by Coronary stents are small, mesh-like tubes inserted into blocked or narrowed coronary arteries during a procedure called percutaneous coronary intervention (PCI), commonly known as angioplasty. Stents help keep the arteries open and improve blood flow to the heart. The India coronary stents market is expected to grow at a significant rate owing to the rising prevalence of coronary artery disease (CAD) and technological advancements in stent development.
India Coronary Stents Market is estimated to be valued at US$ 1501.64 Bn in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the India Coronary Stents 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. The key opportunities in the India coronary stents market include rising healthcare expenditures in India and increasing focus on improving healthcare infrastructure. Technological advancements such as bioresorbable vascular scaffolds and drug-eluting stents are expected to boost the market growth.
Market Drivers
The rising geriatric population, increasing obesity rates, growing prevalence of diabetes and hypertension, and changing lifestyle habits have contributed significantly to the increasing burden of coronary artery disease (CAD) in India. According to the India Coronary Stents Market Demand Research – India Council of Social Science Research (ICMR-ICSSR) study, cardiovascular disease accounts for about 28% of deaths from non-communicable diseases in India. The growing disease burden is expected to drive the demand for coronary stents over the forecast period.
Current Challenges in India Coronary Stents Market
The key challenges being faced by the India Coronary Stents Market include lack of proper healthcare infrastructure in rural areas, insufficient access to specialty cardiovascular care and interventional cardiology treatment. The dominance of generic stents manufactured by domestic players is another challenge for global corporations marketing patent-protected drug-eluting stents. High treatment costs and lack of adequate health insurance penetration further limit the access to stenting procedures for a large section of population in India.
SWOT Analysis
Strength:Growing awareness about cardiac care, Large patient population with rising incidence of cardiac diseases.
Weakness:Lack of specialty hospitals outside tier 1 cities, dependency on imported raw materials and technologies.
Opportunity: Widening health insurance coverage, initiatives to boost medical device manufacturing.
Threats: Price controls imposed on stents, threat from alternative revascularization methods like bypass surgery.
Geographical Regions with High Market Concentration
In terms of value, the India coronary stents market remains highly concentrated in major metropolitan regions including Delhi, Mumbai, Bangalore, Chennai, Kolkata and Hyderabad. These top cities cumulatively account for over 60% of the country’s total stenting procedures performed annually. Wider availability of prominent healthcare providers, medical clinics, nursing homes and specialty cardiac centers attracts patients from other parts of respective states to tier 1 cities for angiography and percutaneous coronary intervention using stents.
Fastest Growing Geographical Region
Southern states like Telangana, Kerala and Tamil Nadu have emerged as the fastest growing markets for coronary stents in India. Presence of prominent healthcare facilities, favorable medical reimbursement structures, rising heart disease burden attributed to lifestyle changes and growing health awareness among people are fueling the demand for interventional cardiology devices like stents in South Indian states.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
