Angioplasty Balloons Market 2023 Industry Trends, Growth, Analysis, Opportunities and Overview
Global Angioplasty Balloons Market: Snapshot
The key driver improving the demand for angioplasty balloons over the coming years is the growing number of patients suffering from coronary artery diseases. In the U.S. alone, 610,000 people have died from heart complications in the recent past, and close to 8 mn people have been diagnosed with peripheral artery disease in 2011. These numbers are growing, a trend very visible across the globe. The growing geriatric population, the increasing number of diabetics and the obese, and the high rate of negative lifestyle choices and stress have all culminated in increasing the number of people suffering from heart diseases and coronary artery disease. This collectively forms the primary factor responsible for the growing demand for angioplasty balloons.
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The market is additionally experiencing a regular introduction of innovative products and pipeline releases, further promoting the use of angioplasty balloons. All these factors have resulted in a predicted CAGR of 3.5% for angioplasty balloon revenue generation from 2015 to 2023. By the end of 2016, this market revenue is expected to reach US$2.06 bn and US$2.54 bn by 2023.
North America Dominates Angioplasty Balloon Usage Rate
By 2023, the North America angioplasty balloons market is expected to account for 38.97% of the global market’s value. This region is experiencing an especially high increase in the number of patients suffering from cardiovascular diseases. Additionally, the number of healthcare facilities in the region is increasing and so is the rate of awareness regarding the number of treatments available for heart diseases and peripheral artery disease. The region is also a hub of technological advancements and development of new products, further boosting the market.
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Europe is second in the global angioplasty balloons market in terms of revenue generated, owing to a very high percentage of geriatric population and an increase in the number of angioplasty surgeries being performed in countries such as France, Sweden, Austria, and Belgium. Additionally, the increasing number of non-invasive cardiovascular procedures is creating a higher preference for the use of angioplasty balloons.
Normal Angioplasty Balloons Expected to Remain Dominant in Use and Demand
By the end of 2023, the revenue generated by normal angioplasty balloons is expected to reach US$1.57 bn. It was the first type of angioplasty balloon to ever be approved for use and has been a mainstay in this field for a long time, allowing it to gain major ground in popularity and development efforts. Its first-mover advantage is expected to continue working in its favor till 2023.
However, the demand for drug coated angioplasty balloons is expected to increase significantly over the coming years, owing to high development efforts conducted in the field. Drug coated angioplasty balloons offer a faster and shorter surgical procedure, along with efficient local drug delivery that can help preserve the anatomy of the patient. The use of drug coated angioplasty balloons also helps avoid the need for extending anti-platelet therapy, which was the case with normal angioplasty balloons.
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The top manufacturers of angioplasty balloons in the world include Abbott Laboratories, Inc., BIOTRONIK SE & CO. KG, Cook Medical, Medtronic Plc., Cordis Corporation, ENDOCOR GmbH, C. R. Bard, Inc., Boston Scientific Corporation, Opto Circuits (India) Limited, NATEC Medical, and Spectranetics Corporation.
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