by 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, as highlighted in a new report published by Coherent Market Insights.
- A) Market Overview:
Coronary stents are small expandable devices used to treat blocked or narrowed coronary arteries. They are inserted during a minimally invasive procedure called angioplasty, which helps to improve blood flow through the blocked artery. The advantages of coronary stents include reduced risk of heart attack, improved symptoms of coronary artery disease, and shorter hospital stays. The increasing prevalence of cardiovascular diseases in India has led to a high demand for coronary stents in the country.
- B) Market key trends:
One key trend in the India Coronary Stents Market is the growing adoption of drug-eluting stents. These stents are coated with medications that help prevent the recurrence of blockages in the arteries. The drug-eluting stents segment is expected to witness high growth due to their superior efficacy compared to bare metal stents. For example, in a clinical trial conducted by Abbott Laboratories, their Xience family of drug-eluting stents demonstrated better results in terms of reducing the risk of major adverse cardiovascular events compared to bare metal stents.
- C) PEST Analysis:
- Political: The government of India has implemented various initiatives of India Coronary Stents Market to improve access to healthcare services, including treatment for cardiovascular diseases. This has helped drive the demand for coronary stents in the country.
- Economic: The growing disposable income and increasing healthcare expenditure in India have contributed to the growth of the coronary stents market.
- Social: The rising awareness about the importance of cardiovascular health and the availability of advanced treatment options have increased the demand for coronary stents.
- Technological: Technological advancements in the design and manufacturing of coronary stents have led to the development of more effective and safer devices.
- D) Key Takeaways:
- The India Coronary Stents Market is expected to witness high growth, exhibiting a CAGR of 13.2% over the forecast period, due to the increasing prevalence of cardiovascular diseases in the country.
- The Asia Pacific region is expected to be the fastest-growing and dominating region in the market, owing to the large population base and increasing healthcare expenditure.
- Key players operating in the 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 players are focusing on product innovation and strategic collaborations to expand their market share.
In conclusion, the India Coronary Stents Market is expected to witness significant growth in the coming years, driven by the increasing prevalence of cardiovascular diseases and the adoption of advanced treatment options. The market is also influenced by key trends such as the growing popularity of drug-eluting stents. However, the market may face challenges such as stringent regulations and high product cost.
