DUBLIN, May 3, 2022 /PRNewswire/ — The “Global Balloon Catheters Market Forecast 2022-2027, Industry Trends, Growth, Outlook, Impact of COVID-19, Business Opportunity Analysis” report has been added to from ResearchAndMarkets.com offer.
The global balloon catheter market is a project to achieve US$6.1 billion by 2027 from US$3.8 billion in 2021, growing at a CAGR of 8.2%
Globally, increasing prevalence of various chronic heart diseases due to high cholesterol or diabetes has increased the demand for balloon catheters in the healthcare industry. According to the WHO (World Health Organization), 17.9 million people die each year from CVD (cardiovascular disease), which is about 32% of all deaths worldwide.
Thus, a balloon catheter is a delicate catheter device with an inflatable balloon at its tip, which is introduced into a vessel or conduit and then inflated to clear the blockage. The balloon catheter is mainly used to treat heart disease caused by diabetes, high blood pressure, especially coronary heart disease, and high blood cholesterol levels.
The use of these catheters has steadily increased in the healthcare industry, and these devices have become an essential part of medical diagnosis and treatment.
Nevertheless, the market is driven by specific factors, growing demand for minimally invasive surgeries, rising prevalence of cardiovascular and peripheral arterial diseases, advancements in balloon catheters, and favorable reimbursement landscape in developed economies.
Additionally, growing number of patients and growing demand for effective and efficient surgery with shorter recovery times and reduced hospital stay are key factors driving the growth of the balloon catheter market.
Effect of COVID-19 on Global Balloon Catheter Industry
The COVID-19 pandemic has severely disrupted people’s way of life, and people are crushed by the falling economy. While discussing the balloon catheter industry, due to the COVID-19 pandemic, chronic disease management and monitoring of patients is disrupted and many cardiac patients have been unable to attend hospital .
This has caused the market to decline due to lower demand. But as soon as the blockages were lifted, there were many requests around the world for balloon catheter devices to be used in the treatment of covid-19, where people suffer from comorbidities. As a result, the market was sluggish for a while, but quickly picked up.
A normal balloon catheter includes a catheter, an innovative medical device, and a guide wire inserted into the radial artery of the arms or the femoral artery of the legs to treat narrowed blood vessels. Commonly, normal balloon catheters are used to prevent the constriction of blood vessels, which is caused by atherosclerosis, i.e. residues of fatty substances in the blood vessels. The rise of interventional cardiology has facilitated the use of normal balloon catheters.
Based on raw materials, the polyurethane segment is expected to witness the fastest growth rate. They are frequently used in varied applications such as coronary heart disease, peripheral vascular disease, and neurovascular disease that require the balloon to occlude the anatomy.
Coronary heart disease segment dominates the market
In terms of application, the balloon catheter market can be segmented into coronary artery disease, peripheral vascular disease, neurovascular diseases and other diseases. The increased prevalence of coronary heart disease worldwide is driving the demand for balloon catheters.
According to the World Heart Federation, coronary heart disease is now the leading cause of death worldwide. Each year, approximately 3.8 million men and 3.4 million women die from coronary heart disease. In addition, 80% of deaths occur in low- and middle-income countries. Balloon catheters are used to treat various types of coronary cardiovascular problems, including cardiac catheterization as a diagnostic imaging technique to assess a patient’s heart function.
North America is the leading market for balloon catheters
North America is a market leader in balloon catheters. Availability of advanced healthcare facilities, increased patient awareness, and infrastructure and healthcare expenditures are the major factors fueling the development of the balloon catheter market in the region.
Likewise, the Asia Pacific is also a significant market for balloon catheters and is expected to grow at a high growth rate over the next few years. Continuous improvements in healthcare infrastructure and growth in medical tourism in several developing economies are contributing to the development of the market in the region.
The global balloon catheter market is moderately fragmented into players such as
- Cardinal Health Inc.
- Medtronic APIs
- Koninklijke Philips
- Abbott Laboratories
- Becton, Dickinson and company
- Boston Scientific Society
- B. Braun Melsungen
- Terumo Company
- Incorporated Teleflex
- Nordson Corporation.
Main topics covered:
2. Research and methodology
3. Executive Summary
4. Market dynamics
4.1 Drivers of growth
5. Global Balloon Catheter Market
6. Market Share – Global Balloon Catheter Market
6.1 By product type
6.2 By raw material
6.3 By component
6.4 By request
6.5 By the end user
6.6 By region
7. Product Type – Global Balloon Catheter Market
7.1 Normal balloon catheter
7.2 Cut the balloon catheter
7.3 Drug-eluting balloon catheter
7.4 Scoring balloon catheter
7.5 Stent Graft Balloon Catheter
8. Raw Material – Global Balloon Catheter Market
8.1 Polyurethane catheter
8.2 Nylon catheter
8.3 Other materials Catheter
9. Component – Global Balloon Catheter Market
9.1 Over-the-wire balloon catheter
9.2 Rapid Exchange Balloon Catheter
9.3 Fixed Wire Balloon Catheter
10. Application – Global Balloon Catheter Market
10.1 Coronary artery disease
10.2 Peripheral vascular disease
10.3 Neurovascular diseases
10.4 Other diseases
11. End User – Global Balloon Catheter Market
11.2 Ambulatory surgery centers
11.3 Dialysis centers
12. Region – Global Balloon Catheter Market
12.1 North America
12.3 Asia Pacific
12.4 Latin America
12.5 Middle East and america
13. Carriers five forces
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14. Main actors
14.2 Recent Development
For more information on this report, visit https://www.researchandmarkets.com/r/mbhnf6
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