Balloon Catheter Market: Technological Advancements and Innovations to Bolster Growth Opportunities for Market
Use of balloon catheter is going to witness a moderate growth in terms of value due to increasing awareness on cardiovascular diseases and rising number of cardiology intervention processes. The balloon catheter market is expected to expand at CAGR of 3.8 % in terms of value through the forecast period (2016-2026). Hospitals and health centres contribute for the maximum share. North America dominates the market and is expected to witness growth in terms of revenue share. Due to changing population scenario in India and China, APEJ region will account for almost 20.8% revenue share by 2026.
Owing to the COVID-19 pandemic, the global elective surgeries were shutdown, which, in turn, caused the decline of the global advanced balloon catheter market in 2020. However, the impact of the pandemic is anticipated to be short-term, and with the resumption of elective procedures, the global advanced balloon catheter market is projected to recover from 2021.
“Rising disposable income, higher standards of living, improving economic conditions and favourable reimbursement policies by the government will expand the growth of balloon catheter and regions like Latin America and North America will witness proper growth, boosting the use globally,” states the FMI Analyst.
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Balloon Catheter Market – Important Highlights
- India and China exhibits a lucrative opportunity for Balloon Catheter with APEJ accounting for 20.8% revenue share through 2026.
- On the basis of application, ambulatory surgical centres segment is expected to expand at a CAGR of 2.7% in terms of value over the forecast period.
- A noticeable demand will be seen for drug eluting balloon catheters, expanding the CAGR by 20.0% through 2026.
- Coronary Artery Disease segment dominates the market in terms of value.
Balloon Catheter Market – Critical Factors
- Use of balloon catheter is largely noticed in health care industries for treating cardiovascular diseases and in cardiac intervention processes.
- Owing to the rising awareness on health and due to the increasing number of patients getting renal replacement therapy, consumers are shifting towards better procedures like Balloon Catheter.
- Improving economic conditions and positive changes noticed in reimbursement policies is somewhat boosting the demand.
- Balloon Catheter finds innumerable use in coronary angioplasty, renal diseases and cardiac diseases.
Balloon Catheter Market – Key Restraints
- Due to intensive competition and dependency, new industries find difficult to mark a place in health care industries as it is not safe to rely on newly launched brands.
- Coronary angioplasty and stenting treatment is very costly, thereby restricting the market growth.
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Expected Impact on Market by Coronavirus Outbreak
The pandemic has affected every small and big industry in terms of profit or production. This particular sector has not experienced much of a loss because health issues and cardiac diseases are sudden misfortunes and 2020 has seen much of it. Though people are shifting towards a better and safe lifestyle yet huge number of positive cases across India and USA has only caused entire economy to droop down sharply.
North America is expected to witness a considerable amount of growth, presenting ample opportunities. A CAGR expansion of 3.5% will be seen in North America through the forecast period. The key players in this market include: Boston Scientific Inc., Medtronic, Terumo Corporation, MicroPort Scientific Corporation, B. Braun Melsungen AG, Jotech GmbH, QX Medical LLC, Meril Life Pvt. Ltd., Hexacath, Abbott Laboratories, Tokai Medical Products Inc.
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