According to a recent study by Future Market Insights (FMI), the global balloon catheter market is expected to witness high growth during the forecast period. Sales are expected to reach US$ 5.11 Bn by the end of 2031. This reflects a cumulative CAGR of around 4.0% over the forecast period (2021-2031).
Drug eluting balloons are playing an important role by facilitating the push mechanism, through the drug treatment. Excipient coated balloons offer a high efficacy and viability for the transfer of the drug.
Development in such technologies is increasing the use of balloon catheters, boosting the market. Hence, to gain competitive edge, key players are developing advanced drug eluting balloon.
Subsequently, these companies are getting approvals from the governments to commercially manufacture these balloons. This is expected to bode well for the growth in the market.
Furthermore, due to prolonged stay at the hospital in angioplasty procedures, preference for the same is decreasing among patients with coronary artery disease (CAD). Hence, with attributes such as minimal invasion of drug eluting balloon catheters, demand is increasing among CAD patients.
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Hence, efforts are being taken by public authorities, NGO’s, and government to spread awareness regarding the positive benefits of balloon catheters. For instance, campaigns such as “Spread the Word Campaign”, educating women on CAD and its treatments solutions by Healthy Women and National Association for Nurse Practitioners.
A slew of such activities are expected to increase the demand for balloon catheters over the forecast period.
- By product, normal balloon catheter holds the maximum share of 43.9% in 2021, expanding at 0.8% CAGR during the forecast period.
- By indication, coronary artery disease is anticipated to account for nearly 71.5% market share in terms of value due to the high prevalence of coronary artery diseases across the globe
- By raw material, the nylon segment holds 46.3% of the market share, registering 4.0% CAGR in 2021
- Polyurethane catheters are expected to hold second-largest share, contributing 34% of overall sales in 2021.
- By end user, the hospital segment will account for 70.5% of the market share in 2021 due to the availability of advanced technology and need for minimally invasive surgical procedures.
- By region, North America held the largest share of 31.7% in the global Balloon Catheter market in 2021.
Who is winning?
Some of the leading manufacturers of balloon catheters market are focusing on product launches for expansion of their product portfolio. They are also aiming for strategic mergers and partnerships, thereby, strengthening their global presence.
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