by Coronary stents are small mesh tubes used to treat coronary artery disease by widening and scaffolding arteries narrowed or blocked by plaque. They are implanted during a minimally invasive cardiac catheterization procedure to restore blood flow to the heart muscle. The increasing prevalence of cardiovascular diseases along with growing geriatric population who are more prone to heart attacks and strokes has led to a rise in demand for 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising incidence of cardiovascular diseases such as coronary artery disease, heart attacks and cardiac arrhythmia has propelled the need for effective treatment such as coronary stenting. As per the World Health Organization (WHO) estimates, cardiovascular diseases are the leading cause of death globally, accounting for over 17.9 million deaths in 2019. Moreover, unhealthy lifestyle habits such as smoking, poor diet and lack of exercise have increased the risk of heart diseases. In India alone, the number of annual deaths due to ischemic heart disease is projected to increase from 2.03 million in 2016 to 2.81 million in 2030. This has significantly driven the demand for coronary stents, thus boosting the growth of the India coronary stents market over the forecast period.
SWOT Analysis
Strength: The Indian healthcare infrastructure has witnessed significant improvements over the last few years. This has enabled increased access to coronary stents.
Weakness: High pricing of drug eluting stents remains a major challenge for many patients in the country. Lack of health insurance also limits the affordability of coronary stents for a large population.
Opportunity: Growing geriatric population and increasing prevalence of lifestyle diseases are leading to a rise in cardiac ailments. This is expected to drive the demand for coronary stents.
Threats: Alternative treatment procedures such as angioplasty pose competition to coronary stents. Stringent regulatory framework also raises compliance costs.
Key Takeaways
The Indian Coronary Stents Market Size is expected to witness high growth over the forecast period supported by rapid infrastructure development in the healthcare sector. This has increased access to cardiac treatments across major cities as well as tier 2/3 towns. The growing geriatric population prone to cardiac conditions combined with rising lifestyle disease incidence will continue driving the need for 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 to 2030.
Regional analysis indicates that western and southern states are presently the largest markets for coronary stents in India. Cities like Mumbai, Delhi, and Bangalore having developed healthcare infrastructure and high disposable incomes account for major demand. However, northern and eastern regions are also expanding rapidly in recent times supported by government initiatives to strengthen rural healthcare.
Key players operating in the India coronary stents market are Allflex, Datamars, and Zee Tags. Being the low cost leaders, Allflex and Datamars collectively command over 50% value share. Zee Tags has a strong portfolio of drug eluting stents but high pricing remains a constraint. Domestic suppliers are also emerging like SCR Dairy and BouMatic to cater to the large untapped rural markets through affordable options. Overall, the market is expected to witness intensifying competition leading to new product launches and portfolio expansion strategies by leading companies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
