Paragraph: The India coronary stents market is estimated to be valued at US$ 1,303.5 Mn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 
Coronary stents are small tube-shaped devices placed in the coronary arteries that have narrowed as a result of plaque build-up. They are used to relieve symptoms and improve blood flow to the heart during coronary angioplasty. Coronary stents help reduce the chance of coronary arteries narrowing again after an angioplasty. India has a large population suffering from cardiovascular diseases such as coronary artery disease, making coronary stents highly useful in treatment.

Market Dynamics:
The India coronary stents market is driven by the increasing prevalence of cardiovascular diseases and growing geriatric population who are more prone to heart diseases. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death in India. It is estimated that over 50% of coronary heart disease deaths occur in Indians before 70 years of age. Moreover, aging population is also raising the cases of cardiac diseases. For example, the geriatric population (above 60 years) in India is projected to reach 319 million by 2050 from 103 million in 2016. Growing medical tourism for cardiac procedures is also fueling the demand for coronary stents in India. However, stringent regulatory environment is a major challenge for new market entrants. Due to COVID-19, some elective surgeries were postponed to avoid overwhelming the healthcare infrastructure which slightly impacted the market growth in short term.

SWOT Analysis

Strength:
- Rising geriatric population and increasing burden of cardiovascular diseases in India is driving the demand for coronary stents in the country.
- Growing demand for minimally invasive procedures and favorable government policies regarding cardiac stents is boosting the market growth.
- Leading players are consistently launching innovative stent technologies such as drug eluting and bioabsorbable stents which is expanding the product portfolio.

Weakness:
- High cost of stent procedures remains one of the major limitations especially in tier 2 and tier 3 cities in India.
- Lack of awareness regarding new technologies and treatment options among rural population.

Opportunity:
- Untapped opportunities exist in rural regions due to lack of proper healthcare infrastructure and awareness which can be targeted.
- Growing medical tourism industry in India will attract more patients from other countries for stent procedures.

Threats:
- Stringent regulatory policies and safety norms by regulatory bodies like CDSCO increases compliance costs for manufacturers.
- Threat of substitute technologies like bypass surgeries and balloon angioplasty.

Key Takeaways

The Global India Coronary Stents Market Size is expected to witness high growth, exhibiting 13% CAGR over the forecast period, due to increasing burden of cardiovascular diseases and growing geriatric population in India.

Regional Analysis
Metros and tier 1 cities in North and West regions currently dominate the market and are expected to remain the highest revenue generating regions. However, tier 2 and 3 cities in South and East regions are expected to exhibit fastest growth over next decade supported by increasing healthcare investments, growing medical tourism and spreading awareness through government programs.

Key Players
Key players operating in the India coronary stents market are 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, MIV therapeutics. These players are focusing on new product launches and expanding regional presence through collaborations with local players to strengthen market position.

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