April 16, 2024
Drug Eluting Balloon Market

Drug Eluting Balloon Market is Estimated to Witness High Growth Owing to Continuous Technological Advancements

A drug eluting balloon is a balloon catheter coated with an anti-proliferative drug (usually paclitaxel) meant to inhibit restenosis (renarrowing of the artery) after angioplasty. It delivers drugs directly to the artery wall at the site of treatment. Drug eluting balloons provide the drug dosage advantageously over coated stents, as they allow for a controlled, high-concentration delivery of drug to the tissue while minimizing systemic exposure. The balloons make angioplasty procedures more efficacious with less restenosis.

The Global Drug Eluting Balloon Market is estimated to be valued at US$ 769.29 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Drug Eluting Balloon Market Size are Oracle Corporation (NetSuite Inc.), BatchMaster Software, Columbus Manufacturing, Aquilon Software, CompuTec S.A.(ProcessForce), Datacor Chempax, DESKERA, ERPAG, Fishbowl, Intellect, SAGE GROUP plc, and VAI – Vormittag Associates, Inc. Some of the major opportunities in the market include increasing preference for minimally invasive procedures and rising demand for vascular treatments. Technological advancements like development of coated drug eluting balloons with improved drug coatings are expected to drive the market growth.

Market drivers

The key driver for the drug eluting balloon market is the growing geriatric population globally which is more susceptible to cardiovascular diseases. As per WHO, the population aged 60 years and older is projected to grow from 900 million to 2 billion between 2015 and 2050. Moreover, rising prevalence of peripheral artery diseases is also contributing to the market growth. Other factors such as increasing healthcare expenditure, product innovation, and growing awareness about revascularization procedures are expected to boost the demand for drug eluting balloons over the forecast period.

Challenges in the Drug Eluting Balloon Market

The key challenges in the drug eluting balloon market include high cost of R&D for product development, regulatory compliance and stringent government approval process. Developing new drug eluting coatings for higher efficacy and safety is resource intensive requiring huge investments in clinical trials. Moreover, getting regulatory approvals from authorities like USFDA is a lengthy, complex and expensive process. This delays the market entry of new players.

SWOT Analysis
Strength: Coated balloon technology enables localized drug delivery and improved clinical outcomes compared to plain old balloons. This is driving their increased adoption.

Weakness: High product cost makes drug eluting balloons unaffordable for many patients. Lack of clinical evidence for new indication areas is also restricting market growth.

Opportunity: Emerging economies with large patient pools and improving healthcare spending present major opportunities. Further expansion in vascular and non-vascular applications can boost revenue.

Threats: Stiff competition from drug coated stents and new drug delivery technologies pose threats. Regulatory hurdles and stringent compliance requirements add business challenges.

In terms of value, the Drug Eluting Balloon Market is currently concentrated in North America and Europe owing to sophisticated healthcare infrastructure and widespread medical insurance coverage. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period supported by increasing healthcare spending, growing disease prevalence and rising medical tourism in China, India and other Asian countries.

The United States represents the single largest market for drug eluting balloons globally. However, emerging economies like China and India are projected to offer high growth potential driven by their huge patient populations and expanding medical capabilities. Other Asian countries including Japan, South Korea, Indonesia, Malaysia and Thailand will also contribute significantly to the Asia Pacific market due to improving access and quality of healthcare.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it