Coronary Stents Market is Dazzling Worldwide with Latest Rising Trends

The Market research collection of Report Ocean has recently included the Coronary Stents Market Size, Scope, and Forecast 2023-2031 report. This report, prepared by industry experts and researchers, offers a comprehensive analysis of the market, covering crucial aspects such as growth factors, challenges, restraints, developments, and growth opportunities. It provides an authoritative and concise assessment of the market dynamics, highlighting emerging trends in the industry. Furthermore, the report presents a futuristic outlook, shedding light on factors expected to drive the growth of the global Orphan Drugs industry in the years to come.

Cardiovascular diseases are a significant health concern in India, contributing to approximately 25% of deaths among individuals aged 25 to 70 years. The use of percutaneous coronary interventions (PCI), also known as coronary angioplasty or stent placement, has been gradually increasing in India. In 2016, there were 495,000 PCI procedures conducted in India, utilizing a total of 594,000 coronary stents, averaging 1.2 stents per procedure. Notably, 80% of these procedures involved drug-eluting stents (DES), with over 60% of the stents being imported.

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Multinational corporations (MNCs) typically follow a supply chain model, where distributors handle the procurement, storage, and distribution of stents to hospitals. Hospitals then add their profit margin before billing patients. This distribution model resulted in a significant gap between the actual stent cost and the selling price to patients. For instance, the average selling price (ASP) of a bare metal stent (BMS) used to reach as high as Rs. 45,000 ($670), and drug-eluting stents were priced over Rs. 120,000 ($1,800), generating profits ranging from 270% to 1,000%.

Price Ceiling for Coronary Stents

To address this issue, the National Pharmaceutical Pricing Policy introduced pricing caps for coronary stents. The policy categorizes stents into two categories: bare metal stents (BMS) and drug-eluting stents (DES). Under this policy, the maximum price for BMS is set at Rs. 7,260 ($110), while DES should not exceed Rs. 29,600 ($450). These prices are approximately 40% lower than the previous market prices.

Manufacturer Brand Prices (Rs)

• Abbott Laboratories Aborb/ Absorb GT1: 31,689
• Abbott Laboratories Xience Alpine: 31,689
• Abbott Laboratories Xience Prime: 24,675
• Abbott Laboratories Xience Pro: 24,675
• Abbott Laboratories Xience V: 24,675
• Abbott Laboratories Xience Xpedition: 31,689
• Boston Scientific Corporation Promus Element: 31,689
• Boston Scientific Corporation Promus Premier: 31,689
• Boston Scientific Corporation Synergy: 31,689
• Meril Life Science Biomime: 23,625
• Sahajanand Medical Technologies Supraflex: 23,289
• Biotronik Orsiro: 31,689
• Vascular Concept Limited Pronova XR: 31,689

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Does This Include Imported Stents?

The pricing policy does not differentiate between branded or unbranded stents, locally manufactured or imported stents. Any stent sold in the Indian market must comply with the price caps, although local taxes are added to these prices. Manufacturers with higher selling prices than the price cap must reduce their stent prices, while those already selling at lower prices should maintain their original Maximum Retail Price (MRP).

Indian Market Scenario

The Indian coronary stent market is currently valued at around $500 million and is expected to grow significantly due to the rising cases of diabetes and hypertension. International stent manufacturers, who hold approximately 60% of the market, are discontented with the price caps. As a result, they are considering withdrawing their advanced products from the Indian market and refraining from introducing new-generation stents in the future. This shift could impact procedural outcomes, especially in complex cases. Consequently, India is expected to face more challenges in the future. Some manufacturers, such as Abbott and Medtronic, have requested the removal of certain stent models from the Indian market. Boston Scientific also sought to withdraw its Synergy stents, but this request was rejected by Indian authorities. This situation creates an opportunity for domestic manufacturers to increase their market share, as they currently hold less than 40% of the market.

Regulatory Changes for Price Control

• In July 2016, coronary stents were included in the National List of Essential Medicines (NLEM), 2015, by the Ministry of Health and Family Welfare.
• In December 2016, coronary stents were classified as scheduled formulations under the Drug Price Control Order 2013, by the Department of Pharmaceuticals.

Competitive Scenario of Coronary Stents

The coronary stents market is segmented into three categories: bare metal stents, drug-eluting stents, and bioabsorbable stents. Approximately 90% of all percutaneous coronary intervention (PCI) surgeries involve coronary stent placement, with drug-eluting stents dominating the market. Bioresorbable stents are expected to exhibit the highest growth rate due to the advantages of polylactic acid material. The market is witnessing various mergers, acquisitions, and collaborations among top players, shaping the future of the global coronary stents market.

Global Coronary Stents Market Growth

The Global Coronary Stents Market is projected to grow at a Compound Annual Growth Rate (CAGR) of 6.1% during the forecast period of 2017-2023. Market growth opportunities are expected in emerging regions, driven by mergers and acquisitions and increased clinical trials.

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Market Dynamics:

Surging air traffic:

• As the global aviation industry continues to expand, there is a corresponding increase in market demand.

Heightened emphasis on safety and reliability:

• The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.

Growing commitment to environmental sustainability:

• The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.

Escalating globalization:

• The growth of international trade and travel propels the demand for market solutions.

Increasing desire for private air transportation:

• The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.

Expanding utilization of digital fuel management systems:

• The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.

Advancements in fuel cell technology:

• Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.

Mounting demand for air cargo transportation:

• The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.

Rising defense budgets:

• Governments worldwide are augmenting their defense spending, leading to heightened market demand.

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