The drug eluting balloon market is projected to grow with an approximate CAGR of 18%, during the forecast period. The increasing incidence of coronary and peripheral artery diseases around the world is expected to boost market growth. In addition, an increase in research and development supported by government and private institutions and continuous initiatives on awareness regarding heart diseases are fuelling the market growth.
According to the World Health Organization (WHO), every year 31% of world deaths (17.9 million) are caused by cardiovascular diseases. Increasing geriatric population, which is prone to cardiovascular diseases and growing healthcare spending is projected to bolster the market growth. However, the high cost of development and commercialization of drug eluting balloons coupled with stringent regulatory procedures are hampering the market growth.
Key Market Trends
Coronary Drug Eluting Balloons are Expected to Grow at Healthy Rate
- Drug eluting balloons play an important role in the treatment of coronary artery diseases. Growing prevalence of coronary artery diseases coupled with increasing geriatric population is expected to boost the segment growth.
- According to the British Heart Foundation, in 2016 Coronary Artery Diseases are leading cause of death worldwide.
- Peripheral drug eluting balloons segment is projected to have significant share owing to the increased usage of drug eluting balloons in treatment of peripheral artery diseases and growing R&D in expanding the indications, new product launches in the peripheral artery segment.
- Furthermore, the anticipated product launches coupled with the development of innovative coating and balloon technologies expected to boost the market growth over the forecast period.
North America is Expected to Have Significant Market Share
The factors such as the increasing prevalence of coronary artery diseases in the region. Furthermore, increasing obesity, which develops further cardiovascular diseases coupled with a sedentary lifestyle in the region expected to boost regional growth. According to Center for Disease Control and Prevention (CDC), in 2017, coronary heart disease killed about 365,914 people in the United States and about 20% of CAD deaths happen in people less than 65 years old. Owing to the presence of a large pool of people with heart diseases, growing healthcare spending especially in emerging countries of Asia expected to boost the market growth in the Asia-Pacific Region. Moreover, new product launches companies expanding into emerging Asian Countries projected to bolster the regional growth over the forecast period.
Drug eluting balloon market is moderately consolidated and competitive. Companies are focusing on innovating the balloon technologies, expanding product indications and regions to expand their market share. For instance, in Feb 2019, MedAlliance S.A has received breakthrough device designation for its sirolimus drug-eluting balloon SELUTION. The key market players operating in the drug eluting balloon market include Medtronic Plc, Boston Scientific Corporation, Becton, Dickson and Company, Terumo Corporation, and Koninklijke Philips N.V. among others.
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