Coronary stent is an expandable tube device used to keep the artery open during treatment of coronary heart disease. It is placed in arteries that supply blood to the heart during a procedure called percutaneous coronary intervention (PCI) or angioplasty. The procedure helps reduce chest pain (angina) and increase survival rate of patients. Increasing PCI procedure in India is expected to drive demand for coronary stents, as risk of coronary heart disease is higher among elderly individuals, owing to increasing prevalence of diabetes, acute coronary syndromes and hypertension along with relatively fast detection of disease. Furthermore, increasing per capita income, strong healthcare infrastructure and well established reimbursements are soaring demand for coronary stents in India. India coronary stents market is segmented by product type, raw material and end user.
Market Value and Forecast
India coronary stents market is estimated to be valued at US$ 531 Mn by 2016 end and is expected to expand at a CAGR of 14.0% over the forecast period (2016–2026)
Demand for coronary stents is currently witnessing robust growth in India, mainly due to FDA approval for new stents and increasing number of PCI procedures in hospitals. The coronary stents market in India is mainly dominated by MNCs, accounting for the largest share of 70%. Rising health consciousness and increased healthcare expenditure is expected to drive the market in near future. Macroeconomic factors such as favourable government reimbursement policies and increase in FDI in healthcare sector is further projected to drive growth of the market. Other prominent growth drivers include rapidly growing medical technology industry and rising affordability of CHD treatment. However, chances of restenosis after angioplasty is a major factor expected to hamper overall growth of coronary stents market over the forecast period. Moreover, lack of well-established distribution channel associated with stents increases overall cost associated with it, which in turn is negatively impacting overall adoption of stents in the country.
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Market Segmentation by Product
On the basis of product type, the market has been segmented into Drug Eluting Stent (DES), Bare Metal Stent (BMS) and Bioresorbable stent (BVS). Drug Eluting Stent product type segment is expected to exhibit the highest growth over the forecast period. BMS segment is expected to exhibit stable growth during the forecast period. This is mainly attributed to emergence of new and effective stents in the market, which are expected to stabilize growth of the BMS segment.
Market Segmentation by Raw Material
On the basis of raw material, the market has been segmented into cobalt-chromium, stainless steel, platinum-chromium, nickel-titanium and polymer. Cobalt-chromium segment is expected to exhibit the highest growth over the forecast period, followed by platinum-chromium segment. Development of new stents owing to increasing investment in the healthcare sector along with high efficacy and safety of raw materials that increase lifespan of stents.
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Market Segmentation by End User
On the basis of end user, the market has been segmented into hospitals, ambulatory surgical centres, and cardiac catheterization laboratories. Hospitals segment accounts for the highest revenue share in the India coronary stents market, followed by ambulatory surgical centres and cardiac catheterization laboratories segments, respectively. Increasing patient population seeking effective and efficient treatment at low cost is a key factor driving adoption of new medical devices and technologies in hospitals
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