Burlingame, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights has recently published a report, titled, India Coronary Stent Market, By Product Type (Drug Eluting Stents, Bare Metal Stents, Bioresorbable Vascular Scaffold), By Material (Cobalt Chromium, Stainless Steel, Platinum Chromium, Nickel Titanium, Polymer), By End User (Hospitals, Ambulatory Surgical Centers, Cardiac Catheterization Laboratories): Global Opportunity Analysis and Industry Forecast, 2024-2031”. According to the report, the global coronary stent market generated $1,303.5 million in 2023, and is anticipated to generate $3,104.8 million by 2031, witnessing a CAGR of 13.2% from 2024 to 2031.
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Increasing prevalence of cardiovascular diseases is leading to the need and demand for the utilization of coronary stents to identify the severity. For instance, on September 29, 2022 as per the study conducted by the Indian Council of Medical Research and Registrar General of India, India accounts for approximately 60% of the world's heart disease burden. The large U.K. Biobank study, published in the journal Heart, linked COVID-19 to a increased risk of heart diseases in particularly those having a severe infection. So, it is projected that a high prevalence of cardiovascular disease would increase surgery requirement to reduce the severity, which will increase the India coronary stent market growth throughout the forecast period.
Key Market Takeaways:
Drug Eluting Stents segment is expected to witness significant growth owing to decrease in prices of coronary stents in India. 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.
Among material segment cobalt chromium held dominant position in India coronary stents market, 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.
Key players operating in the India coronary stent marketare 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.
Market Key Developments:
Redemption from NPPA is given to the products adhering to certain key criteria such as new and innovative drug development, indigenously researched and manufactured, as well as patented under the Indian Patent Act, 1970. For instance, on February 29, 2020, National Pharmaceutical Pricing Authority gave a rare exemption to a made-in-India stent- MeRes100, the bioresorable vascular scaffold stent, manufactured by Vapi-based medical technology company Meril Life Sciences. The stent had been approved by the Central Drugs Standard Control Organization in 2017, and had been awaiting government approval for a price cap exemption.
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Market Driver:
Increase in the utilization of coronary stents in heart surgeries
Increasing Percutaneous Coronary Intervention (PCI) surgeries and use of coronary stentsis expected to propel growth of India coronary stents market over the forecast period. For instance, A report published in Indian heart journal in April 2019 regarding Indian coronary intervention data for the year 2017, it was seen that a total of 3,87,416 percutaneous coronary intervention (PCI) procedures were performed in 705 centers. This equates to a 3.7% growth as compared to data obtained in 2016.
Market Opportunity:
Stent manufacturing and cardiovascular facility expansion
Market players operating in India coronary stents are focused on expanding the portfolio of coronary stents in India, which is expected to create more opportunites for the market in future. For instance, on April 16, 2022, Sahajanand Medical Technologies, cardiac stent manufacturer based in India, started its first phase of stent manufacturing and cardiac device facility at medical devices park in Hyderabad, India.
Market Restraint:
Side effects of coronary stent
For instance, according to report published on May 1, 2022, at Harvard heart letter, main two side effects associated with prolonged use of stents are gradual renarrowing of the area inside the stent, known as restenosis and the formation of clots inside the stent, called stent thrombosis. Apart from these, reactions to the dye used in the procedure, blood clotting, chest pain, stent failure can also be observed in patients.
Read complete market research report,"India Coronary Stent Market, By Product Type, By Material, By End User, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Detailed Segmentation:
- India Coronary Stents Market , By Product Type:
- Drug eluting stents
- Bare metal stents
- Bioresorbable vascular scaffold
- India coronary stent market, By Material:
- Cobalt Chromium
- Stainless steel
- Platinum Chromium
- Nickel Titanium
- Polymer
- India coronary stent market, By End user:
- Hospitals
- Ambulatory Surgical Centers
- Cardiac Catheterization laboratories
- India coronary stent market,By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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