Report Overview

India Stent Market - Industry Trends & Forecast Report, 2029

India stent market size was estimated at USD 309.6 million in 2022. During the forecast period between 2023 and 2029, the size of India stent market is projected to grow at CAGR of 4.76% reaching a value of USD 426.49 million by 2029. Major growth drivers for India stent market include increasing number of patients with cardiovascular diseases and a rising demand for minimally invasive surgeries. There has been an increase in coronary angioplasties due to a rise in the incidences of cardiovascular diseases, as well as increased healthcare spending, the presence of more interventional cardiologists, and an increase in the number of cardiac catheterization laboratories (cath labs) in both public and private hospitals. Also, individual  cath lab centers run by interventional cardiologists, as well as new corporate hospitals, have contributed to the rise in demand. This surge in demand has been fueled by the central and state governments' cap on reimbursement rates, making the procedure more affordable and resulting in an increase in volume. This decrease in reimbursement rates has benefited mid-sized multinational companies based in India, Asia, and some parts of Europe, as they sell stents at nearly half the price of those sold by US companies. Hence, all these aspects are expected to boost the expansion of India stent market during the period in analysis.

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 various 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.

India Stent Market

Growth Drivers

Rising Demand for Minimally Invasive Procedures

The rising demand for minimally invasive procedures is expected to drive the growth of the stent market in India. Minimally invasive procedures, such as angioplasty, have become increasingly popular due to their numerous benefits over traditional surgical procedures, such as smaller incisions, faster recovery times, and fewer complications. As a result, there has been a significant increase in the number of patients opting for these procedures, which has led to a corresponding increase in the demand for stents. Moreover, advancements in stent technology have also contributed to the growth of the stent market in India. The development of newer and more innovative stents, such as drug-eluting stents and bioresorbable stents, has led to better outcomes for patients, making these procedures even more attractive.

Restraints

Stent Failures and Recalls

Stent failures and recalls can have a significant negative impact on the stent market in India. Stent failure can result in serious health complications, such as restenosis (re-narrowing of the artery), thrombosis (blood clot), and even death. When stent failure occurs, it can lead to a loss of patient confidence in the procedure and the stent itself, which can affect the demand for stents in the market. Additionally, stent recalls can also have a significant impact on the market. If a stent manufacturer recalls a product due to safety concerns, it can lead to a decrease in sales and a loss of market share. Moreover, recalls can also lead to an increase in regulatory scrutiny and stricter approval processes, which can further slowdown the growth of the India stent market.

Impact of COVID-19 on India Stent Market

COVID-19 pandemic adversely affected 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 is likely to 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

Segmental Coverage

India Stent Market – By Product

India stent market is segmented into Coronary Stents, Peripheral Stents, and Stent Related Implant. 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 various types of stents, such as bare-metal coronary stents, drug-eluting stents, and bioasorbable stents, among others. 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 further divided 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 relatively smaller market share compared to the coronary stents and peripheral stents segments.

India Stent Market – By Material

Based on material, India stent market is divided into Metallic Biomaterial, Polymer Biomaterial, and Natural Biomaterial segments. The metallic biomaterial segment holds the highest market share among the stent materials. Metallic biomaterials are commonly used in the production of stents due to their high strength, durability, and compatibility with the human body. These stents are made of materials, such as stainless steel, cobalt-chromium alloy, and platinum-chromium alloy. However, the polymer biomaterial and natural biomaterial segments are also growing in popularity, as they offer unique advantages over metallic biomaterials. Polymer biomaterials are biodegradable, flexible, and can be used to produce drug-eluting stents, while natural biomaterials, such as collagen and chitosan, are biocompatible and can stimulate tissue growth, making them useful in the production of bioresorbable stents.

India Stent Market – By End User

Based on end user, India stent market is bifurcated into Hospitals and Ambulatory Surgical Centers segments. The hospital segment holds a higher market share among the end users of the India stent market. Hospitals are the primary healthcare facilities in India where stent procedures are performed. The availability of advanced medical facilities, such as catheterization labs, in hospitals, and the presence of skilled medical professionals, including interventional cardiologists and vascular surgeons, make hospitals the preferred choice for stent procedures. Ambulatory surgical centers (ASCs), which provide same-day surgical procedures, are also growing in popularity in India. ASCs offer several benefits, including lower costs, shorter hospital stays, and faster recovery times, which make them an attractive alternative to hospitals for certain types of stent procedures. However, due to the complex nature of stent procedures and the need for specialized medical facilities and equipment, the hospital segment holds a significantly higher market share compared to the ASC segment.

India Stent Market – By Region

Based on region, India stent market is divided into North India, South India, East India, and West India.

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.

Scope of the Report

By Product

• Coronary Stents

• Peripheral Stents

• Stent Related Implant

By Material

• Metallic Biomaterial

• Polymer Biomaterial

• Natural Biomaterial

By End User

• Hospital

• Ambulatory Surgical Center

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Stent Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising Demand for Minimally Invasive Procedures
         2. Unhealthy and Hectic Lifestyle
      2. Restraints
         1. Stent Failure and Recall
      3. Opportunities
         1. Advancements in Healthcare Technology
      4. Challenges
         1. Stringent Regulatory Approvals
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Stent Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
         1. Coronary Stents
            1. Drug-eluting Stents
            2. Bare-metal Coronary Stents
            3. Bioabsorbable Stents
         2. Peripheral Stents
            1. llilac Stents
            2. Femoral-popliteal Stents
            3. Renal & related Stents
            4. Carotid Stents
         3. Stent Related Implant
            1. Synthetic Grafts
            2. Vena Cava Filters
      2. By Material
         1. Metallic Biomaterial
         2. Polymer Biomaterial
         3. Natural Biomaterial
      3. By End User
         1. Hospital
         2. Ambulatory Surgical Centers
         3. Others
      4. By Region
         1. North India
         2. South India
         3. East India
         4. West India
5. North India Stent Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
      2. By Material
      3. By End User
6. South India Stent Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
      2. By Material
      3. By End User
7. East India Stent Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
      2. By Material
      3. By End User
8. West India Stent Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
      2. By Material
      3. By End User
9. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India Stent Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
10. Impact of Covid-19 on India Stent Market
11. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. Abbott Laboratories
    2. B. Braun Melsungen AG
    3. Biosensors International Group
    4. Biotronik SE & Co. KG
    5. Boston Scientific Corporation
    6. Elixir Medical Corporation
    7. Medtronic Plc
    8. Stryker
    9. MicroPort Scientific Corporation
    10. Other Prominent Players
12. Key Strategic Recommendations
13. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

*Financial information of case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       India Stent Segmentation

Figure 2       India Stent Market Value Chain Analysis       

Figure 3       Company Market Share Analysis, 2022

Figure 4       India Stent Market Size, By Value (USD Million), 2019–2029      

Figure 5       India Stent Market Share, By Product, By Value, 2019–2029      

Figure 6       India Stent Market Share, By Material, By Value, 2019–2029     

Figure 7       India Stent Market Share, By End User, By Value, 2019–2029    

Figure 8       North India Stent Market Size, By Value (USD Million), 2019–2029      

Figure 9       North India Stent Market Share, By Product, By Value, 2019–2029      

Figure 10     North India Stent Market Share, By Material, By Value, 2019–2029     

Figure 11     North India Stent Market Share, By End User, By Value, 2019–2029    

Figure 12     South India Stent Market Size, By Value (USD Million), 2019–2029      

Figure 13     South India Stent Market Share, By Product, By Value, 2019–2029      

Figure 14     South India Stent Market Share, By Material, By Value, 2019–2029     

Figure 15     South India Stent Market Share, By End User, By Value, 2019–2029   

Figure 16     East India Stent Market Size, By Value (USD Million), 2019–2029        

Figure 17     East India Stent Market Share, By Product, By Value, 2019–2029        

Figure 18     East India Stent Market Share, By Material, By Value, 2019–2029       

Figure 19     East India Stent Market Share, By End User, By Value, 2019–2029      

Figure 20     West India Stent Market Size, By Value (USD Million), 2019–2029       

Figure 21     West India Stent Market Share, By Product, By Value, 2019–2029       

Figure 22     West India Stent Market Share, By Material, By Value, 2019–2029      

Figure 23     West India Stent Market Share, By End User, By Value, 2019–2029     

List of Tables

Table 1        India Stent Market Size, By Value (USD Million), 2019–2029

Table 2        India Stent Market Size, By Product, By Value, 2019–2029

Table 3        India Stent Market Size, By Material, By Value, 2019–2029

Table 4        India Stent Market Size, By End User, By Value, 2019–2029

Table 5        North India Stent Market Size, By Value (USD Million), 2019–2029

Table 6        North India Stent Market Size, By Product, By Value, 2019–2029

Table 7        North India Stent Market Size, By Material, By Value, 2019–2029

Table 8        North India Stent Market Size, By End User, By Value, 2019–2029

Table 9        South India Stent Market Size, By Value (USD Million), 2019–2029

Table 10      South India Stent Market Size, By Product, By Value, 2019–2029

Table 11      South India Stent Market Size, By Material, By Value, 2019–2029

Table 12      South India Stent Market Size, By End User, By Value, 2019–2029

Table 13      East India Stent Market Size, By Value (USD Million), 2019–2029

Table 14      East India Stent Market Size, By Product, By Value, 2019–2029

Table 15      East India Stent Market Size, By Material, By Value, 2019–2029

Table 16      East India Stent Market Size, By End User, By Value, 2019–2029

Table 17      West India Stent Market Size, By Value (USD Million), 2019–2029

Table 18      West India Stent Market Size, By Product, By Value, 2019–2029

Table 19      West India Stent Market Size, By Material, By Value, 2019–2029

Table 20      West India Stent Market Size, By End User, By Value, 2019–2029

Table 21      Abbott Laboratories Company Overview

Table 22      Abbott Laboratories Financial Overview

Table 23      B. Braun Melsungen AG Company Overview

Table 24      B. Braun Melsungen AG Financial Overview

Table 25      Biosensors International Group Company Overview

Table 26      Biosensors International Group Financial Overview

Table 27      Biotronik SE & Co. KG Company Overview

Table 28      Biotronik SE & Co. KG Financial Overview

Table 29      Boston Scientific Corporation Company Overview

Table 30      Boston Scientific Corporation Financial Overview

Table 31      Elixir Medical Corporation Company Overview

Table 32      Elixir Medical Corporation Financial Overview

Table 33      Medtronic Plc Company Overview

Table 34      Medtronic Plc Financial Overview

Table 35      Stryker Company Overview

Table 36      Stryker Financial Overview

Table 37      MicroPort Scientific Corporation Company Overview

Table 38      MicroPort Scientific Corporation Financial Overview