Inflation Device Market : Technological advancements and Growth Drivers
The inflation device market is projected to reach USD 600 Million by 2024 from USD 480 Million in 2019, at a Compound Annual Growth Rate (CAGR) of 4.7%. Rising adoption of balloon assisted surgeries that utilize inflation devices to inflate and deflate the balloon (such as angioplasty, angiography, balloon sinuplasty, catheter embolization) is the key factor fueling the demand for inflation devices. Moreover, growing healthcare expenditure, high patient awareness, and favorable reimbursement landscape in most of developed countries is also contributing to the market growth.
Gastroenterological procedures segment to register the highest CAGR in the inflation devices market, by application during the forecast period
On the basis of applications, the inflation devices market is segmented into interventional cardiology, interventional radiology, peripheral vascular procedures, urological procedures, gastroenterological procedures, and other applications. The gastroenterological procedures segment is to be the fastest-growing segment during the forecast period. The demand for inflation devices in gastroenterological procedures is mainly driven by the increasing number of endoscopic procedures for disease diagnosis and the growing awareness among healthcare providers about the procedural benefits offered by minimally invasive and image-guided surgeries for gastrointestinal tract disease treatment.
North America accounted for the largest share of the inflation devices market in 2019
The inflation devices market is segmented into four regional segments, namely, North America, Europe, Asia Pacific, and Rest of World. The growth of the geriatric and obese populations, which are more prone to cardiac disorders has boosted the adoption of diagnostic angiography and PCI procedures is the major factor driving the growth of this market. Moreover, the highly developed healthcare systems in the US and Canada and the presence of key inflation device manufacturers such as Merit Medical Systems, Medtronic, Cook Medical, CONMED Corporation, and Boston Scientific Corporation in the region have also contributed to the growth of this market.
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The major players operating in the inflation devices market include Merit Medical Systems (US), Boston Scientific Corporation (US), Cardinal Health (US), CONMED Corporation (US), Medtronic plc (Ireland), Acclarent Inc. (US), Cook Medical (US), Atrion Corporation (US), Becton Dickinson and Company (US), Terumo Medical Corporation (Japan), B. Braun Melsungen AG (US), Olympus Corporation (Japan), Teleflex Incorporated (US), and US Endovascular (US), among others. An analysis of the market developments between 2016 and 2019 revealed that several growth strategies such as partnerships, collaborations, and agreements; strategic acquisitions; new product launches; and expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the inflation devices market.
Merit Medical Systems (US) is one of the leading players in the global inflation devices market. Its broad portfolio of analog and digital inflation devices is the key factor accounting for its large share in this market. The company focuses on both organic and inorganic growth strategies to enhance its footprint in the global market. Merit Medical is a leading provider of digital inflation technology worldwide. In addition, the company is one of the market leaders in the US for analog inflation devices. With its strong product portfolio and wide geographic presence, the company is expected to grow at a high rate in the inflation device market during the forecast period.
Boston Scientific, Inc. (US) is a prominent manufacturer of inflation devices. The company has immense R&D activities and strong manufacturing capabilities that help the firm to cater to the growing demand for its products. Boston Scientific has six principal international manufacturing facilities based out of Ireland, Puerto Rico, and Costa Rica. Moreover, in 2017, Boston Scientific also established a new manufacturing facility in Penang, Malaysia, which helped the company expand its presence in the Asia Pacific region by supporting local R&D and new business development activities within this region.