July 21, 2024

India Coronary Stents Market to Experience High Growth Driven by Increasing Demand and Technological Advancements

A) Market Overview:

The India Coronary Stents Market is estimated to be valued at US$1,303.5 million in 2023. Coronary stents are small, mesh-like devices implanted in the arteries to keep them open and ensure proper blood flow, especially in patients with coronary artery disease. These devices play a crucial role in the management and treatment of heart-related ailments, preventing heart attacks and reducing the risk of complications. With the rising prevalence of cardiovascular diseases in India and the increasing adoption of innovative stenting technologies, the demand for coronary stents is expected to witness significant growth in the coming years.

B) Market Dynamics:

Increasing Prevalence of Cardiovascular Diseases:

India has been experiencing a steady rise in the incidence of cardiovascular diseases, primarily due to sedentary lifestyles, unhealthy eating habits, and the aging population. The growing burden of cardiovascular diseases has necessitated the need for advanced treatment options such as coronary stents, driving market growth.

Technological Advancements in Stenting Procedures:

Continuous advancements in stenting technologies, such as drug-eluting stents and bioresorbable stents, have significantly improved patient outcomes in India Coronary Stents Market. These innovative stenting techniques offer better biocompatibility, reduced risks of restenosis, and improved long-term outcomes. The increasing adoption of these advanced stents is fueling market growth.

C) SWOT Analysis:

  • Strengths:
  1. Technological Innovations: The market is witnessing continuous advancements in stenting technologies, leading to improved patient outcomes.
  2. Growing Patient Pool: The rising prevalence of cardiovascular diseases in India presents a significant market opportunity.
  • Weaknesses:
  1. Cost Concerns: High costs associated with coronary stent procedures limit their accessibility, especially in rural areas with limited healthcare resources.
  2. Lack of Awareness: Many individuals in India, particularly in rural regions, have limited knowledge about coronary stents and their benefits.
  • Opportunities:
  1. Increasing Healthcare Expenditure: The growing healthcare expenditure in India is expected to drive the adoption of advanced medical devices, including coronary stents.
  2. Government Initiatives: Various government programs and initiatives aimed at improving access to healthcare services will contribute to market growth.
  • Threats:
  1. Competitive Market Landscape: The presence of key players and intense competition in the market may pose challenges for new entrants.
  2. Stringent Regulatory Framework: Stringent regulations pertaining to medical devices and stenting procedures may hinder market growth.

D) Key Takeaways:

The India Coronary Stents Market is projected to exhibit a CAGR of 13.2% over the forecast period (2023-2030). Key takeaways from the market research report include:

  • The market is expected to witness high growth driven by increasing demand for coronary stents and technological advancements.
  • Regional Analysis: North India is expected to dominate the market due to a higher prevalence of cardiovascular diseases in this region.
  • Key Players: 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 are the major players operating in the India Coronary Stents Market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it