Market OverviewA coronary stent is a round shaped tube-like structure. It is placed in the coronary arteries to keep the arteries open during treatment. With the help of latest treatments in cardiac care and coronary heart diseases, it is has become possible to extend the life of geriatric people. Hence growing geriatric population is expected to increase the demand for coronary stents over the forecast period 2018–2025. Moreover, the increasing geriatric population is fueling the growth of the Indian market.
Encouraging reimbursement policies are expected to boost the demand for a coronary stent in the various countries including the U.K, the U.S., and Canada. Moreover, favorable government practices considering the pricing of these medical devices and increasing per capita healthcare expenditure in developing countries such as India and China are projected to drive the growth of the market in the coming years. Apart from this, Bioresorbable Vascular Scaffold (BVS) products are expected to witness significant growth over the forecast period, 2018–2025 due to their widespread applications. The new product sanctions of Magmaris and Magnitude are further anticipated to surge the demand for these products.
The global coronary stents market is highly competitive with top players accounting for similar shares of revenue. These companies have adopted various strategies such as strategic alliances and mergers & acquisitions to gain a competitive advantage in the market. Moreover, companies are putting more efforts on developing technologically advanced products, which can improve better efficiency and accuracy.
Segment OverviewHealthcare industry in India is much diversified and full of opportunities, which include payers, providers, and medical technology. With the increasing competition, manufacturers are looking to discover the latest trends and dynamics, which is expected to have a favorable impact on their business.
Country's competitive advantage also depends on the increased success rate of the local players in getting Abbreviated New Drug Application Approvals (ANDA). The country also offers vast opportunities for medical tourism and R&D activities. Moreover, the Indian market is offering a huge opportunity for investment in infrastructure development in both rural and urban areas.
Regional OverviewAccording to the American College of Cardiology, the death rate due to cardiovascular diseases in India has increased by 34 percent from 1990 to 2016, i.e., 155.7 to 209.1 deaths per lakh population. Accessibility, inadequate facilities, high price cost of the treatment, and lack of awareness about diseases are some of the key challenges faced by the cardiac care in the country. The demographic projections suggest a key increase in CVD mortality as life expectancy rises and the age structure of the population changes. Apart from, cardiac hospitals in the country perform over 2,00,000 open heart surgeries every year, i.e., one of the highest, worldwide. Furthermore, there has been a firm annual increase of around 25–30 percent per year in the number of cardiac interventions from the past few years.
Competitor overviewA coronary stent is a tiny device used in angioplasty to treat blockages in the heart. Despite of price capping and product withdrawal by some of the major players in 2017, the market has not been witnessing any shortage. Moreover, decline in the distribution of imported stents has benefited the Indian manufacturers and enable them to gain 4 percent of the market share.
Domestic players accounted for around 40 percent of the market share in 2015. However, with the introduction of Make in India and price control over these products, the scenario has changed in 2016 and 2017. Government has capped the pricing of medical devices and prevented overpricing by the hospitals, which were earning more than double the profit.
Key Players
- Abbott Laboratory
- Translumina
- SMT
- GE Healthcare
- Meril Life Sciences Pvt. Ltd.
- Vascular Concepts
- Boston Scientific Corporation
- Medtronic, plc
Market SegmentationBy Type
By End User
- Hospitals
- Cardiac Centres
- ASC
By Geography
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- Rest of LAMEA
