We have an updated report [Version - 2024] available. Kindly sign up to get the sample of the report.
all report title image
  • Published In : May 2023
  • Code : CMI3484
  • Pages :115
  • Formats :
      Excel and PDF
  • Industry : Medical Devices

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 % during the forecast period (2023-2030).

Analysts’ Views on India Coronary Stents Market:

Continuous introduction of newer stent technologies in market, preference of use of stents over bypass surgeries by the patients, research and development activities conducted across India and prevalance in cardiovascular diseases is expected to drive the India Coronary Stents Market over the forecast period. For instance, according to article published in journal ‘Circulation- Cardiovascular intervention’ in March 9, 2021, a study was carried out by European Cardiovascular Research Institute (ECRI) to compare Supraflex sirolimus-eluting stent developed by Sahajanand Medical Technologies, a Surat based medical device comapny versus the Xience stent from Abbott Laboratories, a  U.S. based medical device company. As per the findings it was reported that indigenously made coronary stents are as good as those manufactured in other countries by multinational companies. This can positively impact the growth of India coronary stent market.

Figure 1. India Coronary Stents Market Value (US$ Mn) & Y-o-Y Growth (%), 2018-2030

INDIA CORONARY STENTS MARKET

To learn more about this report, request a free sample copy

India Coronary Stents Market – Driver

Increasing prevalence of coronary heart disease

Prevalence of Coronary heart diseases have been increasing in India. For instance, according to article published in 2020 at Medical Journal Armed Forces India, age-standardized cardiovascular disease death rate in India is much higher (272 per 100,000 population) than that of global average (235 per 100,000 population). According to data published in 2021 on "Accidental Deaths & Suicides in India" (ADSI) compiled by the National Crime Records Bureau (NCRB), the number of deaths due to heart attacks in India has remained consistently over 25,000 in the 2020-2021, and over 28,000 in the last three years, out of which 70% Of Heart Attack Deaths Occurred In 30-60 Age Group.

Addition of coronary stent in the list of essential medicines

India coronary stent market is expected to witness significant growth due to addition of coronary stents in essential medicine list by the government authority of India. For instance, in November, 2022, The Union health ministry of India announced the inclusion of coronary stents in the National List of Essential Medicines, 2022, which will make coronary stents more affordable in India.National list of essential medicine (NLEM)  is a list released by Ministry of Heath and Family Welfare. The medicines listed in the NLEM are sold below a price ceiling fixed by the National Pharmaceutical Pricing Authority.

Launch of new products by key market players to expand product portfolio

Launch of new products can drive the growth of India Coronary Stent Market. For instance, in April 19, 2022, Translumina, an India-based company has announced the launch of VIVO ISAR, its latest generation dual drug polymer-free coated stent (DDCS), in various International markets including Europe. VIVO ISAR is a major breakthrough in drug eluting stent technology (DES) as it proves that synthetic polymers can be removed from a DES without compromising the efficacy of the DES.

India Coronary Stents Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2023: US$ 1,303.5 Mn
Historical Data for: 2017 to 2021 Forecast Period: 2023 to 2030
Forecast Period 20 to 20 CAGR: 13.2% 2030 Value Projection: US$ 3,104.8 Mn
Geographies covered:
  • India
Segments covered:
  • By Product Type: Drug Eluting Stents, Bare Metal Stents, Bioresorbable Vascular Scaffold, Drug- Eluting balloons (DEB)
  • By Material: Cobalt Chromium, Stainless Steel, Platinum Chromium, Nickel Titanium, Polymer
  • By End user: Hospitals, Ambulatory Surgical Centers, Cardiac Catheterization Laboratories
Companies covered:

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, MIV therapeutics.

Growth Drivers:
  • Increasing prevalence of coronary heart disease 
  • Addition of coronary stent in the list of essential medicines
  • Launch of new products by key market players to expand product portfolio
Restraints & Challenges:
  • Product recalls of coronary stents from multinational stent makers 
  • Side effects and adverse events related to use of coronary stents
  • Reduction in product price

India Coronary Stents Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

The COVID-19 pandemic had a negative impact on the India Coronary Stents Market owing to the decreasing number of surgeries during covid time. For instance in October 10, 2022, according to article published in Research Square journal, compared with before lockdown, the number of Percutaneous transluminal coronary angioplasty procedures declined by 62% during the lockdown and remained lower by 29.4% after lockdown was lifted. The decline was greater in public health (77.4%) than private health facilities (47.9%).

Figure 2. India Coronary Stents Market Share (%), by Product Type, 2023

INDIA CORONARY STENTS MARKET

To learn more about this report, request a free sample copy

India Coronary Stents Market Segmentation:

The India Coronary Stents Market report is segmented into by Product Type, by material and end user.

By Product Type, the market is segmented into drug eluting stents, bare metal stents, bioreabsorbable vascular scaffold. Out of which, drug eluting stent is expected to hold a dominant position in the India Coronary Stents Market during the forecast period and this is attributed to the constant research advancements in drug eluting stents in the field of coronary stent market.

By material, the market is segmented into Cobalt Chromium, Stainless Steel, Platinum Chromium, Nickel Titanium, Polymer. Out of which, cobalt chromium expected to hold a dominant position in the India Coronary Stents Market during the forecast period and this is attributed to the increasing development of new stents.

By end user, the market is segmented into Hospitals, Ambulatory Surgical Centers, Cardiac Catheterization Laboratories.  Out of which, hospitals are expected to dominate the market over the forecast period and this is attributed to the increasing number of surgeries in the hospitals as compared to other sectors.

Among all the segmentations, the product type has the highest potential due to the increasing technological advancement and continuous launch of new products in the field of drug eluting stents. For instance, in August 2022, Medtronics, an U.S. based medical device company, launched a new drug eluting stent, the Onyx Frontier, which improves deliverability by 16%.

India Coronary Stents Market: Key Developments

Major players in the market are focused on performing clinical trials of their products to introduce them in market and expand their product portfolio. For instance, according to article published on October 15, 2022 in American journal of Cardiovascular disease, a clinical study was conducted to evaluate the  safety and effectiveness of ultrathin (60 µm), biodegradable polymer-coated Tetriflex sirolimus-eluting stent (SES) developed by Sahajanand Medical Technologies Limited, gobal developer and manufacturer of minimally invasive cardiovascular devices. As per the results, favorable clinical outcomes were observed in Tetriflex SES with low incidence of target lesion failure (TLF)  and stent thrombosis in high-risk diabetes patients.

India Coronary Stents Market: Key Trends

In 2022, Health Ministry of India  notified the inclusion of coronary stent in the National list of Essential medicines. The prices of coronary stents have decreased significantly in India, owing to capping of the sale price of coronary stents by the Government of India. This has changed market dynamics in last few years. Improved affordability of stents has resulted in 30-40 % increase in usage of stents. 

Key market players are adopting strategies like acquisition which are fueling the growth of India Coronary stent market. For instance, in January 19, 2023 Kotak Pre- IPO, a later stage venture capital fund managed by Kotak Investment Advisors aquired a stake in Sahajanand Medical Technologies, India based stent manufacturing company for US$ 20.7 million. The fund has acquired about 6% stake in SMT.

The use of a balloon stent coated with paclitaxel and iopromide is preferred over bare-metal stents in patients with high bleeding risk undergoing PCI. According to the results of the single-blind, randomized, noninferiority DEBUT trial conducted by researchers from Harvard Medical School and published in The Lancet in May 2019, PCI with drug-eluting balloons is noninferior to PCI with bare-metal stents for treatment of de novo coronary artery lesions in patients with high bleeding risk.    

India Coronary Stents Market: Restraints

Product recalls

Three multinational stent makers Abbott, Medtronic and Boston Scientific Corporation have filed applications with India’s drug pricing regulator to withdraw their new generation stents from the country, due to revised stent pricing regime in India. The decision came after two months of decision by  National Pharmaceutical Pricing Authority (NPPA) to reduce the prices of cardiac stents in India by over 75%.

Side effects and adverse events

Ischemic adverse events related to coronary stenting including ischemia-driven target lesion revascularization and stent thrombosis are also expected to hamper growth of the market.

As mentioned above, patients suffering from adverse effect due to coronary stent will take a longer period of time to resume their normal activities. All patients may notice a few complications and side-effects and should seek immediate medical attention in case they experience:

  • Swelling, bleeding, discomfort or pain at the site of catheter insertion
  • Redness, drainage, swelling or fever indicative of an infection
  • Discolouration in the arms or leg where the surgery was performed
  • Faintness, weakness and chest pain
  • Changes in temperature and shortness of breath

Reduction in product price

Low cost of stents is also expected to promote market growth. The price of the Bare metal stents has been fixed at US$ 128.57 while Drug Eluting Stents (DES) including metallic DES and Bioresorbable Vascular Scaffold (BVS)/ Biodegradable Stents price has been fixed to US$ 468.16 respectively by NPPA in its latest order.

India Coronary Stents Market - Key Players

Major players operating in the India Coronary Stents Market include Abbott Laboratories, Medtronic, Inc, Biosensors Inc, Terumo Corporation, Boston Scientific Inc.,Becton, Dickinson and Company, Cook medicals, B Braun Melsungen AG, SLTL Medical, Endocare, Cardiac Care Products, Invent Bio-med Private Limited, Nano therapeutics pvt ltd, MIV therapeutics.

India Coronary Stents Market– Insights

Stents are medical devices intended to use for the treatment of blocked vascular paths and the procedure used to reduce the blockages is known as percutaneous transluminal coronary angioplasty (PTCA). The stents used for arterial blockage are known as coronary stents or heart stents. There are three types of stents such as drug eluting stents, bare metal stents, and Bioresorbable Vascular Scaffold. Drug eluting stents are small expandable mesh tube made up of medical-grade stainless steel or cobalt alloy metal, that are inserted into the coronary arteries of patients suffering with atherosclerosis. Stent helps to hold the artery open, to release a drug that prevents blockage in artery and improves blood flow in artery.

 

Frequently Asked Questions

The global coronary stents market is estimated to surpass US$ 3,104.8 million by 2030.

Major players operating in the market include Abbott Laboratories, Medtronic, Inc, Biosensors Inc, Terumo Corporation, Boston Scientific Inc, Becton, Dickinson and Company, Cook medicals, B Braun Melsungen AG, SLTL Medical, Endocare, Cardiac Care Products, Invent Bio-med Private Limited, Nano therapeutics pvt ltd, MIV therapeutics.

Risky stent implantation is one of the major factors that is expected to hamper growth of the market over the forecast period

Increasing adoption of stents implantation in cardiovascular blockage is one of the major factors that is expected to propel growth of the market over the forecast period.

The market is estimated to exhibit a CAGR of 13.2 % over the forecast period. (2023-2030)

View Our Licence Options

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Customize Now

Want to Buy a Report but have a Limited Budget?

We help clients to procure the report or sections of the report at their budgeted price. Kindly click on the below to avail

Request Discount
Logo

Reliability and Reputation

ESOMAR
DUNS Registered
Clutch
DMCA Protected

9001:2015

Reliability and Reputation

27001:2022

Reliability and Reputation

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo