India Coronary Stents Market is driven by increasing cases of cardiovascular diseases
The India coronary stents market comprises bare-metal stents (BMS), drug-eluting stents (DES), and bioresorbable vascular scaffolds (BVS). Coronary stents are small mesh tubes used to treat narrowed or blocked coronary arteries caused by coronary artery disease. Stents act as scaffoldings to keep arteries open and improve blood flow to the heart. Coronary stents have demonstrated efficacy in reducing mortality and major adverse cardiac events such as heart attacks. The growing prevalence of lifestyle diseases such as diabetes mellitus and obesity has increased the risk of cardiovascular diseases in India. According to the WHO, cardiovascular diseases account for approximately 56% of non-communicable disease mortality in India as of 2019. The increasing cases of cardiovascular diseases and growing awareness about treatment options are fueling the demand for coronary stents in the country.
The Global India Coronary Stents Market is estimated to be valued at US$ 1501.64 Bn in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the India coronary stents market are Abbott, Boston Scientific Corporation, Medtronic, Terumo Corporation, Biosensors International Group, B. Braun Melsungen AG, Vascular Concepts. Abbott and Boston Scientific Corporation are the leading players with over 60% market share in India.
The demand for coronary stents in India is growing at a rapid pace due to the rising prevalence of risk factors such as unhealthy diet, lack of physical activity, tobacco use, and harmful alcohol use. Longer life expectancies and growing elderly population are also contributing to the increased burden of heart diseases. According to WHO, cardiovascular diseases are projected to be the leading cause of deaths in India by 2030.
Global medical device giants are expanding their presence in India through partnerships, contract manufacturing, and acquisitions to tap into the large untapped market. Foreign companies view India as an attractive production base and research and development hub for cardiac stents. The export potential of Made-in-India stents to emerging economies is also driving global expansion plans of players in the India coronary stents market.
Market Drivers
The increasing geriatric population is a major driver for the India coronary stents market size. As people age, their chances of developing heart diseases rise. According to the UN population fund, the number of Indians aged 60 years and above is projected to grow to around 319 million by 2050 from 138 million in 2019. The rapidly growing aging population translates to higher demand for interventional cardiology devices like coronary stents. The Indian government's focus on improving healthcare infrastructure through initiatives like the Ayushman Bharat Scheme is also positively impacting the cardiovascular devices market in the country.
Impact of geopolitical situation on India Coronary Stents Market Growth
The current geopolitical turmoil including rising geopolitical tensions between India and China are negatively impacting the growth of India's coronary stents market. As China is a major supplier of raw materials and components used in manufacturing coronary stents, rising tensions have disrupted international supply chains increasing raw material costs and delivery timelines for Indian stent manufacturers. Moreover, the Russia-Ukraine conflict has exacerbated ongoing inflationary pressures globally increasing production costs. The weakening of the Indian Rupee against the US Dollar is also making imports costly for companies.
To tackle these challenges, manufacturers will need to focus on developing local sourcing partnerships and scaling domestic raw material production capacities to reduce dependency on import-reliant supply chains vulnerable to geopolitical disruptions. Manufacturers can also consider alternative low-cost raw material sources from other countries and regions to diversify supply risks. Further, companies may need to factor in long-term increased cost scenarios while pricing products to mitigate profitability pressures amid elevated costs. The government can support via production-linked incentive schemes and policies promoting the medical devices sector.
Geographical Regions where India Coronary Stents Market is Concentrated in terms of Value
In terms of value, the coronary stents market in India is highly concentrated in metropolitan regions including the Delhi-NCR region, Mumbai, Bengaluru, Chennai, Pune, Ahmedabad and Kolkata. These regions accounted for over 60% of the total market value in 2024 due to higher burden of CVDs, availability of advanced healthcare infrastructure and high concentration of leading private hospitals and cardiac care centers. The presence of major domestic stent manufacturers as well as corporate and multi-specialty hospitals with high-volume cardiac practices have propelled market growth in these regions. Moreover, greater population densities, higher per capita incomes and health insurance penetration rates have facilitated higher procedure volumes and stent adoption.
Fastest Growing Region for India Coronary Stents Market
Currently, the state of Telangana in South India represents the fastest growing regional market for coronary stents in value terms. This growth can be attributed to the state government's focus on transforming the healthcare infrastructure by increasing public spending on medical facilities over the past decade. Significant investments have been made towards setting up new medical colleges, super specialty hospitals and cardiac care centers especially in tier 2/3 cities. Further, healthcare schemes and insurance programs aimed at increasing access are also fueling demand growth. Thanks to these initiatives, interventional cardiology capabilities and stent adoption rates have expanded rapidly across Telangana creating a conducive environment for sustained double digit market growth over the forecast period.
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