Market Dynamics:

Increasing prevalence of cardiovascular diseases such as coronary artery disease and rising aging population in India are major drivers promoting the growth of the India coronary stents market over the forecast period. According to the World Health Organization (WHO), cardiovascular diseases accounted for approximately 15.6 million deaths in India in 2016, which was nearly 31.5% of total deaths in the country. The number of deaths is projected to reach 21.7 million by 2030. An additional driver for the India coronary stents market is rapid advancements in stent technologies including drug-eluting and bioabsorbable stents, which are resulting in the development of more effective and safer treatment options for coronary conditions.

SWOT Analysis

Strength: The India coronary stents market has a large patient population that requires coronary stent procedures. Initiatives by the government to increase healthcare spending and promote generic stenting are supporting market growth. Leading players are developing technologically advanced stents like drug eluting and bioabsorbable stents.

Weakness: Low awareness about heart diseases and late diagnosis limits the demand for coronary stents. High prices of newly launched drug eluting stents restrict their adoption. Lack of reimbursement and insurance coverage increases the cost burden on patients.

Opportunity: Rising incidents of lifestyle diseases like diabetes and obesity are increasing the risk of cardiovascular issues. Favorable regulatory policies can help increase the availability of affordable generic stents. Growing medical tourism also offer scope to expand stent volumes. Launch of budget stents tailored for tier 2 and 3 cities presents an opportunity.

Threats: Stringent regulatory approval process delays the launch of new products. Patent expiration of drug eluting stents enables entry of biosimilar versions. Unfavorable changes in national healthcare policies can impact market growth.

Key Takeaways

The India Coronary Stents Market Size is expected to witness high growth over the forecast period due to the rising prevalence of coronary artery diseases and growing healthcare spending in the country. The market size for 2023 is projected to reach US$ 1303.5 Mn registering a CAGR of 9.6% between 2023-2030.

Regional analysis: The southern region currently dominates India's coronary stents market owing to states like Tamil Nadu and Karnataka having a relatively higher burden of cardiac diseases and availability of leading private hospitals. However, northern and western regions are expected to witness fastest growth led by growing medical infrastructure and initiatives to promote affordable healthcare in tier 2 & 3 cities.

Key players: Key players operating in the India Coronary Stents market are Allflex, Datamars, Zee Tags, Leader Products, Fitbit, SCR Dairy, Animana, Cainthus, Connecterra, CowManager, HerdInsights, Moocall, Quantified AG, BouMatic, IdentiGEN, Ceres Tag, Ardes, LAIPSON, Kupsan, Stockbrands. These players are focused on developing advanced stent technologies and launching affordable stent options.

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