Balloon Catheter Market Projected to Grow CAGR of 4.0% Over The Forecast Period 2021-2031
According to a recent study by Future Market Insights (FMI), the global balloon catheter market is expected to witness high growth during the forecast period. Sales are expected to reach US$ 5.11 Bn by the end of 2031.
This reflects a cumulative CAGR of around 4.0% over the forecast period (2021-2031).
Drug eluting balloons are playing an important role by facilitating the push mechanism, through the drug treatment. Excipient coated balloons offer a high efficacy and viability for the transfer of the drug.
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Development in such technologies is increasing the use of balloon catheters, boosting the market. Hence, to gain competitive edge, key players are developing advanced drug eluting balloon.
Subsequently, these companies are getting approvals from the governments to commercially manufacture these balloons. This is expected to bode well for the growth in the market.
Furthermore, due to prolonged stay at the hospital in angioplasty procedures, preference for the same is decreasing among patients with coronary artery disease (CAD).
Hence, with attributes such as minimal invasion of drug eluting balloon catheters, demand is increasing among CAD patients.
Hence, efforts are being taken by public authorities, NGO’s, and government to spread awareness regarding the positive benefits of balloon catheters.
For instance, campaigns such as “Spread the Word Campaign”, educating women on CAD and its treatments solutions by Healthy Women and National Association for Nurse Practitioners.
A slew of such activities are expected to increase the demand for balloon catheters over the forecast period.
- By product, normal balloon catheter holds the maximum share of 43.9% in 2021, expanding at 0.8% CAGR during the forecast period.
- By indication, coronary artery disease is anticipated to account for nearly 71.5% market share in terms of value due to the high prevalence of coronary artery diseases across the globe
- By raw material, the nylon segment holds 46.3% of the market share, registering 4.0% CAGR in 2021
- Polyurethane catheters are expected to hold second-largest share, contributing 34% of overall sales in 2021.
- By end user, the hospital segment will account for 70.5% of the market share in 2021 due to the availability of advanced technology and 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.
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Who is winning?
Some of the leading manufacturers of balloon catheters market are focusing on product launches for expansion of their product portfolio. They are also aiming for strategic mergers and partnerships, thereby, strengthening their global presence.
- In January 2021, Shanghai MicroPort Medical (Group) Co., Ltd. received official license from the Taiwan Ministry of Health and Welfare (MOHW) for its proprietary coronary balloon dilatation catheter, Firefighter NC. This new technology will help in dilatation of the stenosed coronary tracts and improve myocardial perfusion.
- MicroPort Scientific Corporation, on 8 June 2021, introduced trademark Cardiac Cryoablation System known as IceMagic consisting of cryoablation device, cryoballoon catheters, a disposable cardiac mapping catheter. The company with innovative use of cryogenic technology aims to make their entrance into the foreign market outside of China in the treatment of atrial fibrillation.
Want more insights?
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2031.
The global balloon catheters market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The study provides compelling insights into balloon catheters. The balloon catheters market is segmented on the basis of product (normal balloon catheter, cutting balloon catheter, scoring balloon catheter, drug eluting balloon catheter, stent graft balloon catheter), raw material (polyurethane, nylon, others), indication (coronary artery disease, peripheral vascular disease), and end user (hospitals(private hospitals, public hospitals), ambulatory surgical centers, cardiac catheterization laboratories) across seven major regions.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the 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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