the rising demand for drug-eluting stents(DES) over bare-metal stents(BMS). DES slowly release drugs to prevent renarrowing of arteries and have shown superior clinical outcomes compared to BMS. As a result, DES now account for over 80% of stent procedures globally. Innovation is another trend with manufacturers focusing on developing bioresorbable stents that dissolve in the body over time and eliminate the need for lifelong blood thinning drugs. Startups are also entering the space with advanced drug-coated stents to make procedures safer and more effective. However, cost sensitivities in developing countries continue to impact market penetration.
Porter’s Analysis
Threat of new entrants: The threat of new players entering India coronary stents market is moderate. The market requires high capital investment and the presence of established players creates barriers for new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate. The availability of alternative treatment options provides some bargaining power to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate to high due to the presence of a large number of suppliers.
Threat of new substitutes: The threat of substitutes is low as there are limited viable alternative treatment options available for coronary artery disease currently.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous global and domestic players competing on the basis of product quality, innovation, and pricing.
Key Takeaways
The Global India Coronary Stents Market Demand is expected to witness high growth. The growing geriatric population suffering from cardiovascular diseases and increasing adoption of interventional cardiology procedures are fueling the market growth. 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 2023-2031.
Regional analysis: North region holds the dominant share in India coronary stents market owing to increasing healthcare expenditure, rising awareness about cardiovascular diseases, and availability of advanced healthcare facilities. South region is expected to witness faster growth rate over the forecast period propelled by growing medical tourism and rising purchasing power.
Key players: 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. These players are focusing on new product launches and expansion of manufacturing facilities to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
