PUBLISHER: DelveInsight | PRODUCT CODE: 1439496
PUBLISHER: DelveInsight | PRODUCT CODE: 1439496
Balloon Catheters Market By Product Type (PTA, PTCA, Occlusion, Foley, Nephrostomy, Drug-Eluting, And Others), By Catheter Type (Fixed Wire, Over-The-Wire, And Rapid Exchange), By Balloon Type (Non-Compliant, Semi-Compliant, And Compliant), By End User (Hospitals, Specialty Clinics, And Others), by geography is expected to register commendable revenue growth at a steady CAGR forecast till 2030 owing to increasing prevalence of cardiovascular diseases and various cancers in the pelvic region
Global balloon catheters market was valued at USD 4.60 billion in 2023, growing at a CAGR of 8.78% during the forecast period from 2024 to 2030 to reach USD 7.62 billion by 2030. Factors such as the rising prevalence of lifestyle disorders such as hypertension and obesity which present themselves as major risk factors for the development of cardiovascular diseases as well as brain aneurysms, increasing incidence of cancers in the pelvic region affecting the urinary system in varying capacities, growing geriatric population base where age itself plays a major role in disease etiology, and technical innovation in product development such as manufacture of drug-coated balloon catheters aimed at drug delivery at the site of action among other factors are expected to drive the balloon catheters market.
Balloon Catheters Market Dynamics:
One of the key aspects driving the balloon catheters market is the surging prevalence of cancers especially of the lower pelvis such as prostate, colon, rectal, bladder among others. As per the data provided by the International Agency for Cancer Research, in 2020, 431,288 new cases of kidney cancer were reported globally. The same source also presented the data for bladder cancer for which 573,278 new cases were reported across the globe. Cancers originating in the lower pelvis region often impact ureters as well as cancerous growth may block the ureter and affect the flow of urine from the kidney to the bladder. This results in the buildup of urine in the kidney and eventually affects kidney function. Therefore, in such cases, nephrostomy is performed where in nephrostomy balloon catheters are deployed to create passage for urine. Therefore, the demand for nephrostomy balloon catheters is said to witness an increase owing to the increasing prevalence of cancers especially in the pelvic region thereby driving the growth of the global balloon catheters market during the forecast period.
Another key factor in boosting the demand for balloon catheters is the increasing prevalence of cardiovascular diseases. According to the World Health Organization (WHO) (2023), cardiovascular disease (CVD) is the leading cause of death worldwide, with an estimated 17.9 million deaths annually across the globe. Cardiovascular diseases includes myocardial infarction, congestive heart failure, acute coronary syndrome, and other disorders. Atherosclerosis and coronary heart disease further advance to give rise to severe CVD forms such as myocardial infarctions, strokes, peripheral arterial disease, and heart attacks. Majority of cardiovascular diseases are treated via procedures such as percutaneous transuminal coronary angioplasty (PTCA) where in PTCA balloon catheters are extensively employed. Thus, the increasing prevalence of cardiovascular diseases are expected to result in conductance of higher number of PCI procedures which in turn would drive the demand for PTCA balloon catheters eventually driving the balloon catheters market growth in the coming years.
However, specific limitations associated with each type of balloon catheter, and probable procedural risks and product recalls may be certain challenging aspects for the balloon catheter market growth.
The balloon catheter market saw a decline in sales due to the implementation of measures to curb the global spread of COVID19 infection. One of the key steps during the COVID surge was numerous selective treatments and suspension of outpatient consultations. This reduced the demand for such catheters in the market as healthcare system guidelines around the world were modified to temporarily focus on managing patients exposed to COVID-19 infection. Declining product demand was observed in the balloon catheter market as supply chains and product manufacturing activities were affected around the world during the lockdown phase in 2020. However, the market seems to be in the process of recovery, with the global supply chain recovering and medical facility activity resuming, providing a positive outlook for the balloon catheters market during the forecast period.
Balloon Catheters Market Segment Analysis:
Balloon Catheters Market by Product Type (PTA, PTCA, Occlusion, Foley, Nephrostomy, Drug-Eluting, and Others), by Catheter Type (Fixed Wire, Over-The-Wire, and Rapid Exchange), by Balloon Type (Non-Compliant, Semi-Compliant, and Compliant), by End User (Hospitals, Specialty Clinics, and Others), by Geography (North America, Europe, Asia-Pacific, and Rest of the World)
In the balloon type segment of the balloon catheters market, the compliant balloon type category is estimated to account for a significant revenue share in the forecast period. Compliant balloons is capable of expanding in response to the increase in the internal pressure. This property of compliant balloons make them suitable for various applications such as expanding or occluding tissue or even hold the device in place such as the foley catheters. Moreover, compliant balloons are commonly made of silicone which further helps in avoiding adverse reactions at the administration site. Compliant balloons also are able to stretch 100-800% from their original size and are preferred in applications where the balloon is required to fully occlude or conform to the anatomical region.
Therefore, considering the advantages associated with the compliant balloon catheters, this category is expected to account for a formidable market share in the balloon catheters market.
North America is expected to dominate the overall Balloon Catheters Market:
Among all the regions, North America is expected to account for the significant market share in the balloon catheters market. North America is estimated to account for the dominant market share because of the increasing prevalence of urological disorders such as bladder cancers, benign prostatic hyperplasia, urinary retention, increasing prevalence of lifestyle disorders leading to the development of various cardiovascular diseases as well as growing focus on product development activities in the region.
One of the prominent reasons for the widespread use of balloon catheters in the region is the high prevalence of various types of cancer. For example, according to the National Cancer Institute (United States), bladder and kidney cancer were two of the most common cancers in the United States by April 2022. In addition, according to statistics quoted by the American Cancer Society, approximately 83,730 new cases of bladder cancer were reported in the United States in 2022. Bladder cancer has been reported to cause the changes in urination such as the urge to urinate, bloating of the bladder, pain and burning sensation when urinating. In such cases, balloon catheters (foley catheters) are used for patients who feel they cannot empty their bladder because they are unable to physically empty it. Therefore, the increased prevalence of bladder cancer over the next few years may drive the demand for balloon catheters, ultimately driving the revenue growth in the North America balloon catheters market during the forecast period.
Another factor contributing in the regional growth of the North America balloon catheters market is the rising prevalence of brain aneurysms in the country. As per the statistics provided by the Brain Aneurysm Foundation (2023), approximately 30,000 people in the country suffer from a brain aneurysm rupture each year. In another set of data provided by the American Cancer Society, in 2022, it has been estimated that approximately 24,350 malignant tumors of the brain or spinal cord may occur in the US. It also estimated that in 2022, approximately 18,600 people were expected to succumb to brain and spinal cord tumors in the country. These indications are usually treated with occlusion balloon catheters specially devised for the administration in the neurovasculature. Therefore, the rising prevalence of brain aneurysms are also expected to drive the demand for such catheters, eventually boosting the growth of the market for balloon catheters in North America.
Furthermore, as per the data stated by the American Heart Association (2023), over 500,000 percutaneous coronary interventions are performed in the United States annually of which percutaneous transluminal coronary angioplasty holds a considerable share. Therefore, the rising prevalence of cardiovascular disorders as well as the subsequent increase in the number of PCI procedures being performed are further expected to boost the demand for scoring and cutting balloon catheters. This is estimated to contribute in the regional growth of the balloon catheters market in North America.
Balloon Catheters Market Key Players:
Some of the key market players operating in the balloon catheters market includes Medtronic, Boston Scientific Corporation, Abbott, Cook, B. Braun Melsungen AG, Cardinal Health, Terumo Corporation, Stryker, Teleflex Incorporated, Microport Scientific Corporation, BIOTRONIK, Nipro Medical Corporation, BD, Coloplast, Summit Medical (Innovia Medical) Well Lead Medical Co., Ltd, Smiths Medical, BACTIGUARD AB, JOTEC GmbH, Lepu Medical Technology(Beijing)Co.,Ltd, Merit Medical, Cardiovasuclar Systems Inc and others.
Recent Developmental Activities in Balloon Catheters Market:
In July 2022, Medtronic launched newest-generation drug coated balloon catheter 'Prevail(TM)' for the treatment of coronary artery disease in Europe after the device was awarded the CE (Conformite Europeene) mark.
In June 2022, Neurescue received the 510k clearance from the US Food and Drug Administration for their NEURESCUE® device, 'the world's first intelligent balloon catheter', devised for the temporary occlusion of large vessels such as the aorta.
In March 2022, Alvimedica received the CE mark approval for their Fluydo(TM) NC, a new PTCA NON-COMPLIANT Balloon Catheter. The device comprises a new Non-Compliant Balloon designed to dilate the hardest lesions located into the most difficult and challenging coronary lesions in an efficient manner.
Key Takeaways from the Balloon Catheters Market Report Study
Market analysis for current balloon catheters market size (2023), and market forecast for 5 years (2024-2030)
The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the balloon catheters market.
Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
Key companies dominating the global balloon catheters market.
Various opportunities available for the other competitor in the balloon catheters market space.
What are the top performing segments in 2023? How these segments will perform in 2030.
Which is the top-performing regions and countries in the current balloon catheters market scenario?
Which are the regions and countries where companies should have concentrated on opportunities for balloon catheters market growth in the coming future?
Target Audience who can be benefited from this Balloon Catheters Market Report Study
Balloon Catheters products providers
Research organizations and consulting companies
Balloon Catheters-related organizations, associations, forums, and other alliances
Government and corporate offices
Start-up companies, venture capitalists, and private equity firms
Distributors and Traders dealing in balloon catheters
Various End-users who want to know more about the balloon catheters market and latest technological developments in the balloon catheters market.