The worldwide angioplasty balloons market is anticipated to reach USD 2.9 billion by 2024. In 2015, it was estimated at USD 2.2 billion. It is expected to grow at a 3.2% CAGR from 2013 to 2024 (forecast period). The minimally invasive nature of angioplasty balloon procedures drives global demand. Other factors that encourage growth are high incidence of coronary & peripheral artery diseases, approval of angioplasty balloons, and favorable government policies regarding its use.
Balloon angioplasty or percutaneous transluminal coronary angioplasty (PTCA) is a type of coronary angioplasty. It prevents the obstruction or narrowing of the arteries of the heart. This facilitates the delivery of oxygen and blood in adequate amounts to the heart. A stent is placed to support the coronary artery. High success rate of this procedure can prevent the possibilities of angina and heart attacks. Interestingly, it also lowers the chances of restenosis, a recurrence of plaque in the coronary artery.
Bioresorbable scaffolds provide support to clogged arteries, giving them temporary aid to recover from PTCA. These are a revolutionary invention that can be a viable substitute for metallic stents. They dissolve naturally without leaving any foreign materials in the body. Drug eluting balloons (DEBs) have also been gaining prominence in cardiovascular treatments. DEBs remove plaque within arteries and prevent tissue scarring. These devices in conjunction with balloon angioplasty can reduce the occurrence of restenosis. For instance, Medtronic plc got approval in 2014 for its DEBs for peripheral artery disease (PAD).
In-depth research report on global angioplasty balloons market - http://www.grandviewresearch.com/industry-analysis/angioplasty-balloons-market
The global market is split on the basis of types, applications, end uses, and regions. Types include normal, scoring, cutting, and drug eluting balloons. Normal balloons led the overall market in 2015 owing to favorable U.S. government policies and affordability. The DEB segment is anticipated to grow the fastest during the forecast period.
Peripheral and coronary are two major market applications. Peripheral applications are expected to generate substantial market revenues over the forecast period. Factors that propel this segment are high approval rate and heightened awareness about PAD. Coronary applications led the global industry in 2015 due to rising cases of coronary artery diseases.
According to end uses, the classifications are cath labs (catheterization laboratories), ASCs (ambulatory surgery centers), and hospitals. ASCs dominated as the biggest end use segment in 2015. Factors such as low medical expenses, shorter duration of hospital stays, and availability of advanced services contributed to the segment’s high share. Hospitals held the second largest share after ASC in 2015.
Key regions of the worldwide market are Latin America, North America, Asia Pacific (APAC), the Middle East & Africa (MEA), and Europe. North America led the industry in terms of revenue in 2015. High cost of devices and the presence of major players in the region are expected to drive this market over the forecast period. APAC market can grow robustly on account of a rapidly growing population, surging healthcare expenditure, and high investments by major market players in the region.
Prominent market participants are Cardinal Health (Cordis), Medtronic plc, Johnson & Johnson, and Boston Scientific Corporation. Product innovation and joint business collaborations are some of the key strategies adopted by these companies. For instance, QT Vascular has reached a five-year deal with Medtronic plc to distribute its product, the Chocolate PTA Catheter. This product facilitates the dilation of blood vessels while treating arteries. This agreement may enable QT Vascular to expand its global reach in the near future.