As a result of rising coronary heart diseases, the global demand for angioplasty balloons is also on rising. The number of heart-related illness have grown significantly in last few years. Changing lifestyle, lack of exercise, increase in consumption of junk food has resulted in an increase in a number of heart-related patients. As a result, coronary and peripheral artery diseases are increasing day by day. Balloon angioplasty is a medical process that is carried out to open up arteries that have been narrowed by plaque. Balloon angioplasty is usually safe and involves the inclusion of a small balloon into a narrowed section of an artery where the balloon is inflated, which results in opening up the artery and improving blood flow.
According to the report, global demand for angioplasty balloons market was valued at around USD 1.95 billion in 2015, and is expected to generate revenue of around USD 2.41 billion by end of 2021, growing at a CAGR of around 4.3% between 2016 and 2021.
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Growing incidences of target disease such as peripheral artery diseases, diabetes, etc. are expected to be the major driver for the global angioplasty balloons market. In addition, growing geriatric population coupled along with the introduction of technologically advanced diagnostics is expected to trigger the growth of angioplasty balloons industry in the coming years. Moreover, benefits associated with angioplasty balloons over bypass surgeries and stents coupled along with increasing demand for minimally invasive surgery are expected to boost the global angioplasty balloons market. However, an increase in a number of market players has resulted in the price war which may pose the challenge to angioplasty balloons market. Nevertheless, technological advancements and emerging markets across the globe are expected to act an opportunity for angioplasty balloons market in near future.
Based on product, angioplasty balloons market has been segmented into drug eluting balloons, normal balloon, cutting balloon, and scoring balloon. Angioplasty balloons market was dominated by normal balloon segment which accounted for largest revenue share across the globe. Normal balloon is normally safe, easy-to-use, and relatively low priced. Whereas, drug eluting balloons segment is expected to be the fastest growing segment over the forecast period.
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The angioplasty balloons market is segmented based on materials segment into semi-compliant balloons and non-compliant balloons. The semi-compliant balloons dominated the market in 2015. Semi-compliant balloons are expected to continue dominating over the forecast period as result of their wide use. Factors such as minimally invasive surgery requirement of less pressure required inducing deformation and generation of a lesser amount of stress on the vessel.
North America is expected to remain the dominant region over the forecast period. The strongly established pharmaceutical industry in this region offers good growth opportunities for angioplasty balloons in this region. Moreover, the increasing prevalence of chronic diseases coupled along with increasing patient awareness levels is also boosting the market in this region. Europe was the second largest market for angioplasty balloons in 2015. Asia-Pacific is projected to be the fastest-growing region for angioplasty balloons market during the forecast period. As a result of increasing aging population and increasing health awareness in Brazil, Latin America is also expected to experience significant growth in the years to come.
Some of the key players in angioplasty balloons market are NATEC Medical, Cook Medical, Medtronic plc, C.R. Bard Inc., Boston Scientific Corporation, Spectranetics Corporation, ENDOCOR GmbH, BIOTRONIK SE & CO. KG, Cordis Corporation, Abbott Laboratories and Opto Circuits Ltd. among others.
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