Balloon Catheter Market, Size, Share, Insights, Growth, Outlooks, Global Forecast 2022-2027
2022-03-09 11:29:43 UTC | Healthcare & Pharmaceuticals
Global Balloon Catheter Market
is project to reach US$ 6.1 Billion by 2027. Globally, the rise in prevalence of various chronic heart diseases due to high cholesterol or diabetes has increased the demand for balloon catheters in the health care industry. As per WHO (World Health Organization), 17.9 million people die each year from CVDs (Cardiovascular diseases), an estimated 32% of all deaths worldwide. Thus, a balloon catheter is a delicate catheter appliance with an inflatable balloon at its tip, which is introduced into a vessel or duct and then blown up to clear the blockage. The balloon catheter is mostly utilized to treat heart-related diseases caused due to diabetes, high blood pressure, specifically coronary heart disease, and high cholesterol levels in the blood. The utilization of these catheters has been consistently growing in the health care industry, and these devices have become a vital part of medical diagnostics and treatment.
Global Balloon Catheter Industry will grow with a CAGR of 8.2% during 2021-2027
Notwithstanding, the market is driven by specific factors, increasing demand for minimally invasive surgeries, growing prevalence of cardiovascular and peripheral artery diseases, advancements in the balloon catheters, and favorable reimbursement landscape in developed economies. Moreover, the growing patient pool and increasing demand for efficient and effective 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 the Global Balloon Catheter Industry
COVID-19 pandemic has disrupted the lifestyle of the people seriously, and the people are smashed with the economy's downfall. While discussing the balloon catheters industry, due to the COVID-19 pandemic, patients' chronic disease management and monitoring are disrupted, and many heart patients could not visit the hospital. This has resulted in the decline of the market due to reduced demand. But as soon as the lockdowns were lifted, there were many demands globally for balloon catheter devices to use in covid-19 treatment, where the people are suffering from comorbidities. Therefore, the market has been sluggish for a while, but it has revived quickly.
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Worldwide Balloon Catheter Market Size was US$ 3.8 Billion in 2021
Based on product type, Global Balloon Catheter Market include Normal Balloon Catheter, Cutting Balloon Catheter, Drug-eluting Balloon Catheter, Scoring Balloon Catheter, Stent graft Balloon Catheter. A normal balloon catheter comprises a catheter, an innovative medical device, and a guide wire inserted into the radial artery in the arms or femoral artery in the legs to treat constricted blood vessels. Commonly, normal balloon catheters are used for preventing blood vessel constriction, which is driven by atherosclerosis, i.e., residue of lipid substances in the blood vessels. The surge in interventional cardiology has facilitated the utilization of normal balloon catheters.
On the basis of Row Material, the polyurethane segment is expected to have the fastest growth rate. They are frequently used in varied applications like Coronary Artery Disease, Peripheral Vascular Disease, and Neurovascular Diseases that require the balloon to occlude the anatomy.
Coronary Artery Disease Segment Leads the Market
In terms of application, the Balloon Catheter market can be segmented into Coronary Artery Disease, Peripheral Vascular Disease, Neurovascular Diseases, and Others Diseases. The increased prevalence of coronary artery diseases worldwide is driving the demand for balloon catheters. According to the World Heart Federation, Coronary heart disease is now the leading cause of death globally. Each year, an estimated 3.8 million men and 3.4 million women die from coronary heart disease. Additionally, 80% of the deaths occur in low and middle-income countries. Balloon catheters are utilized to treat various coronary types of cardiovascular issues, including cardiac catheterization as a diagnostic imaging technique to assess a patient's heart function.
North America is the Leading Balloon Catheter Market
Geographically, the global balloon catheters market segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East, and America. North America is a leading balloon catheter market. Availability of advanced healthcare facilities, increased patient awareness, and infrastructure and health care expenditure are the primary factors fueling the region's balloon catheter market development.
Similarly, the Asia Pacific is also a significant market for balloon catheters and is expected to expand at a high growth rate in the next few years. Ongoing improvements in health care infrastructure and the growth of medical tourism across several developing economies contribute to the development of the market in the region.
The global balloon catheters market is moderately fragmented into players like Cardinal Health Inc., Medtronic PLC, Koninklijke Philips, Abbott Laboratories, Becton, Dickinson and Company, Boston Scientific Corporation, B. Braun Melsungen, Terumo Corporation, Teleflex Incorporated, Nordson Corporation.
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Renub Research report titled “Balloon Catheter Market, Global Forecast by Product Type (Normal Balloon Catheter, Cutting Balloon Catheter, Drug-eluting Balloon Catheter, Scoring Balloon Catheter, Stent graft Balloon Catheter), Row Material (Polyurethane Catheter, Nylon Catheter, Others Material Catheter), Component (Over the Wire Balloon Catheter, Rapid Exchange Balloon Catheter, Fixed-Wire Balloon Catheter), Application (Coronary Artery Disease, Peripheral Vascular Disease, Neurovascular Diseases, and Others Diseases), End User (Hospitals, Ambulatory Surgery Centers, Dialysis Centers and Others), Region (North America, Europe, Asia-Pacific, Latin America, the Middle East, and America),Company Analysis (Cardinal Health Inc., Medtronic PLC, Koninklijke Philips, Abbott Laboratories, Becton, Dickinson and Company, Boston Scientific Corporation, B. Braun Melsungen, Terumo Corporation, Teleflex Incorporated, Nordson Corporation)” provides an all-encompassing analysis on the Global Balloon Catheter Industry
Product Type - Market has been covered from 5 viewpoints
1. Normal Balloon Catheter
2. Cutting Balloon Catheter
3. Drug eluting Balloon Catheter
4. Scoring Balloon Cathete
5. Stent graft Balloon Catheter
Raw Material - Market has been covered from 3 viewpoints
1. Polyurethane Catheter
2. Nylon Catheter
3. Others Material Catheter
Component - Market has been covered from 3 viewpoints
1. Over the Wire Balloon Catheter
2. Rapid Exchange Balloon Catheter
3. Fixed-Wire Balloon Catheter
Application - Market has been covered from 4 viewpoints
1. Coronary Artery Disease
2. Peripheral Vascular Disease
3. Neurovascular Diseases
4. Others Diseases
End User - Market has been covered from 4 viewpoints
2. Ambulatory Surgery Centers
3. Dialysis Centers
Region - Market has been covered from 5 viewpoints
1. North America
4. Latin America
5. Middle East and America
All the companies have been studied from 3 points
• Business Overview
• Recent Developments & Strategy
• Sales Analysis
1. Cardinal Health Inc.
2. Medtronic PLC
3. Koninklijke Philips
4. Abbott Laboratories
5. Becton, Dickinson and Company
6. Boston Scientific Corporation
7. B. Braun Melsungen
8. Terumo Corporation
9. Teleflex Incorporated
10. Nordson Corporation
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