March 4, 2024
India Coronary Stents Market

India Coronary Stents Market Poised to Grow at a Robust Pace due to Advancements in Stent Technology

The India coronary stents market is witnessing high demand driven by the growing prevalence of cardiovascular diseases and rising geriatric population which are more prone to heart ailments. Coronary stents are tiny mesh tubes used to treat narrowed or blocked coronary arteries caused by atherosclerosis or plaque buildup. The stents help improve blood flow to the heart and reduce chest pain. Factors such as superior performance, biocompatibility and reduced need for follow-up procedures over alternative treatments are fueling popularity of coronary stents.

The Global 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 Indian government’s favorable policies towards adopting global standards and reforms in the healthcare sector are fueling foreign investments and technology transfers in the country. Advancements such as bioabsorbable polymer-coated drug-eluting stents and biodegradable stents that do not require lifelong dual antiplatelet therapy are gaining traction.

The increasing awareness about cardiovascular diseases and accessibility to healthcare facilities especially in tier 1 and tier 2 cities present lucrative growth opportunities. Further, the growing medical tourism industry in India is also driving higher adoption of coronary stents procedures in the country. Technological advancement such as development of drug eluting and bioresorbable vascular scaffolds, micro-sized stents and fully bioabsorbable stents are further expanding the market potential.

Market Drivers

The primary driver for the India coronary stents market size is the rapidly growing geriatric population who are more prone to heart conditions. As per WHO, the number of people aged 60 years and older in India is projected to grow to over 300 million by 2050. Moreover, the rising prevalence of risk factors like obesity, hypertension, smoking and sedentary lifestyle is also contributing to the increasing incidence of coronary artery diseases. Favorable government initiatives to promote affordable healthcare through programs like Ayushman Bharat is also fueling the market demand.

Current challenges in India Coronary Stents Market

The India coronary stents market is facing various challenges currently. One of the major challenges is availability and affordability of the stents. Though demand for coronary stents is rising steadily due to growing cases of cardiac issues, a large section of patients cannot afford expensive stents. This brings accessibility issues. Lack of adequate healthcare infrastructure in rural areas is another challenge. Due to limited number of hospitals, many patients have to travel long distances for angiography and angioplasty procedures. This delay in treatment can aggravate health conditions. Suboptimal use of stents and risk of restenosis also pose challenges. Sometimes, stents are not implanted properly or get blocked again requiring another procedure. This increases treatment cost and complexity. Overall, affordability, access and quality of care remain top priorities to overcome challenges in the India coronary stents market.

SWOT Analysis

Strength: Growing incidence of cardiovascular diseases in India is driving the demand for coronary stents. Favorable government policies to promote indigenous manufacturing of stents augur well for the market.

Weakness: Limited healthcare budget remains a constraint. Treatment costs of stenting procedures are still out of reach for a huge patient base in the country.

Opportunity: Rising medical tourism and efforts to expand healthcare infrastructure, especially in rural regions, offer new opportunities. Development of advanced stents with better efficacy will boost the market prospects.

Threats: Competition from alternative treatment procedures poses threats. Stringent regulatory norms for new product approval can also impact stent manufacturers. Healthcare affordability continues to challenge the market potential.

Geographically, the western region accounts for the major share in the India coronary stents market in terms of value. This is attributed to high population density and accessibility to advanced healthcare facilities in states like Maharashtra and Gujarat. The southern region is also a significant market led by prominent players based in cities like Bengaluru and Chennai providing major contribution.

The northeastern region is identified as one of the fastest growing regional markets for coronary stents in India. This is due to initiatives by both central and state governments to enhance healthcare access through new infrastructure projects in the region. Increasing lifestyle disease prevalence coupled with rising medical tourism is anticipated to boost the market growth dynamics in the northeast over the coming years.

*Note:

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