Angioplasty Balloons Market Fueled by Increasing Diversity of Application
A recent report, titled “Angioplasty Balloons Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”, from Transparency Market Research (TMR) offers the latest insights into the angioplasty balloons market.The report states that the global angioplasty balloons market will progress at a CAGR of 3.50% during the forecast period from 2015 to 2023. In 2014, the global angioplasty balloons market was estimated at approximately US$1.7 bn and by 2023, it is expected to be worth nearly US$2.5 bn.
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Broadly, the global angioplasty balloons market is segmented on the basis of material, type, and geography. According to balloon type, the global angioplasty balloons market is divided into scoring balloons, drug-coated balloons, cutting balloons, and normal balloons. In 2014, the normal balloons segment led the global angioplasty balloons market, trailed by the drug-coated balloons segment. The drug-coated balloons segment is projected to witness the fastest growth in the global angioplasty balloons market during the forecast period due to the product’s efficiency and steady rise in the volume of percutaneous interventions worldwide. On the contrary, the cutting balloons segment is projected to witness deceleration during the forecast period due to their limitations in comparison to scoring balloons.
By material, the global angioplasty balloons market is classified into non-compliant balloons and semi-compliant balloons. In 2014, the semi-compliant balloons segment led the global angioplasty balloons market and is projected to continue its dominance during the forecasting horizon. Semi-compliant balloons are made of softer materials, which allows them to retain their shape. This has led to improved crossability and deliverability. Furthermore, their flexibility allows physicians to move the balloon catheter smoothly in small vessels.
On the basis of region, the global angioplasty balloons market is classified into North America, Asia Pacific, Europe, the Middle East and North Africa (MENA), Latin America (LATAM), and Rest of the World (RoW). In 2014, Europe and North America collectively held more than 67% of the global angioplasty balloons market. These two regions are enjoying significant growth due to the steady rise in percutaneous intervention procedural volume and the growing aging population. On the other hand, the Asia Pacific segment is expected to expand the fastest in the global angioplasty balloons market due to its emerging medical tourism sector.
The overall angioplasty balloons market is driven by the rising aging population, increasing obese population, and growing prevalence of coronary artery disease. The steady launch of new products is also having a positive impact on the global angioplasty balloons market. Nevertheless, the global angioplasty balloons market is restrained by the growing penetration of players, which has led to a decline in the average selling price of these products.
The report recommends that players operating in the global angioplasty balloons market should focus on developing improved and technologically advanced angioplasty balloons. Furthermore, investing in the emerging markets in Latin America, Asia Pacific, and Africa will also help companies boost their ROI. The leading companies operating in the global angioplasty balloons market are Abbott Vascular, NATEC Medical Limited, ENDOCOR, Medtronic, Johnson & Johnson, and Cook Medical.
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