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LONDON, Dec. 19, 2013 /PRNewswire/ -- Reportbuyer.com just published a new market research report:
Netscribes' latest market research report titled Coronary stents Market in India 2013 states that manufacturers of coronary stents are experiencing high demand for their products due to a number of factors. Since cardiovascular diseases have become a common occurrence among the Indian population and the healthcare infrastructure in the country is rapidly improving, it has built a strong case for angioplasty procedures in the country. Moreover, an increase in awareness and the willingness to spend on healthcare is benefiting the market. Also, advancements in technology such as the introduction of bioabsorbable stents in the Indian market in December 2012 has made such stents more acceptable to patients, thereby providing further stimulus for market growth. With growth in the number of cath labs in the country and their subsequent expansion to smaller cities and towns, angioplasties will become more accessible to patients and will aid in further development of the market.
Products available in the market can be divided into two types – those manufactured by MNCs that command high prices, and those manufactured by domestic companies that are generally priced lower. It is the MNCs that serve the majority of the market with almost all the big hospitals in tier I cities, where most of the angioplasties are performed, preferring to implant stents manufactured by foreign companies over those manufactured by their Indian counterparts. 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 standards of quality. Also, patients are generally unaware of the choices they have in terms of the types of stents and the various brands that are available in the market, and have to buy stents directly from the hospitals. Since profit margins are higher in case of foreign-manufactured stents, hospitals push for the sale of such stents rather than selling the Indian varieties.
Since the medical equipment 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 reduction in reimbursement rates for stents under the Central Government Health Scheme (CGHS) in Feb 2013 has come as a body blow to 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 prices in the open market as well. The Drugs and Cosmetics (Amendment) Bill, 2013 was presented before the Parliament of India in August 2013 and if the Bill is passed, it will provide the growing medical devices sector an impetus in the form of a much needed regulatory mechanism and will benefit the coronary stents market as well.
Government Involvement Slide 21: Organizational Structure of Regulatory Bodies Slide 22-23: Regulatory Bodies Slide 24-27: Regulatory Policies Slide 28: Process of Obtaining License for Manufacturing Medical Device Regulated as Drugs in India Slide 29-31: Requirements for Grant of License for Manufacture of Medical Devices in India Slide 32: Process of Obtaining Registration for Import of Medical Device Regulated as Drugs in India Slide 33-37: Documents Required for the Registering Medical Devices for Import into India
Competitive Landscape Slide 38-40: Entry Barriers Slide 41: Porter's Five Forces Analysis Slide 42: Competition Overview, Market Share of Companies (Volume-Wise; 2012) Slide 43: Sale of Coronary Stents by Various Companies (2012) Slide 44-47: Competitive Benchmarking Slide 48-96: Major Companies
Buyer Details Slide 97: List of Top 10 Hospitals Buying Coronary Stents in India Slide 98-127: Major Buyers Slide 128: Other Major Purchasers of Stents
Recent Developments Slide 129: Major Recent Developments in the Market