In 2023, the adoption of coronary stent in India stands at a valuation of USD 843.8 million. This surge is attributed to the demand for minimally invasive procedures to address the rising cases of cardiovascular diseases. This sets the stage for significant expansion, with projections indicating that the adoption could potentially exceed USD 1,213.5 million by 2033. This upward trend is supported by a sluggish CAGR of 3.7%, underscoring a steady potential of the adoption landscape in the coming decade.
Key Highlights
| Adoption of Coronary Stent in India in 2023 | USD 843.8 million |
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| Adoption of Coronary Stent in India by 2033 | USD 1,213.5 million |
| Forecasted Value CAGR from 2023 to 2033 | 3.7% |
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Rising Cardiovascular Disorders are Fueling Surge in Coronary Stent Sales in India: One of the primary variables propelling coronary stent sales in India is the increased incidence of cardiovascular disorders. The prevalence of non-communicable diseases (NCDs), such as cardiovascular disease (CVD), is an increasing threat to public health in India. Analysis of India's stent industry by current state officials shows that more than 63% of fatalities in the country are now associated with NCDs. The greater prevalence of heart-related illnesses is attributed to factors including poor lifestyles, stress, and shifting food patterns.
India's Aging Population Drives Surge in Coronary Stent Application: Cardiovascular disorders are more common in India's aging population. As the senior population is rapidly growing, the greater risk of coronary heart disease among them bolsters the demand for coronary stents in India. The increase in percutaneous coronary interventions and angioplasty operations in India is directly associated with the adoption of coronary stents. Medical professionals prefer using them since these stents significantly reduce angina and increase patient survival chances. These trends in Indian interventional cardiology ensure the arteries remain open throughout the treatment.
Bioresorbable and Drug-eluting Stents Revolutionize Cardiac Care in India: The recent innovations in stent technology, like the development of bioresorbable stents and drug-eluting stents in India, are leading to a substantial demand. The improved patient outcomes, safety, and efficacy of these novel devices are precisely driving the demand for coronary stents. Stents that address the acute problem and also reduce long-term consequences are preferred by patients and medical professionals more frequently. For instance, bioresorbable stents provide an interim solution that parallels the body's natural healing process.
Government Initiatives are Making Coronary Stent More Accessible: Given the inclusion of coronary stent on the Indian government's list of essential medicines, the adoption of coronary stents in India is predicted to increase significantly. For instance, the Union Health Ministry of India stated in November 2022 that cardiac stents are going to be included in the National List of Essential Medicines 2022, causing them to be more inexpensive in India. Moreover, patients now have more access to and affordability for cardiac stents because of programs like Ayushman Bharat. The use of stents has increased by 30–40% as a result of better stent affordability.
World-class Cardiac Care and Affordable Coronary Stent Attract Global Medical Tourists: For cardiac care solutions in the India industry, like the implantation of coronary stents, the country has developed into a hotspot for medical tourism. India's status as a sought-after location for cardiac treatments has been cemented by the country's combination of top-notch medical facilities, knowledgeable healthcare experts, and affordable prices. The National Pharmaceutical and Pricing Authority (NPPA) of India made the historic choice in February 2017 to set pricing limitations for coronary stents at USD 108 for bare metal stents and USD 444 for drug-eluting stents. This has assisted in the industry's expansion. The cost-effectiveness of coronary artery blockage treatment in India has become a powerful magnet for visitors from around the globe.
Between 2017 and 2022, the adoption of coronary stents in India experienced significant growth, climbing from USD 657.5 million to USD 810.6 million. This indicates an average CAGR of 4.1%, underscoring the increasing acceptance and demand for these medical devices. Improved knowledge and a rise in the proportion of patients seeking angioplasty procedures have been the main factors responsible for the initial boost in adoption.
| Adoption of Coronary Stent in India in 2017 | USD 657.5 million |
|---|---|
| Adoption of Coronary Stent in India in 2022 | USD 810.6 million |
| Historical Value CAGR from 2017 to 2022 | 4.1% |
Looking forward to 2023, projections a little slower pace, with the adoption of coronary stents in India is anticipated to rise from USD 843.8 million in 2023 to USD 1,213.5 million by 2033, reflecting a steady 3.7% CAGR. Industry saturation is likely to cause the CAGR for coronary stents in India to slow down a bit, commencing in 2023. An industry's growth frequently slows down naturally as it ages. Overall, while the growth rate may slow down, it is essential to note that a steady CAGR of 3.7% still indicates a sustainable expansion of coronary stent adoption in India, underlining the continued importance of these devices in cardiac healthcare.
The adoption is anticipated to be driven by increasing health awareness and rising healthcare spending during the forecast period. The demand is also expected to rise as a result of certain macroeconomic factors, including favorable government reimbursement policies and an increase in FDI in the healthcare sector.
The use of telemedicine and remote monitoring technology is changing how cardiac care is provided and managed, affecting coronary stent implementation. For interventional cardiology devices in India, investments in healthcare infrastructure, particularly in tier 2 and tier 3 cities, represent a sizable potential opportunity. Increased penetration of health insurance, coupled with favorable policies, is likely to make coronary stents more accessible to a larger population.
Principal Consultant
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The coronary stent adoption in India is segmented by product type into drug-eluting stent, bare metal stent, and bioresorbable vascular stent. The drug-eluting stent segment dominates coronary stent adoption in India in 2023, accounting for an impressive 77.9% share. Similarly, when considering the raw material type, coronary stent adoption in India is categorized into cobalt chromium, stainless steel, platinum chromium, and polymer. Notably, the polymer segment takes the lead, commanding a 33.5% industry share in 2023.
| Segment | 2023 Value Share in India |
|---|---|
| Drug-eluting Stent | 77.9% |
| Polymer | 33.5% |
Since they have been demonstrated to be quite efficient in preventing restenosis, a condition where the treated artery narrows once more following angioplasty or stent placement, drug-eluting stents have grown in popularity in India. This is essential in India, where a sizable section suffers from cardiovascular conditions. There have been 511,389 stents utilized throughout India as of 2019, and 494,769 (96.75%) of them were drug-eluting stents.
Another aspect of their appeal is their affordability. While DES can initially cost more than bare-metal stents, the decreased requirement for follow-up surgeries and hospital stays more than makes up for this. This is crucial in the context of the healthcare system, where affordability and accessibility are two pressing issues.
With medical infrastructure and knowledge improvements, DES implantation and other complex cardiac surgeries are now being completed in India. Given this, patients and healthcare professionals are now more confident in the effectiveness and safety of these stents.
Since they are recognized for being biocompatible or well-tolerated by the human body, polymer-coated stents have grown in favor of India. This is essential for a coronary stent since it assures that there is going to be no discomfort or negative responses when the device is put in. The claim that stents coated with biodegradable polymer are supposed to be more expensive was refuted by several studies. They found no difference between stents coated with permanent polymer and those coated with biodegradable polymer. Polymer-coated stents tend to be more affordable than their drug-eluting counterparts.
Everyone needs to collaborate to make sure that patients with coronary artery disease have access to high-quality coronary stents in India. The heart stent industry in India is flooded with polymer-coated stents, giving doctors multiple choices to choose from depending on the specific anatomy and medical needs of each patient. Given recent developments in polymer technology, stents now have better mechanical qualities, ensuring greater flexibility and deliverability during the process. This results in smoother implantation, possibly lowering the chance of problems.
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The coronary stent industry is characterized by a degree of fragmentation, with several players vying for industry share. While there are dominant leaders, there is also a significant presence of smaller and regional players, contributing to a competitive landscape. Manufacturers have allocated substantial resources to research and development. They have strategically adjusted pricing models to remain competitive, targeting a broader customer base without compromising product quality.
Recent Developments Related to Coronary Stent in India
The Indian coronary stent market is likely to secure a CAGR of 14% through 2032.
The Indian coronary stent market size is estimated to cross USD 4.45 Bn by 2032.
The Indian coronary stent market is likely to record a value of USD 1.2 Bn in 2022.
India is likely to lead the coronary stent market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Drug Eluting Stent 5.2. Bare Metal Stent 5.3. Bioresorbable Vascular Stent 6. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Raw Material Type 6.1. Cobalt Chromium 6.2. Stainless Steel 6.3. Platinum Chromium 6.4. Polymer 7. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 7.1. Hospitals 7.2. Ambulatory Surgical Centres 7.3. Cardiac Catheterization Laboratories 8. Market Structure Analysis 9. Competition Analysis 9.1. Abbott Laboratories 9.2. Medtronic, Inc 9.3. Biosensors Inc 9.4. Boston Scientific Inc. 9.5. Sahajanand Medical Technologies 9.6. Biotronik 9.7. GE Healthcare 9.8. GPC Medical 9.9. Becton Dickinson 9.10. B. Braun 10. Assumptions & Acronyms Used 11. Research Methodology
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Industrial Analysis of Coronary Stent in India
