India Coronary Stent Market Would Continue to Grow in Double Digits and Abbott Vascular to Lead the Market
The coronary stent market in India was valued around $450 million in 2012 and it has grown at an impressive rate of 22% (2005-2012) backed by a rise in PCIs (Percutaneous Coronary Intervention) which is resulted from a surge in cardiovascular disease (CVD), an improvement in healthcare infrastructure and services and an increase in disposable income. An increasing penetration of DES, which is above 90%, has also boosted the market.
The market is lead by Abbott Vascular, followed by Boston Scientific. Other key players operating in the segment are Medtronic, Inc., Biotronik, Sahajanand Medical Technologies, Meril Life Sciences and Translumina Therapeutics. Johnson and Johnson's Cordis stopped selling its stents from 20011. Cordis's market was grabbed by Abbott, Medtronic and other players. Bioabsorbable stent ABSORB, which was recently launched by Abbott Vascular, has garnered a considerable traction among the medical fraternity despite its high cost compared with other stents available in the market. The patients opting for ABSORB are financially sound or have either health insurance or are entitled for reimbursement. Abbott is aggressively chasing the market through a direct-to-consumer approach (DTC).
The coronary stent market in the country will continue to grow at a faster pace due to new and upcoming private hospitals, government initiatives to improve healthcare access, an increasing number of interventional cardiologists, an explosion of healthcare insurance and a growth in usage of high value bioabsorbable stents. The anticipated progression can be attributed to growth in elderly population, improved life expectancy, lifestyle diseases and associated complications like diabetes, hypertension and obesity.
The majority of population in need of stents is not covered under health insurance or do not get reimbursements which limits the market. However, patients under the poverty line are sponsored for healthcare insurance through the state government or insurance under public and private partnership. Some state governments have put a cap on the pricing of stents; though it may limit the market in terms of value but may help increase penetration of stents. Some state governments have put a cap on the value of stents; though this may help increase penetration of stents, it may limit the market in terms of value.
Meanwhile, the market is crowded with local players. Also, Europe-based mid-sized companies sell stents at almost half the price of international brands. It makes the market more competitive for MNCs. Further, the reduction in the reimbursement rates under the Central Government Health Scheme (CGHS) is likely to force companies to lower prices in the market.
However, the main restraints to market growth are high device and procedure costs and a lack of skilled interventional cardiologists. Hospitals and distributors in the supply chain make a killing as the device is mostly used in patients for emergency treatment.
The recently published strategic market report by ABMRG, "India coronary stent market-potential and growth forecast to 2019", analyzes the coronary stent market in India. It reviews historical trends and forecasts (2005-2019) the annualized trends for sales in terms of value and volume, market growth, pricing (Average Selling Price or ASP), competitive landscape and market share. It outlines coronary pipeline products and highlights findings of the global clinical studies. It offers a cross-category comparison for the historical and forecast period. It also provides global industry developments for the last two years, including M&As, partnerships, clinical studies, pipeline, product approvals and launches, recalls and litigations, market dynamics and market drivers.
Reasons to buy:
- Formulate market and business strategies based on market trends, market drivers, market restraints and challenges in the Indian coronary stent market.
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- Capitalize on opportunities in high-growth geographies and attractive markets.
- Identify in-licensing and out-licensing opportunities, and recognize potential business partners and M&A targets.
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Other strategic market reports:
3 Catalysts To Catapult Global Coronary Stent Market To $13 Billion
Australia Interventional Cardiology Market Trends Forecast Through 2018
India Cardiovascular Monitoring Systems - Market Size, Growth Rates and Competitive Landscape
Japan Cardiovascular Devices Market - Trends, Forecast and Outlook To 2018
China Cardiac Catheters and Guidewires Market Outlook, 2005 - 2018