According to a recent study by Future Market Insights (IMF), the global balloon catheter market is expected to witness strong growth during the forecast period. Sales are expected to reach US$5.11 billion by the end of 2031. This reflects a cumulative CAGR of approximately 4.0% over the forecast period (2021-2031).
Drug-eluting balloons play an important role in facilitating the pushing mechanism, through drug therapy. Balloons coated with excipients provide high efficiency and viability for drug transfer.
The development of these technologies is increasing the use of balloon catheters, which is driving the market. Therefore, to gain competitive edge, major players are developing advanced drug eluting balloon.
Subsequently, these companies obtain government approvals to commercially manufacture these balloons. This should bode well for the growth of the market.
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Moreover, due to the prolonged hospital stay in angioplasty procedures, the preference for the same decreases in patients with coronary artery disease (CAD). Therefore, with attributes such as minimal invasiveness of drug-eluting balloon catheters, the demand is increasing among coronary patients.
Therefore, efforts are being made by public authorities, NGOs and the government to publicize the positive benefits of balloon catheters. For example, campaigns such as “Spread the Word Campaign”, educating women about CAD and its treatment solutions by Healthy Women and National Association for Nurse Practitioners.
A multitude of such activities are expected to increase the demand for balloon catheters over the forecast period.
Key points to remember
- By product, normal balloon catheter holds the maximum share of 43.9% in 2021, expanding to CAGR of 0.8% during the forecast period.
- By indication, coronary artery disease should account for nearly 71.5% market share by value due to the high prevalence of coronary heart disease worldwide
- By raw material, the nylon segment holds 46.3% in market share, recording CAGR of 4.0% in 2021
- Polyurethane catheters are expected to hold the second largest share, contributing 34% overall sales in 2021.
- Per end user, the hospital segment will represent 70.5% in the market share in 2021 owing to the availability of advanced technologies and the need for minimally invasive surgical procedures.
- By region, North America held the largest share of 31.7% in the global balloon catheter market in 2021.
Some of the leading manufacturers in the balloon catheter market are focusing on product launches to expand their product portfolio. They are also targeting mergers and strategic partnerships, thereby strengthening their global presence.
- In January 2021, Shanghai MicroPort Medical (Group) Co., Ltd. has received an official license from the Taiwanese Ministry of Health and Welfare (MOHW) for its proprietary coronary balloon dilatation catheter, Firefighter CN. This new technology will help dilate stenotic coronary arteries and improve myocardial perfusion.
- MicroPort Scientific Corporation on June 8, 2021 introduced the Cardiac Cryoablation System brand known as IceMagic consisting of cryoablation device, cryoballoon catheters, disposable cardiac mapping catheter. The company with an innovative use of cryogenic technology aims to enter the overseas market outside of China in the treatment of atrial fibrillation.
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Future Market Insights brings the comprehensive research report on predicted revenue growth at global, regional and country levels and provides analysis of latest industry trends in each of the sub-segments from 2021 to 2031. balloon is segmented in detail to cover all aspects of the market and present the reader with a comprehensive approach to market intelligence.
The study provides compelling information about balloon catheters. The balloon catheter market is segmented on the basis of product (normal balloon catheter, cutting balloon catheter, splittable balloon catheter, drug-eluting balloon catheter, stent balloon catheter), raw material (polyurethane, nylon, others ), indication (coronary heart disease, peripheral vascular disease) and end user (hospitals (private hospitals, public hospitals), ambulatory surgery centers, cardiac catheterization laboratories) in seven major regions.
Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
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