India coronary stents market, valued at US$ 481 Mn in 2015, is expected to reach US$ 531 Mn in revenues by 2016-end, according to a new research report by Future Market Insights.
The report titled, “Coronary Stents Market: India Industry Analysis and Opportunity Assessment, 2016-2026” projects the market to increase at 14% CAGR through 2026 and surpass US$ 1.8 Bn in revenues.
Demand for coronary stents is expected to be driven by government initiatives to offer better healthcare amenities.
Capping of coronary stents prices, increase in geriatric population, and increasing number of PCI procedure to treat CHD are other key factors anticipated to fuel demand for coronary stents during the forecast period.
Easing of norms such as exemptions in direct taxes, while allowing 100 percent FDI in medical devices segment under the automatic route is expected to encourage entry of foreign players in the healthcare sector in the near future.
Increasing prevalence of diabetes is high among the ageing population in the country. In 2014, 43.2% of the sampled population in the country was aware about diabetes and related treatment options.
Over the last few years, number of PCI procedures have increased in India due to increase in prevalence of CHD.
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India coronary stents market is segmented on the basis of product type, raw material and end-use.
On the basis of product type, the market has been segmented into Drug Eluting Stent (DES), Bare Metal Stent (BMS) and Bioresorbable Vascular Stent (BVS).
Drug Eluting Stent segment is expected to register impressive CAGR of 14.0% during the forecast period.
On the basis of raw material, the market is segmented into cobalt-chromium, stainless steel, platinum-chromium, nickel-titanium and polymer. Currently, demand for cobalt-chromium is the highest, followed by platinum-chromium.
On the basis of end use, India coronary stents market is segmented into hospitals, ambulatory surgical centres and cardiac catheterization laboratories. By end use, hospitals segment is expected to witness fastest growth during the forecast period.
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The key players profiled in FMI’s report include Abbott Laboratories, Medtronic, Inc., Biosensors Inc., and Boston Scientific Inc.
The report also identifies company-specific strategies related to product development, market consolidation initiatives and analysis of their specific strengths, weaknesses, opportunities and threats.
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
Key Segments
Product Type
- Drug Eluting Stent
- Bare Metal Stent
- Bioresorbable Vascular Stent
Raw Material Type
- Cobalt Chromium
- Stainless Steel
- Platinum Chromium
- Polymer
End User
- Hospitals
- Ambulatory Surgical Centres
- Cardiac Catheterization Laboratories
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
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