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India Coronary Stents Market Outlook – Rising Incidence of CVD Fuelling Growth
Netscribes, Inc. launches a report on the Coronary Stents Market in India 2014 covering a market with strong growth potential. It is a part of Netscribes’ Healthcare Industry Series.
Mumbai, India – August 21, 2014 – Global market intelligence firm, Netscribes, Inc. released its latest report on the ‘Coronary Stents Market in India 2014’. The increasing incidence of cardiovascular and other lifestyle related diseases in the country has resulted in a rise in the demand for coronary stents and the market for coronary stents is forecasted to exhibit steady growth for the next five years.
Netscribes’ latest market research report titled Coronary Stents Market in India 2014 states that manufacturers of coronary stents are experiencing high demand for their products due to a number of reasons. With cardiovascular diseases becoming a common occurrence amongst Indians and the healthcare infrastructure in the country rapidly improving, the number of angioplasty procedures being carried out in the country has increased significantly. Advancements in technology has resulted in patients being more receptive towards stent implants. The products available in the market can be divided into two types – those manufactured by MNCs and commanding high prices, and those manufactured by domestic companies and generally having lower prices. The general perception is that stents manufactured by MNCs are superior in terms of quality and efficacy whereas those manufactured by domestic companies fail to attain similar high quality. As a result, the MNCs serve majority of the market with almost all the big hospitals in tier I cities preferring to implant stents manufactured by foreign companies.
Since the medical equipments and devices industry in India has not been given any separate legal status and coronary stents have been classified as drugs under the provisions of the Drugs & Cosmetics Act, 1940, the Central Drugs Standard Control Organization (CDSCO) is responsible for the regulation of stents in the country. The significant reduction in reimbursement rates for stents under the Central Government Health Scheme (CGHS) in Feb 2013 and a further reduction in the reimbursement rates in Apr 2014 has badly affected manufacturers, especially the MNCs. Although majority of the angioplasties performed in the country are done in private establishments with only a few being done under the CGHS, the reduction in the reimbursement rates is likely to force companies to lower price in the open market as well. However, despite a fall in price of products, the market is still expected to grow steadily. Moreover, the penetration of cath labs in the smaller cities and towns has made angioplasty more accessible to patients and is expected to boost demand for stents.
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