New Delhi: India coronary stents market, valued at $481 million in 2015, is expected to reach $531 million in revenues by 2016-end, according to a new research report by Future Market Insights (FMI).
The report titled, ‘Coronary Stents Market: India Industry Analysis and Opportunity Assessment, 2016-2026’ projects the market to increase at 14 per cent compound annual growth rate (CAGR) through 2026 and surpass $1.8 billion 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, states the report.
Easing of norms such as exemptions in direct taxes, while allowing 100 per cent 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 per cent of the sampled population in the country was aware about diabetes and related treatment options. Over the last few years, the number of PCI procedures has increased in India due to increase in prevalence of CHD.
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 CAGR of 14 per cent 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.
The key players profiled in FMI’s report include Abbott Laboratories, Medtronic, Biosensors, and Boston Scientific.