Global India Coronary Stents Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Cardiovascular Diseases
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.
A) Market Overview:
Coronary stents are small, expandable tubes that are used to treat narrowed or blocked coronary arteries in patients with cardiovascular diseases. These stents help in improving blood flow to the heart and reduce the risk of heart attacks. The increasing prevalence of cardiovascular diseases, such as coronary artery disease, and the growing aging population are driving the demand for coronary stents. Additionally, advancements in technology, such as the introduction of drug-eluting stents, are further boosting market growth. These stents release drugs that help prevent the re-narrowing of the arteries, improving patient outcomes.
B) Market Key Trends:
One key trend in the India Coronary Stents Market is the growing preference for drug-eluting stents (DES) over bare-metal stents (BMS). DES have gained popularity due to their ability to reduce the risk of restenosis and offer better long-term outcomes. These stents release drugs that inhibit the growth of scar tissue in the arteries, reducing the chance of blockage. This trend is driven by the increasing awareness among healthcare professionals and patients about the benefits of DES. For example, Abbott Laboratories, one of the key players in the market, offers a wide range of drug-eluting stents such as Xience Sierra and Xience Xpedition.
C) Porter's Analysis:
Threat of new entrants: The India Coronary Stents Market has high entry barriers due to the stringent regulations and high capital investment required. Established players have strong brand recognition and extensive distribution networks, making it difficult for new entrants to gain market share.
Bargaining power of buyers: The bargaining power of buyers is moderate in the India Coronary Stents Market. There are a limited number of suppliers in the market, giving buyers some negotiating power. However, the critical nature of the product and the lack of substitutes limit the bargaining power of buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate in the market. Key suppliers, such as Abbott Laboratories and Medtronic, Inc, have established relationships with healthcare providers and have a strong market presence. However, the presence of multiple suppliers and the availability of substitutes somewhat balance the bargaining power.
Threat of new substitutes: The threat of new substitutes is low in the India Coronary Stents Market. Coronary stents are the standard treatment for coronary artery disease, and there are limited alternatives available. Procedures such as coronary artery bypass graft (CABG) surgery are invasive and have higher risks compared to stent implantation.
Competitive rivalry: The market is highly competitive, with key players such as Abbott Laboratories, Medtronic, Inc, and Boston Scientific Inc. These players focus on innovation, product development, and strategic partnerships to maintain their market position.
D) Key Takeaways:
Ø The global India Coronary Stents Market is expected to witness high growth, exhibiting a CAGR of 13.2% over the forecast period. This growth is driven by the increasing prevalence of cardiovascular diseases and the introduction of advanced technologies, such as drug-eluting stents.
Ø In terms of regional analysis, India is expected to be the fastest-growing and dominating region in the market. The country has a large population with a high burden of cardiovascular diseases, creating significant demand for coronary stents.
Ø Key players operating in the global 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.
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