A minimally invasive endovascular treatment called angioplasty, also known as balloon angioplasty, is performed to open up restricted or blocked arteries in order to restore blood flow through them. During an angioplasty operation, balloon-tipped catheters called angioplasty balloons are used to flatten the plaque against the arterial wall.
The market worth of angioplasty balloons in 2021 was USD 2.60 billion and it will be worth USD 3.73 billion by 2030, growing at a 4.10% CAGR during the forecast period.
Global investments in medical research and development, increased prevalence of cardiovascular and coronary disorders, and technical developments in the industry are all driving the growth of the angioplasty balloons market.
Market Dynamics
Drivers
Over half of all fatalities in the nation are caused by coronary heart disease, the leading cause of death. The prevalence of these illnesses will increase over the anticipated time period. Additionally, an increasingly older population with diabetes and heart disease will increase demand for angioplasty balloon catheters.
Additionally, the rising prevalence of atherosclerosis and carotid artery injury is fueling demand for procedures such as percutaneous transluminal coronary angioplasty, cerebral angioplasty, heart balloon angioplasty, and cardiac catheterization, which in turn is propelling the growth of angioplasty balloons market.
Restraints
Lack of expertise will impede market progress in underdeveloped nations. The shortage of skilled medical workers, the high prices of surgical procedures, and the unfavorable reimbursement practices in developing and rising countries will all provide problems to the sector.
Opportunity
An increase in the rate of the target diseases is one of the main factors fueling the market’s expansion. In addition, heart attacks are to blame for 85% of all cardiovascular disease-related mortality. Ample opportunities for industry growth will be provided by growing public awareness of minimally invasive surgical techniques, the success rate of balloon angioplasty, the introduction of novel products, and the rising incidence of coronary and peripheral artery diseases in developing nations.
Market Segmentation
Product Type Insights
In 2020, the normal balloons segment ruled the entire market Due to the reduced price of these devices, favorable government regulations and approval procedures, and alluring reimbursement policies. However, the drug-eluting balloons will have the fastest growth (DEBs). DEB sales increased due to favorable reimbursement policies, and this trend is predicted to remain for the foreseeable future. The introduction of new products, the advantages of DEBs over conventional balloons, and the lower cost of DEBs compared to stents all contribute to the segment’s continued expansion.
Application Insights
In 2020, the coronary segment led the entire market with the largest revenue share. It is due to the high prevalence of coronary artery disease, one of the common types of heart disease. The CDC estimates that these illnesses cause about 370,000 deaths annually around the world. Additionally, according to the World Health Organization, heart disease has continued to be the leading cause of mortality globally for the past 20 years. Approximately 9 million people died from cardiac illnesses worldwide in 2019, up from 2 million in 2000.
End-user Insights
The hospital sector will hold the greatest industry share. A sophisticated healthcare infrastructure, a growing pool of qualified healthcare workers, and affordability drive this market’s dominance. The cost of angioplasty procedures in Tier 1 has decreased by up to 18% due to India’s decision to regulate the maximum pricing of certain cardiovascular surgical devices, claims a report by the Advanced Medical Technology Association (AdvaMed).
Regional Insights
North America contributed for the largest market share. The region’s main drivers are the presence of key players, a change in FDA policy in the United States, and a growth in the frequency of percutaneous coronary interventions. According to the American College of Cardiology, around 1.2 million angioplasties are performed annually in the United States. The Asia Pacific region will probably be the most alluring and fastest-growing regional market due to increased healthcare spending and excellent government assistance.
Key Players
- Spectranetics Corp.
- Boston Scientific Corporation
- Medtronic PLC
- Becton, Dickinson, and Company
- Cardinal Health
- ENDOCOR GmbH
- SINOMED
- Abbott Laboratories
- Cook Medical, Inc.
- Johnson & Johnson
- Biotronik
The market worth of angioplasty balloons in 2021 was USD 2.60 billion and it will be worth USD 3.73 billion by 2030, growing at a 4.10% CAGR during the forecast period. One of the main factors fueling the market’s expansion is the rising incidence of peripheral and coronary artery disorders in different parts of the world. The growing elderly population and people with obesity and high cholesterol levels are boosting the market’s expansion.
