Balloon Catheters Market Insights
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, and it is also used to remove the blockage or open the narrowed coronary arteries caused by coronary arteries disease. Furthermore, the balloon catheters have applications in renal denervation, cryoablation, drug delivery, perfusion, and atherectomy.
According to the stats published by The Heart Foundation in 2015, coronary artery disease leads to around 380,000 fatalities annually in the U.S. Moreover, according to the same source, around 720,000 people suffer from heart attacks each year and among these, 205,000 encountered repetitive cases of heart attack and 515,000 people suffered from a first incidence of heart attack in the U.S.
The global balloon catheters market was valued at US$ 11,463.0 million in 2018, and is expected to exhibit a CAGR of 5.3% during the forecast period (2019 – 2027).
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Increasing product launches of innovative balloon catheters by key players for the treatment of the coronary heart diseases and peripheral heart diseases is expected to drive growth of the balloon catheters market over the forecast period
Manufacturers are focusing on product development and product launches of different types of balloon catheters such as over-the-wire, rapid exchange, fixed wire, drug eluting balloon catheters, and drug coated balloon catheters. For instance, in February 2016, Nipro North America, a division of Nipro Medical Corporation launched Cronus HP high-pressure, 0.035”, an over-the-wire percutaneous transluminal angioplasty balloon catheter. Moreover, in April 2015, Biotronik launched Pantera Pro, a semi-compliant coronary balloon dilatation catheter.
Adoption of inorganic strategies by major players in the balloon catheters market is expected to drive market growth
Major players are focused on adopting inorganic strategies such as collaborations, in order to strengthen the balloon catheter product portfolio by launching novel balloon catheters, which is expected to drive the global balloon catheters market growth over the forecast period. For instance, in September 2014, NATEC Medical Ltd collaborated with US Endovascular LLC, a medical device company, to deliver the range of PTA balloon catheters, developed by the US Endovascular, in the U.S. market. The PTA balloon platforms includes balloon catheters such as USE 014” Rapid Exchange (Rx) and Over the Wire (OTW), USE018” OTW, and USE 035” OTW.
However, increasing product recall is expected to hamper growth of the balloon catheters market over the forecast period. For instance, in September 2019, Medtronic Plc., announced voluntary recall of certain balloon dilation catheters such as Euphora and Solarice semi-compliant rapid exchange balloon dilatation catheters that have proven to be difficult to remove from patients’ bodies, owing to their slightly higher diameter.
Global Balloon Catheters Market- Regional Analysis
Regional segmentation of the global balloon catheters market includes North America, Latin America, Europe, Asia Pacific, Middle East, and Africa
Among regions, North America is expected to account for the largest share in the global balloon catheters market, owing to increasing regulatory approvals and product launches in the region. For instance, In June 2017, OrbusNeich, a medical device company, launched its Sapphire percutaneous coronary angiography balloon dilatation catheters (Sapphire II PRO and Sapphire NC Plus) after receiving 510k clearance by the U.S. FDA.
Furthermore, Asia Pacific balloon catheters market is expected to witness significant growth over the forecast period, owing to presence of major key players in the region such as Terumo Corporation, Kaneka Corporation, and BrosMed Medical. These players are focusing on the product development and launching of innovative balloon catheters. For instance, in November 2017, Kaneka Corporation, a company based in Minato, Tokyo, launched a high-pressure balloon catheter, SHIDEN HP. The novel SHIDEN HP is used for enlarging a blood vessel at high pressure for calcified lesions due to progressed peripheral arterial disease (PAD). Moreover, in August 2017, BrosMed Medical received Japan Pharmaceuticals and Medical Devices Agency (PMDA) approval for its Artimes and Apollo Percutaneous transluminal coronary angioplasty (PTCA) balloons. Artimes is a semi-compliant pre-dilatation PTCA balloon, and Apollo is a non-complaint high pressure post-dilatation PTCA balloon.
Europe is also expected to show significant growth in balloon catheters market over the forecast period, owing to increasing prevalence of cardiovascular diseases (CVD) in the region. For instance, according to the European Heart Network AISBL, in 2015, there were around 11.3 million new cases of CVD diagnosed in Europe and 6.1 million new cases of CVD diagnosed in the European Union. Such increasing prevalence is expected to drive demand of the balloon catheters in the region.
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The key players operating in balloon catheters market include 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, and Vascular Solutions, Inc.
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