India Coronary Stents Market Report 2022 to 2030

India Coronary Stents Market Analysis

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India's Coronary Stents Market is expected to grow from $206 Mn in 2022 to $373 Mn in 2030 with a CAGR of 7.75% for the forecasted year 2022-30. The need for coronary stents is being driven by a rising rate of heart disease in India. The prevalence of CAD is rising in India as a result of the rising incidence of risk factors such as diabetes, hypertension, and obesity. The market is segmented by type, by mode of delivery, by materials, and by end user. Some key players in this market include GPC Medical, Becton Dickinson, Sahajanand Medical Technologies, B. Braun, Abbott Laboratories, Biotronik, Medtronic, GE Healthcare, Boston Scientific, and Philips Healthcare.

ID: IN10INMD006 CATEGORY: Medical Devices GEOGRAPHY: India AUTHOR: Jigyasu Bhandari

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India Coronary Stents Healthcare Market Executive Analysis

India's Coronary Stents Market is expected to witness growth from $206 Mn in 2022 to $373 Mn in 2030 with a CAGR of 7.75% for the forecasted year 2022-30. The astounding $10.75 billion set aside for health expenses in India's Union Budget for 2023 marks an increase of $0.28 billion (or 2.71%) from the $10.47 billion set aside in FY23. The anticipated budget for the Ministry of Health for 2022–2023 was originally $10.42 billion but was later reduced to $9.57 billion for the same period. Estimates place the value of investments at $10.78 billion this year. In India, the budget allocation for healthcare dropped from 2.2% to 1.97% this year.

In India, coronary stents are frequently used to treat coronary artery disease, a condition in which plaque build-up causes the arteries that carry blood to the heart to narrow or become clogged. Coronary stent use aids in re-establishing blood flow to the heart and stops further heart muscle deterioration. Implanting a coronary stent has been found to increase CAD patients' survival rates. The risk of problems like heart attacks, heart failure, and sudden cardiac death can be decreased with stenting. By restoring blood flow to the heart muscle, coronary stenting can assist to reduce CAD symptoms like shortness of breath and chest pain. A small incision can be used to execute the minimally invasive technique of coronary stenting, which lowers the risk of problems and speeds up recovery. Coronary stents are available in a range of shapes and sizes, enabling patients to receive individualised care depending on their unique needs. By lowering the risk of subsequent heart attacks and enhancing overall heart health, coronary stents can be beneficial over the long run.

India Coronary Stents Market Report 2022 to 2030

Market Dynamics

Market Growth Drivers

The need for coronary stents is being driven by a rising rate of heart disease in India. The prevalence of CAD is rising in India as a result of the rising incidence of risk factors such as diabetes, hypertension, and obesity. India has a sizable geriatric population, and CAD prevalence rises with the advancing years. The need for coronary stents is anticipated to rise as the population ages. The market is expanding as a result of technological developments in coronary stents, including the creation of drug-eluting stents, bioresorbable stents, and other novel devices. Demand for coronary stents is being driven by these new devices' enhanced patient outcomes, safety, and efficacy.

Market Restraints

In India, coronary stent costs and manufacturer profit margins have decreased as a result of price limitations on medical equipment enforced by the Indian government. Making investments in R&D and developing new products has become difficult for manufacturers as a result. Medical device approval processes and market entry in India can be delayed by the regulatory environment's complexity and length. For new manufacturers, this can be a considerable barrier to entry, and it can constrict the opportunities for expansion for current producers. With numerous domestic and foreign manufacturers seeking market share, the cardiac stents industry in India is extremely competitive. This can put pressure on prices and cut into manufacturers' profit margins.

Competitive Landscape

Key Players

Becton Dickinson (IN)
GPC Medical (IN)
Sahajanand Medical Technologies (IN)
Biotronik
Boston Scientific
B. Braun
Abbott Laboratories
GE Healthcare
Medtronic
Philipps Healthcare

Healthcare Policies and Regulatory Landscape

The market for coronary stents is significantly impacted by the regulatory framework and healthcare policy in India. The Central Drugs Standard Control Organisation (CDSCO), which is in charge of regulating the import, production, and sale of medical devices, including coronary stents, oversees the regulatory framework for medical devices in India. The National Pharmaceutical Pricing Authority (NPPA) set pricing limits for coronary stents in 2017, regulating their costs at a specific threshold. Because of this, it has become difficult for manufacturers to sustain profit margins and make R&D investments. To guarantee the safety and effectiveness of medical equipment, including coronary stents, the CDSCO has developed quality criteria. To receive product approvals and sell their goods in the Indian market, manufacturers must adhere to certain requirements.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

India Coronary Stents Market Segmentation

By Type (Revenue, USD Billion):

The three main categories of coronary stents are bare-metal, drug-eluting, and bioabsorbable, depending on their nature. The segment for bioabsorbable stents is anticipated to increase at the fastest rate over the forecast period. The benefits that are encouraging the use of bioabsorbable stents include a decrease in problems including thrombosis and inflammation, the cIndiaity to restore normal vasomotion, and an improvement in aberrant endothelial function. However, in the upcoming years, the expansion of this market segment is anticipated to be constrained by the high cost of bioabsorbable stents.

Bare-metal Stents
Drug-eluting Stents
Bioabsorbable Stents

By Mode of Delivery (Revenue, USD Billion):

The market is divided into self-expanding and balloon-expandable stents according to delivery method. Because of the high use of these stents, rising research initiatives to advance the technology, and rising regulatory approvals for balloon-expandable stents, the balloon expandable stents segment is anticipated to increase at the greatest CAGR over the projection period.

Balloon-expandable Stents
Self-expanding Stents

By Materials (Revenue, USD Billion):

The coronary stent market is divided into metallic (cobalt chromium, platinum chromium, nickel-titanium, and stainless steel) and other stents according to the material. The market for other stents is anticipated to experience the largest CAGR growth during the projection period. The rapid expansion of this market can be ascribed to the increased use of polymers and copolymers in the production of bioabsorbable stents.

Metallic Stents
Cobalt-Chromium
Platinum Chromium
Nickel Titanium
Stainless Steel
Other Stents

By End User (Revenue, USD Billion):

The coronary stent market is divided into hospitals, cardiac centres, and ambulatory surgical centres based on the end user. According to predictions, the hospital sector will control the market in 2016. This is primarily caused by hospitals using a lot of coronary stents.

Hospitals
Cardiac Centers
Ambulatory Surgical Centers

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

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How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.