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The global angioplasty balloon market size is expected to reach USD 2.9 billion by 2025, according to a new report by Grand View Research, Inc. The market is projected to record a CAGR of 3.3% during the forecast period. This growth is attributed to favorable government policies and increasing coronary and peripheral interventions. Angioplasty is a minimally invasive procedure, hence patients and surgeons prefer this procedure over high-cost stent placements. Furthermore, advancements in angioplasty balloons and expanding geographical reach are likely to propel the market growth in the coming years.
For instance, in December 2014, Medtronic plc received an FDA approval for their drug-coated balloon IN.PACT Admiral for the treatment of peripheral artery disease. The company also received product approval from Japanese Ministry of Health, Labor and Welfare for the treatment of peripheral artery disease in the upper leg. Approval and commercialization of cutting and scoring balloons, such as TREK and MINI TREK, AngioSculpt, and Flextome balloons along with rising adoption of new balloons are likely to drive the market further.
Further Key findings from the study suggest:
- Normal balloon segment led the market in 2017 due to low costs and ability of these products to treat coronary artery obstruction
- DEBs are anticipated to be the fastest-growing segment during the forecast period due to lower restenosis rate and increased R&D investments by major companies
- Coronary vascular disease segment led in 2017 and is expected to maintain its dominance during the forecast period due to rising cases of coronary artery diseases
- Ambulatory surgery centers (ASCs) led the end use segment in 2017 as they help minimize the medical expenses and hospital stay
- North America was the dominant regional market the market in 2017 and is expected to maintain its position during the forecast period due to the presence of major companies
- Asia Pacific is anticipated to be the fastest-growing region during the forecast period due to rising healthcare expenditure and R&D investments by key companies
- Some of the prominent companies in the industry are Abbott Laboratories; Boston Scientific Corp.; Cardinal Health (Cordis); Cook Medical, Inc.; Becton Dickinson. and Company (C.R. Bard); ENDOCOR GmbH; Medtronic PLC; Spectranetics Corp.; and Johnson & Johnson