Global Balloon Catheters Market – Insights
Balloon catheter is used to remove the blockage or open the narrowed coronary arteries caused by coronary arteries disease. The flexible device has a balloon at its tip that can be inflated or deflated when the catheter is in place to create or enlarge a passageway. The device is used in renal denervation, cryoablation, drug delivery, perfusion, and atherectomy.
The global balloon catheters market was valued at US$ 11,463.0 million in 2018, and is expected to exhibit a CAGR of 5.3% during the forecast period (2019 – 2027).
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Global Balloon Catheters Market: Drivers
Increasing prevalence of heart-related disorders is expected to boost growth of the global balloon catheters market over the forecast period. For instance, according to The Heart Foundation, 2015, coronary artery disease causes around 380,000 deaths, annually in the U.S. According to the same source, around 720,000 people suffer from heart attacks, annually and among these, 205,000 encounter repetitive cases of heart attack and 515,000 people suffer from a first incidence of heart attack in the U.S.
Moreover, increasing R&D of new products is also expected to boost growth of the global balloon catheters market over the forecast period. For instance, in February 2016, Nipro North America, a division of Nipro Medical Corporation, launched Cronus HP high-pressure, 0.035”, an over-the-wire percutaneous transluminal angioplasty balloon catheter. Moreover, in April 2015, Biotronik launched Pantera Pro, a semi-compliant coronary balloon dilatation catheter.
Global Balloon Catheters Market: Restraints
A major factor hindering growth of the global balloon catheters market is increasing product recall. For instance, in September 2019, Medtronic Plc. announced voluntary recall of certain balloon dilation catheters such as Euphora and Solarice semi-compliant rapid exchange balloon dilatation catheters that have proven to be difficult to remove from patients’ bodies, owing to their slightly higher diameter.
Global Balloon Catheters Market- Regional Analysis
North America is expected to hold dominant position in the global balloon catheters market over the forecast period. This is attributed to increasing approval and launch of new products in the region. For instance, In June 2017, OrbusNeich, a medical device company, launched its Sapphire percutaneous coronary angiography balloon dilatation catheters (Sapphire II PRO and Sapphire NC Plus) after receiving 510k clearance by the U.S. FDA.
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High presence of major market players such as Terumo Corporation, Kaneka Corporation, and BrosMed Medical and increasing product development and launch activities are expected to boost growth of the market in Asia Pacific. For instance, in November 2017, Kaneka Corporation, a company based in Minato, Tokyo, launched a high-pressure balloon catheter, SHIDEN HP. The novel SHIDEN HP is used for enlarging a blood vessel at high pressure for calcified lesions due to progressed peripheral arterial disease (PAD). Moreover, in August 2017, BrosMed Medical received Japan Pharmaceuticals and Medical Devices Agency (PMDA) approval for its Artimes and Apollo Percutaneous transluminal coronary angioplasty (PTCA) balloons. Artimes is a semi-compliant pre-dilatation PTCA balloon and Apollo is a non-complaint high pressure post-dilatation PTCA balloon.
High incidence of cardiovascular diseases (CVD) is expected to propel growth of the market in Europe. For instance, according to the European Heart Network AISBL, in 2015, there were around 11.3 million new cases of CVD diagnosed in Europe and 6.1 million new cases of CVD diagnosed in the European Union.
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Global Balloon Catheters Market: Competitive Landscape
Major players in the market are focused on adopting collaboration strategies to expand their product portfolio. For instance, in September 2014, NATEC Medical Ltd. collaborated with US Endovascular LLC, a medical device company, to deliver the range of PTA balloon catheters, developed by the US Endovascular, in the U.S. market. The PTA balloon platforms includes balloon catheters such as USE 014” Rapid Exchange (Rx) and Over the Wire (OTW), USE018” OTW, and USE 035” OTW.
Key players operating in global balloon catheters market include, Boston Scientific Corporation, Bard Medical Division, B. Braun Melsungen AG, Abbott Laboratories, Becton Dickinson and Company, Johnson & Johnson, Teleflex Incorporated, Medtronic, Plc, Edwards Lifesciences Corporation, and Vascular Solutions, Inc.
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