Coronary Balloons Market Expected to Witness a Sustainable Growth by 2025
Coronary balloons are medical devices that are used in minimally invasive procedures for opening up the narrowed or blocked arteries caused by peripheral arterial disease (PAD). The procedure for widening of blocked coronary arteries is referred to as balloon angioplasty or percutaneous transluminal coronary angioplasty (PTCA). The balloon angioplasty procedure opens up the blocked coronary artery, relieves the angina chest pain, and improves the life expectancy without the need of an open heart or bypass surgery. Peripheral arterial disease occurs when arteries gets atherosclerotic due to deposition of cholesterol on the inner side of the arteries. Peripheral arterial disease is caused by increasing age, excess levels of cholesterol in the blood, smoking, sedentary lifestyle, high blood pressure, excessive stress levels, diabetes & obesity, etc.
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Technological advancements have led to the development of different coronary artery balloons on the basis of indication and material. Rise in the geriatric population worldwide, increasing adoption of minimally invasive procedures, and minimum side effects, are major factors that are anticipated to drive the global coronary balloons market. However, the high cost of surgery, availability of alternative treatment options such as bypass surgery, medication, etc., are likely to restrain the market during given forecast period. The ongoing R&D activities for development of innovative and cost-effective products are estimated to create opportunities for the coronary balloons market in the near future.
The increasing geriatric population worldwide, rising number of patients with coronary artery diseases, increasing prevalence of diabetes and obese patients, and sedentary lifestyle are projected to be the key factors driving the global coronary balloons market. Furthermore, the added advantage of less invasive procedure of balloon angioplasty over other surgical methods, and innovative products such as drug eluting balloons for in-stent restenosis, cutting balloons, and scoring balloons are likely to boost the expansion of the market during the forecast period. However, the availability of alternative treatment options for peripheral arterial diseases such as usage of coronary stents and stent grafts and cardiac bypass surgery are factors that are estimated to restrain the market during the forecast period. Moreover, increasing pressure for developing high quality medical devices at low cost, medical reimbursement issues, and high cost of balloons are likely to further restrain the expansion of the market. The development of paclitaxel-coated angioplasty catheter and bio absorbable coating on balloon drug-eluting balloon catheter are anticipated to present newer opportunities for the market during the forecast period.
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The global coronary balloon market can be segmented into product type, material, and geography. In terms of product type, the coronary balloons market can be segmented into normal balloon, drug eluting balloon, cutting balloon, and scoring balloon. The normal coronary balloon segment is projected to dominate the market during the forecast period. In terms of material, the global coronary balloons market can be segmented into non-compliant balloon, and semi-compliant balloon.
In terms of geography, the global coronary balloon market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to hold a significant share of the global market due to improved healthcare facilities and expenditures, increasing number cardiovascular patients, and increasing geriatric population coupled with diabetic disease. According to Centers for Diseases Control and Prevention, it is estimated that every year, more than 735,000 Americans suffer a heart attack. Europe follows North America in terms of market share of the global coronary balloon market. The Asia pacific market is anticipated to expand at a significant CAGR due to increasing number of cardiac disease patients, presence of emerging economies like India & China, increased healthcare budgets by governments, and improving healthcare infrastructure in the region. It is estimated that by the end of 2020, India is likely to record the highest burden of cardiovascular diseases than any other country in the globe.
Key players operating in the global coronary balloons market includes Medtronic plc, Boston Scientific Corporation, C. R. Bard, Taewoong Medical Co., B. Braun Melsungen AG, BIOTRONIK SE & CO. KG, Cook Group Incorporated, Cordis Corporation, ENDOCOR GmbH, Spectranetics Corporation, Abbott Laboratories, Inc., and Merit Medical Systems, Inc. The companies are focusing on mergers and acquisitions to gain competitive advantage and strengthen their product portfolios.
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