India Stent Market Size Growing at Steady CAGR of 4.8% to Reach USD 426.5 Million by 2029

Published | 18 April 2023

India stent market is flourishing because of a spurring demand for minimally invasive procedures to treat increasing prevalence of cardiovascular diseases due to unhealthy and hectic lifestyle.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India stent market size at USD 309.6 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects India stent market size to grow at a significant CAGR of 4.76% reaching a value of USD 426.49 million by 2029. Major growth factors of India stent market include increasing incidence of cardiovascular diseases and surging demand for minimally invasive surgeries to treat them. It has resulted in a significant increase in the number of coronary angioplasties, with contributing factors, such as an increase in healthcare spending, the presence of more interventional cardiologists, and a rise in the number of cardiac catheterization laboratories (cath labs) in both public and private hospitals. In addition, the emergence of individual cath lab centers run by interventional cardiologists and new corporate hospitals has also driven the rise in demand. The affordability of the procedure has been improved through the central and state governments' decision to cap reimbursement rates, resulting in increased volume. Mid-sized multinational companies based in India, Asia, and certain parts of Europe have benefited from this reimbursement rate decrease, as they offer stents at nearly half the price of those sold by US companies. Consequently, these factors are expected to propel the growth of the India stent market during the period in analysis. However, stent failure and recall are anticipated to restrain the overall market growth.

India Stent Market – Overview

India stent market refers to the market for medical devices known as stents, which are used to treat narrow or blocked arteries caused by cardiovascular diseases. Stents are small, expandable mesh tubes that are inserted into arteries during a minimally invasive procedure called angioplasty to keep the artery open and improve blood flow. The stent market in India includes the sale of diverse types of stents, such as bare-metal stents, drug-eluting stents, and bioresorbable stents, among others. The market comprises both domestic and multinational companies that manufacture and distribute stents to hospitals, clinics, and other healthcare facilities across India.

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Impact of COVID-19 on India Stent Market

COVID-19 pandemic had a detrimental impact on the stent market in India. During the pandemic, the Indian healthcare system was under tremendous pressure, and the focus was on treating COVID-19 patients, resulting in a decrease in elective procedures such as angioplasty. The temporary closure of hospitals and clinics during the lockdown period also led to a decrease in stent procedures. Additionally, supply chain disruptions and the restriction on the movement of goods also affected the availability of stents in the market. However, the Indian government took steps to address the impact of the pandemic on the healthcare system, including the expansion of healthcare infrastructure, increased spending on healthcare, and the relaxation of regulations on telemedicine. Moreover, as the country emerges from the pandemic, there could be a surge in demand for stent procedures that were delayed or postponed during the pandemic, which could drive the growth of the stent market in the coming years.

India Stent Market – By Product

India stent market is divided into Coronary Stents, Peripheral Stents, and Stent Related Implant segments. The coronary stents segment held the highest share in the India stent market. Coronary stents are the most commonly used type of stents in India, as they are used to treat narrow or blocked coronary arteries caused by cardiovascular diseases. The coronary stents segment includes distinct types of stents, such as bare-metal coronary stents, drug-eluting stents, and bioasorbable stents. The peripheral stents segment, which includes stents used to treat peripheral arterial diseases in the legs, arms, and other parts of the body, is also growing and expected to gain a significant market share in the coming years. Also, the peripheral stents segment is sub-segmented into llilac Stents, Femoral-popliteal Stents, Renal & related Stents, and Carotid Stents. The stent-related implant segment, which includes stent grafts and other implantable devices used in combination with stents, holds a lower market share than the coronary stents and peripheral stents segments.

Competitive Landscape

Major players operating in India stent market include Abbott Laboratories, B. Braun Melsungen AG, Biosensors International Group, Biotronik SE & Co. KG, Boston Scientific Corporation Elixir Medical Corporation, Medtronic Plc, Stryker, and MicroPort Scientific Corporation. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Stent Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Stent Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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