Balloon catheter is a flexible device with a balloon at its tip, which may be inflated or deflated when the catheter is in place to create or enlarge a passageway, also it is used to remove the blockage or to open the narrowed coronary arteries caused by coronary arteries disease. Furthermore, the balloon catheters have other applications such as are used in renal denervation, cryoablation, drug delivery, perfusion, and atherectomy.
As per the stats published in 2015 by The Heart Foundation, coronary artery disease causes around 380,000 fatalities yearly in the U.S. Furthermore, around 720,000 people suffer from heart attacks each year and among these, 205,000 are repetitive cases of a heart attack and 515,000 people suffers from a first incidence of heart attack in the U.S.
The global balloon catheters market was valued at US$ 2833.4 million in 2016 and is expected to witness a robust CAGR of 7.7% during the forecast period (2017 – 2025).
Increase in coronary artery disease prevalence and preference for minimally invasive procedure expected to favor the growth of balloon catheters market in the near future
North America accounts for the largest share in the global balloon catheters market, followed by Europe. This is mainly attributed to rapidly aging population, increase in incidence rate of diabetes and increase in number of heart attack and coronary artery disease cases in this region. As per the stats published by Centers for Disease Control and Prevention (CDC), in 2012, around 29.1 people were living with diabetes in the U.S. Furthermore, in 2012, 1.7 million people were newly diagnosed for diabetes in U.S.
The balloon catheters market is expected to show high growth rate in Asia-Pacific region over the forecast period supported by increase in prevalence rate of lifestyle disease such as diabetes. According to World Health Organization (WHO), in 2016, around 110 million people were living with diabetes in China and this number is expected to reach 150 million in 2040 due to unhealthy habits and lack of physical activity.
High cases of coronary artery disease and heart surgery procedures is expected to fuel the growth of balloon catheters market
Factors such as high incidence of coronary artery diseases with increasing heart surgery procedures will propel growth in balloon catheters market. For instance, according to National Health Service (NHS), around 20,000 coronary artery bypass surgery is performed annually in England. According to Coronary Artery Disease among Asian Indians (CADI) Research Foundation, around 60,000 coronary artery bypass surgery performed every year in India. The same source highlights that the number of coronary artery bypass surgery will keep on rising due to increasing geriatric population with diabetes cases and high blood cholesterol level.
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The key players operating in balloon catheters market are Abbott Laboratories, Becton Dickinson And Company, Boston Scientific Corporation, Bard Medical Division, B. Braun Melsungen AG, Johnson & Johnson, Teleflex Incorporated, Medtronic, Plc, Edwards Lifesciences Corporation, OrbusNeich and Vascular Solutions, Inc.