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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It is expected that the increase in preference for minimally invasive procedure to treat the disease such as coronary heart disease will favor the growth of balloon catheters market in the near future. Also, the major manufacturers are focusing on emerging countries to expand their customer base and to increase sales due to increase in incidence cases for diabetes and coronary heart disease among emerging countries such as China. As per World Health Organization (WHO), in 2016, 10 % adults out of around 110 million people were living with diabetes in China due to increase in overweight and obese population. The number is projected to reach to around 150 million by 2040.
The manufacturers have opportunity to tap major market share in case of emerging economies, as over a 50% percent population living with undiagnosed lifestyle disease. For example, as per WHO, in 2016, around 53% of people living with diabetes are undiagnosed in China.
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