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Increasing cardiac diseases and the growing geriatric population are the primary factors for the growth of the occlusion balloon catheters market. Furthermore, increasing prevalence of peripheral vascular diseases coupled with advancements in catheterization technologies are projected to boost the market growth furthermore.
Moreover, the increasing awareness about cardiovascular diseases by the efforts of government and non-government organizations projected to boost the market growth over the forecast period. For instance, National Heart, Lung, and Blood Institute, along with the other groups around the United States, annually celebrate National Red Day, to raise the awareness about heart diseases. Such initiatives are contributing to the market growth in tehse developed countries.
However, the high cost of angioplasty procedures and the dearth of skilled professionals are hampering the market growth.
Key Market Trends
Coronary Artery Disease Application Projected to Grow at Notable Rate
- According to the Center for Disease Control and Prevention (CDC), coronary artery disease was the most common type of heart disease killing around, 365,914 people in 2017 in the United States.
- Furthermore, advancements in angioplasty coupled with the increasing prevalence of coronary artery disease rates are expected to boost the market growth.
- Peripheral vascular disease segment is projected to have significant growth rate owing to an increase in peripheral vascular cases and the growing number of older population around the world.
- For instance, according to the Institute for Health Metrics and Evaluation, Global Burden of Disease 2017, there was about 118.1 million prevalent cases and 10.8 million incident cases of peripheral artery disease worldwide in 2017.
- Furthermore, the rising demand for minimally invasive procedures and technologically advanced interventions for better clinical outcome are anticipated to fuel the market growth over the forecast period.
North America Share Projected to Grow at Prominent Rates
North America is projected to have notable growth rate over the forecast period owing to the factors such as availability of large patient pool, rapid advancement in technologies and increasing healthcare spending. Furthermore, an increase in the prevalence of vascular diseases is expected to boost the regional share. According to the American Heart Association Heart Disease and Stroke Statistics 2019 Update, peripheral artery disease affects 8.5 million people nationwide.
The Asia Pacific is projected to have a significant growth rate owing to, changing lifestyle that leading to vascular diseases and developing healthcare infrastructure. Furthermore, a growing preference in minimally invasive surgeries and rapid development in healthcare spending in emerging countries such as India and China are expected to bolster the regional market growth in the near future.
Occlusion balloon catheters market is moderately fragmented and the presence of more number of market players. Market players are actively focusing on new product development and product launches to expand the market share. For instance, in April 2017, QXM?dical has launched ResQ Occlusion Balloon Catheter in the United States. The key players operating in the market are Boston Scientific Corp., Cook Group Incorporated, Stryker Corporation, W. L. Gore & Associates., and Oscor Inc. among others.
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