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.
A) Market Overview:
The India Coronary Stents market is rapidly growing due to the rising prevalence of cardiovascular diseases and the increasing geriatric population. The market is witnessing a high demand for coronary stents as they are widely used in the treatment of coronary artery blockages. However, major obstacles in the market include the high cost of procedures and lack of awareness among patients. Despite these challenges, the market is expected to grow significantly in the coming years.
B) Market Key Trends:
One key trend in the India Coronary Stents market is the advancement in stent technology. Innovations such as drug-eluting stents, bioresorbable stents, and bioengineered stents have improved the efficacy and safety of coronary stent procedures. For example, Abbott Laboratories, one of the key players in the market, has developed the Xience Sierra drug-eluting stent that offers better deliverability and reduced thrombotic events.
C) Segment Analysis:
The India Coronary Stents market is segmented based on the type of stents, including drug-eluting stents, bioresorbable stents, bare metal stents, and others. Among these segments, the drug-eluting stents segment dominates the market. This is due to their ability to reduce restenosis rates and offer better long-term outcomes for patients. Furthermore, the adoption of these stents is increasing due to their higher success rates compared to other types of stents.
D) Key Takeaways:
- 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 advancements in stent technology.
- The western region of India is the fastest-growing and dominating region in the market. This can be attributed to the presence of major hospitals and healthcare facilities in cities like Mumbai and Pune, which have a high demand for coronary stents.
- Key players operating in the global 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 technological advancements and strategic collaborations to maintain their market dominance.
In conclusion, the India Coronary Stents market is witnessing significant growth due to the rising prevalence of cardiovascular diseases and advancements in stent technology. The dominance of the drug-eluting stents segment and the presence of key players like Abbott Laboratories contribute to the growth of this market. With increasing awareness and access to healthcare facilities, the market is expected to continue its upward trajectory in the coming years.