Coronary stent is used in the treatment of coronary heart disease. It is placed in arteries that supply blood to the heart. The procedure helps reduce chest pain (angina) and increase survival rate of patients.
India coronary stents market is estimated to account for US$ 671.3 Mn in terms of value in 2018 and is expected to reach US$ 2,049.9 Mn by the end of 2027.
India Coronary Stents Market: Drivers
Increasing adoption of remote Percutaneous Coronary Intervention (PCI) is expected to propel growth of India coronary stents market over the forecast period. For instance, in December 2018, five patients located at the Apex Heart Institute in Ahmedabad, India, underwent an elective PCI procedure from a distance of roughly 20 miles (32km) away, using CorPath technology.
India Coronary Stents Market: Restraints
Low doctor-to-patient ratio is expected to hinder growth of India coronary stents market. For instance, according to World Health Organization’s data updated in April 2019, in India, there is one government doctor for every 10,189 people or a deficit of 600,000 doctors, and the nurse: patient ratio is 1:483.
Drug Eluting Stents segment in India coronary stents market was valued at US$ 571.4 Mn in 2018 and is expected to reach US$ 1,846.5 Mn by 2027 at a CAGR of 14.0% during the forecast period. The segment is expected to witness significant growth owing to increase in prices of coronary stents in the country. For instance, National Pharmaceutical Pricing Authority (NPPA) approved hike in prices of cardiac stents by 4.2 per cent in-line with the wholesale price index (WPI) in April 2019.
The Cobalt Chromium segment held dominant position in India coronary stents market in 2018, accounting for 68.0% share in terms of value, followed by platinum chromium and polymer, respectively. Cobalt chromium alloy offer various advantages such as lower stent thrombosis rates, cobalt alloy is stronger, and is more MRI compatible than other materials.
The hospitals segment held dominant position in India coronary stents market in 2018, accounting for 86.3% share in terms of value, followed by cath labs and ambulatory surgical centers, respectively.
Several studies have proved that coronary stents produced by local manufacturers are as effective as those offered by international players. For instance, according to the study by Cardialysis— a clinical research organization—presented at the non-surgical cardiac interventions conference – TCT 2018 – held in September 2018, in San Diego, U.S. – concluded that coronary stents made in India are as good as foreign ones.
A research by NYU Langone that was presented at the American Heart Association meeting in November 2019 reported that adoption of stents offers same result as taking medications in patients with severe but stable heart disease. Such scenario is expected to limit adoption of coronary stents.
India Coronary Stents Market: Competitive Landscape
Major players operating in India coronary stents market include, Abbott Laboratories, Medtronic, Inc., Biosensors Inc., Terumo Corporation, and Boston Scientific Inc.
India Coronary Stents Market: Key Developments
Major players in the market are focused on adopting various marketing strategies to expand their customer base. For instance, in January 2020, Mentice AB, a provider of simulation solutions for endovascular therapies, demonstrated Coronary Essentials training solution at the 20th International Meeting on Simulation in Healthcare (IMSH 2020) in San Diego.
Major players in the market are focused on gaining regulatory approvals to expand their product portfolio. For instance, in September 2019, OrbusNeich Medical K.K., a Japan-based company, received approval for its COMBO Plus Coronary Stent from Japan Ministry of Health, Labor, and Welfare (MHLW).