Angioplasty Balloons Market is likely to clock a 3.5% CAGR over the forecast period from 2015 to 2023
The global angioplasty balloons market is largely consolidated with the top three companies, namely Abbott Laboratories, Boston Scientific, and Cordis Corporation holding a collective share of 71.7% in 2014, says a new report by Transparency Market Research (TMR). However, new players seeking entry into the market pose threat to existing players with competitively priced products. Nevertheless, substantial investment for R&D and long hauls for product approval especially in developed countries is limiting the entry of new players. Product innovation and development of existing products is what established players are focused on to stay ahead in the competition.
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As per a TMR report, the global angioplasty balloons market is likely to clock a 3.5% CAGR over the forecast period from 2015 to 2023, for the market to be valued at US$2.55 bn by the end of 2023. The demand in the angioplasty balloons market translated into a revenue of US$1.93 bn in 2016. Among the various product types, normal angioplasty balloons has been the mainstay since a long time, and is expected to continue to remain so in the forthcoming years. Geography-wise, North America holds supremacy in the angioplasty balloons market closely followed by Europe.
Rising Number of Coronary Artery Diseases Boosts Market
The rising number of patients suffering from coronary artery diseases is the key factor driving the angioplasty balloons market. As per statistics of the Centers for Disease Control and Prevention (CDC), nearly 610,000 individuals died of complications in heart conditions in the recent past, and nearly 8 million individuals were diagnosed with peripheral artery disease in 2011. Furthermore, state-of-the-art healthcare infrastructure in developed countries and a high level of awareness among patients about the various treatment options for heart disorders is benefitting the angioplasty balloons market in these regions.
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A growing geriatric population susceptible to heart conditions and increasing number of angioplasty procedures in developed countries such as France, Belgium, Sweden, and Austria are also stoking growth of the angioplasty balloons market. The rising demand for minimally invasive procedures for coronary artery diseases is also fuelling the angioplasty balloons market.
Generally, factors such as sedentary lifestyle and increasing stress level due to professional and personal problems have led to a surge in heart conditions. This indicates rising demand for diagnostics and therapies to rectify heart conditions, which may require external devices such as angioplasty balloon.
Lastly, product innovation and a significant number of product in the pipeline are likely to add new dimensions to this market.
Availability of sub-quality Products Crimps Growth
On the flip side, the entry of small players especially in developing countries who offer sub-quality products at low prices is negatively impacting the market’s growth. Low-priced products are being adopted by economically weak people who are unable to afford branded products offered by established players. This is impacting sales of branded products.
The rising popularity of medical tourism in destinations such as India that offer local cost devices along with low cost of surgery for coronary artery diseases is also impacting the overall angioplasty balloons market.
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