India Coronary Stents Market to Grow at 1,846.5Mn by 2028: COVID Impact & Post COVID Analysis, Business Opportunities, and Strategies

 

A coronary stent is a device that is used to treat coronary heart disease. It's inserted into the arteries that carry blood to the heart. The procedure aids in the reduction of chest pain (angina) and the improvement of patient survival rates.

The market for coronary stents in India is predicted to reach US$ 2,049.9 million by the end of 2027, with a value of US$ 671.3 million in 2018.

Over the forecast period, increasing usage of remote Percutaneous Coronary Intervention (PCI) is expected to boost the growth of the Indian coronary stents market. For example, in December 2018, five patients at the Apex Heart Institute in Ahmedabad, India, completed an elective PCI surgery using CorPath technology at a distance of roughly 20 miles (32 kilometers). The market for coronary stents in India is projected to be hampered by a low doctor-to-patient ratio. According to World Health Organization figures revised in April 2019, there is one government doctor for every 10,189 people in India, resulting in a 600,000-doctor shortage, while the nurse-to-patient ratio is 1:483. The Drug-Eluting Stents sector of the Indian coronary stents market was worth US$ 571.4 million in 2018, and is predicted to grow at a CAGR of 14.0 percent to US$ 1,846.5 million by 2027. Because of the rise in the price of coronary stents in the country, the category is likely to develop significantly.

In terms of value, the Cobalt-Chromium category dominated the Indian coronary stents market in 2018, accounting for 68.0 percent of the market, followed by platinum chromium and polymer. Cobalt chromium alloy has several advantages over other materials, including decreased stent thrombosis rates, strength, and MRI compatibility.

In terms of value, hospitals dominated the Indian coronary stents market in 2018, accounting for 86.3 percent of the market, followed by cath labs and ambulatory surgical centers.

Several studies have shown that coronary stents made in the United States are just as effective as those made by international companies. According to a study presented at the non-surgical cardiac interventions conference – TCT 2018 – conducted in September 2018 in San Diego, California, coronary stents made in India is as good as those made in the United States.

A study presented at the American Cardiac Association meeting in November 2019 by NYU Langone found that stents provide the same results as medicines in patients with severe but stable heart disease. A circumstance like this is likely to limit the use of coronary stents.

Abbott Laboratories, Medtronic, Inc., Biosensors Inc., Terumo Corporation, and Boston Scientific Inc. are among the major participants in the Indian coronary stents market.

The market's major players are concentrating on implementing various marketing techniques in order to develop their consumer base. For example, at the 20th International Meeting on Simulation in Healthcare (IMSH 2020) in San Diego in January 2020, Mentice AB, a provider of simulation solutions for endovascular therapies, showcased its Coronary Essentials training package.

The market's major players are concentrating on obtaining regulatory clearances to grow their product line. For example, OrbusNeich Medical K.K., a Japanese business gained permission from the Ministry of Health, Labor, and Welfare in September 2019 for their COMBO Plus Coronary Stent (MHLW).