Thailand Coronary Stents Market Analysis

Thailand Coronary Stents Market Analysis

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Thailand Coronary Stents Market is expected to witness growth from $14 Mn in 2022 to $20 Mn in 2030 with a CAGR of 5.09% for the forecasted year 2022-30. One of the main factors propelling market expansion in Thailand is the increasing incidence and prevalence of coronary artery disease. Demand for coronary stents and related goods is projected to rise as more patients are given a diagnosis of coronary artery disease. The market is segmented by type, by mode of delivery, by materials and by end user. Some key players in this market include Xovic, Meticuly, B. Braun, Abbott Laboratories, Biotronik, Medtronic, GE Healthcare, Boston Scientific and Philips Healthcare.

ID: IN10THMD006 CATEGORY: Medical Devices GEOGRAPHY: Thailand AUTHOR: Jigyasu Bhandari

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Thailand Coronary Stents Healthcare Market Executive Analysis

Thailand's Coronary Stents Market is expected to grow from $14 Mn in 2022 to $20 Mn in 2030 with a CAGR of 5.09% for the forecasted year 2022-30. Healthcare in Thailand costs $25.3 billion in total. Costs are projected to reach $47.9 billion by 2026, which would indicate a compound annual growth rate of 6.6% during the preceding ten years. At 6.6%, the cost of healthcare as a proportion of GDP is also high. The Thai government allocates around 13.3% of its total budget to public health care due to the rapid increase in demand for medical services and drugs since the Universal Coverage Scheme was first implemented in Thailand in 2002.

Thailand saw an increase in the incidence rate of acute myocardial infarction, rising from 52.67 per 100,000 people in 2015 to 72.69 per 100,000 people in 2022. Coronary stents are used to treat CAD, a condition in which a build-up of plaque causes the arteries that carry blood to the heart to narrow or become obstructed. Stents assist in maintaining open arteries and enhancing blood flow to the heart, lowering the danger of heart attacks and other issues. Local anesthesia can be used to execute the less invasive process of placing a coronary stent, which lowers the risk of problems and shortens hospital stays. In Thailand, patients and medical professionals frequently choose coronary stents because they are less expensive than more invasive procedures like coronary artery bypass surgery.

Thailand Coronary Stents Market Analysis

Market Dynamics

Market Growth Drivers

One of the main factors propelling market expansion in Thailand is the increasing incidence and prevalence of coronary artery disease. Demand for coronary stents and related goods is projected to rise as more patients are given a diagnosis of coronary artery disease. Thailand's population is ageing quickly; by 2030, 20% of the country's population is predicted to be 65 or older. The need for coronary stents will increase as more older persons develop CAD and need treatment. With a goal of achieving universal healthcare coverage by 2022, Thailand has recently made significant investments in its healthcare infrastructure. More patients will receive a CAD diagnosis and have access to treatment alternatives like coronary stents as healthcare access increases.

Market Restraints

In Thailand, In the very competitive market for coronary stents, producers are subject to pricing pressure, which is one of the main market restrictions. Due to the fierce pricing rivalry brought on by the market's large number of producers, it may be challenging for them to keep their profit margins. Manufacturers may face difficulties with Thailand's reimbursement regulations because there may be lower reimbursement rates for coronary stents and associated treatments there than in other nations. This could reduce the market for more expensive products and put pressure on producers to provide more economical alternatives. The use of coronary stents may be constrained by alternative treatments for coronary artery disease, such as medication and dietary modifications. These solutions may in some circumstances be preferred to more intrusive procedures like stent implantation.

Competitive Landscape

Key Players

  • Xovic (TH)
  • Meticuly (TH)
  • Thonburi Healthcare (TH)
  • Biotronik
  • Boston Scientific
  • B. Braun
  • Abbott Laboratories
  • GE Healthcare
  • Medtronic
  • Philipps Healthcare

Recent Notable Deals

September 2022: Abbott Laboratories and Chulalongkorn University, a renowned Thai university, established a partnership in September 2022 to create cutting-edge medical technology, including cardiovascular devices like coronary stents. The partnership intends to combine corporate and academic expertise to spur innovation and enhance patient outcomes.

Healthcare Policies and Regulatory Landscape

The Medical Device Control Division (MDCD) of the Thai Food and Drug Administration (FDA) regulates the market for coronary stents in Thailand. The MDCD is in charge of overseeing the registration and regulation of medical devices as well as the safety and effectiveness of those devices in Thailand. Coronary stents are subject to regulation in Thailand under the Medical Device Act of 2008, which stipulates that medical devices must be registered with the Thai FDA before being sold or distributed there. Technical paperwork, such as safety and efficacy data, clinical trial findings, and quality control information, must be submitted as part of the registration procedure. The labelling, promotion, and advertising of medical equipment, such as coronary stents, are likewise subject to rules and guidelines set forth by the Thai FDA. According to the legislation, all medical device labelling and advertising must be accurate, not deceptive, and in accordance with Thai laws and regulations.

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 Overview Product Applications and Services Recent Developments Partnerships Ecosystem 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

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 cThailandity 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

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

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Last updated on: 09 February 2024
Updated by: Ritu Baliya

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