India Coronary Stents market analysis
Overview
Coronary stents are delicate medical instruments that are used to clear closed arteries. These stents are also used to save the arteries from contracting again. PTCA (Percutaneous Trans-luminal Coronary Angioplasty) is the form of the technique used to clear blockages.
In 2018, the India coronary stents market was valued at US$ 671.3 million and is forecast to grow to US$ 2,049.9 million by 2027.
Drivers
During the forecast period, the rising prevalence of coronary heart disease will be a major factor driving the growth of the India coronary stents market. As per the report “Divergent patterns in ischemic heart disease and stroke mortality in India from 2000 to 2015: a nationally representative mortality study,” published in the journal Lancet in August 2018, heart disease claimed the lives of over 2.1 million Indians of all ages in 2015. In addition, 0.9 million people died from coronary heart disease and 0.4 million died from a stroke last year.
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Furthermore, the demand is expected to expand due to the widespread use of stents in the treatment of coronary blockages. Stent implantation is favored over more invasive bypass surgery due to its non-invasive nature, which provides patients with less pain and a shorter recovery period.
Restraints
The growth of the India coronary stents market is expected to be hampered due to scarcity of facilities providing PCI and primary PCI procedures, particularly in tier II and tier III cities, as well as limited access to healthcare facilities in rural India.
Furthermore, ischemic adverse effects associated with coronary stenting, such as ischemia-driven target lesion re-vascularization and stent thrombosis, are likely to stymie growth of the India coronary stents market.
The Drug Eluting Stents segment of the India coronary stents market was worth US$ 571.4 million in 2018, and is projected to grow at a CAGR of 14.0 percent to US$ 1,846.5 million by 2027.
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Market Trends
PCI is being more widely used in the market. As per a study released in April 2019 by the National Intervention Council and Apollo Health City in India, a total of 3,87,416 PCI procedures were conducted in 705 centers in India in 2017, representing a 3.7 percent increase over 2016.
Due to the restrictions imposed by the Indian Government on coronary stents in February 2017, the price of coronary stents has decreased dramatically in India. The cost of coronary stents has dropped by 80% on the market. The NPPA (National Pharmaceutical Pricing Authority) approved a 4.2 percent price increase for cardiac stents in April 2019, in accordance with the WPI (wholesale price index) for 2018.
During PCI, the patients with a high risk of bleeding are given a balloon coated with iopromide and paclitaxel instead of the bare-metal stents. As per the findings of the single-blind, randomized, non-inferiority DEBUT study, PCI with drug-eluting balloons is non-inferior to PCI with bare-metal stents for the treatment of de novo coronary artery lesions in patients with elevated bleeding risk, as published in The Lancet in May 2019.
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Competitive Landscape
Key companies contributing in India coronary stents market are Biosensors Inc., Abbott Laboratories, Boston Scientific Inc., Medtronic, Inc., and Terumo Corporation.
Key Developments
The market’s major players are concentrating on obtaining regulatory approvals in order to broaden their product range. Abbott obtained FDA approval for XIENCE Sierra, a new generation of everolimus-eluting coronary stents, in May 2018. In April 2018, the Japanese regulatory body granted XIENCE clearance.
The Ultimaster TANSEI drug-eluting stent was CE-marked in April 2018 by Terumo Corporation, a Japanese medical device firm.
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