Balloon catheters market to gain rapid traction, with increasing consumer inclination towards minimally invasive procedures
The Global Balloon Catheters Market was valued at US$ 2,833.4 million in 2016 and is projected to expand at a CAGR of 7.7% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increase in demand for minimally invasive procedures, in turn is projected to support growth of balloon catheters market over the forecast period.
Manufacturers are focusing on product innovation to tap into emerging market. For instance, OrbusNeich, a leading manufacturer of medical devices for vascular disease, launched its 2 balloon dilatation catheters Sapphire II PRO and the Sapphire NC Plus. These products are indicated for various applications such as balloon dilatation of the stenotic portion of a coronary artery or bypass graft stenosis in patients having coronary ischemia for the purpose of improving myocardial perfusion, also in coronary artery occlusion for the treatment of acute myocardial infarction. These products also have features such as tight folding of the balloon material for enhanced crossability in the tightest lesions, Hydro-X coating for improved lubricity and passability and also, an enhanced distal tip which allows for smooth lesion entry.
The growth of balloon catheters market is inhibiting by factors such as faults related to balloon catheters. For example, in May 2017 Abbott Laboratories has removed its around 450,000 coronary balloon catheters due to the balloon sheath issue as these catheters exhibit difficulty in removing the protective balloon sheath which can result in issues with inflating or deflating the balloon.
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Increasing adoption of minimally invasive procedures for the treatment of diseases such as coronary heart disease is expected to favor growth of the global balloon catheters market over the forecast period. Moreover, increasing incidences of diabetes and coronary heart disease in emerging economies such as China have helped major players in expanding their customer base and increasing sales. According to the World Health Organization (WHO), in 2016, around 10% adults among around 110 million people in China were suffering from diabetes due to overweight and obesity. By 2040, the number is projected to increase to around 150 million.
Major players have lucrative opportunities to obtain major market share in emerging economies, as over 50% of the population are living with undiagnosed lifestyle diseases. For instance, according to the World Health Organization (WHO), in 2016, around 53% of the people living with diabetes were undiagnosed in China.
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