PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1477056
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1477056
Global Angioplasty Balloons Market is valued approximately USD 2.48 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 3.9% over the forecast period 2024-2032. Angioplasty balloons are medical devices that are used during angioplasty treatments to treat constricted or clogged blood arteries, usually in the heart and other parts of the body. A catheter with an attached balloon is introduced into the damaged artery and inflated at the blockage location, squeezing the plaque or fatty deposits in order to expand the arterial and restore blood flow. This procedure improves general cardiovascular health by easing the symptoms of diseases including peripheral arterial disease and coronary artery disease. The growing adoption of advanced technologies and materials is a key trend for the Global Angioplasty Balloons Market. These innovations include the development of drug-coated angioplasty balloons that release medication to prevent re-blockage of blood vessels, as well as the use of cutting-edge materials to improve balloon flexibility and deliver precise inflation control during procedures. Such advancements are aimed at improving patient outcomes and expanding the scope of angioplasty treatments for a wider range of cardiovascular conditions.
The growth in the Angioplasty Balloons market is attributed to the rising prevalence of various cardiovascular conditions such as atherosclerosis and peripheral arterial disease, growing technological advancements and increasing adoption of minimally invasive procedures. These procedures are preferred due to their less invasive nature, leading to a rise in angioplasty interventions. Conditions such as peripheral and coronary artery diseases are common signs of atherosclerosis, which can result in serious complications like stroke, heart attack, or cardiovascular mortality. In addition, the advancements in healthcare infrastructure and facilities worldwide, coupled with increased access to advanced medical technologies and skilled healthcare professionals, are driving the adoption of angioplasty procedures and devices. Moreover, various companies in the region are innovating new products and technologies to compete with current offerings and are focusing on acquisitions and partnerships with emerging market players to expand their product range, which, in turn, fostering regional growth in the anticipated years. For instance, in February 2023, Abbott's announced the acquisition of Cardiovascular Systems, Inc. (CSI), which have bolstered Abbott's vascular device portfolio with complementary technologies, such as atherectomy devices. Atherectomy procedures enhance the efficacy of standard balloon angioplasty or stent treatments in addressing complex arterial conditions and restoring optimal blood flow. However, high costs associated with the procedure, coupled with the complications associated with angioplasty procedures is expected to stifle Global Angioplasty Balloons Market growth between 2022 and 2032.
The key regions considered for the global Angioplasty Balloons Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, North America is recorded with dominating position in the Angioplasty Balloons market with the highest number of market share driven by the rising prevalence of various cardiovascular conditions like atherosclerosis and peripheral arterial disease, coupled with the region's strong healthcare infrastructure. According to the Journal of the American College of Cardiology published in February 2023, the incidence rate of atherosclerotic cardiovascular disease per 1,000 person-years was 2.60 among those with raised 10-year predicted risk, 1.87 among those with low 10-year however increased 30-year predicted risk, and 0.32 among those with low 10-year and 30-year predicted risk. Also, as per an article published by Clinical Cardiology, in September 2021, the five-year prevalence of atherosclerotic cardiovascular disease in Alberta, Canada, was 8.99%, or 89.9 per 1000 people. Whereas, Asia Pacific is poised for rapid growth driven by increasing healthcare spending and favorable government support across the region.