by The drug eluting balloon market is estimated to be valued at US$ 667.78 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Drug eluting balloons are catheter-based medical devices used to treat arterial diseases by delivery of an anti-proliferative drug to inhibit restenosis post percutaneous coronary intervention or angioplasty. They are used to treat coronary artery disease and peripheral artery disease. Drug eluting balloons offer advantages over bare metal stents such as reduction in restenosis rates and need for reintervention procedures.
Market Dynamics:
The drug eluting balloon market is primarily driven by the increasing incidence of cardiovascular diseases worldwide. According to WHO, cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Furthermore, rising geriatric population prone to develop arterial diseases also contributes to the market growth. Additionally, growing preference for minimally invasive procedures and advantages of drug eluting balloons over other conventional treatment options enhances their adoption rate. However, product recalls due to safety issues and availability of alternative treatment therapies hamper market growth.
SWOT Analysis
Strength: Drug eluting balloons provide vessel reconstitution through drug transfer and vessel healing. They offer high precision and accuracy during procedures. They minimize tissue trauma and damage during angioplasty.
Weakness: Drug eluting balloons require longer inflation times during procedures which increases procedure time. They have limited drug transfer capabilities in complex vessel designs.
Opportunity: Rising global burden of cardiovascular diseases and growing geriatric population presents high growth opportunities. Increasing adoption in emerging Asian markets due to improving healthcare infrastructure presents lucrative opportunities.
Threats: Stringent regulatory approvals and recalls poses significant challenges. Reimbursement issues in developing nations restricts market revenue. Shortage of interventional cardiologists poses deployment challenges.
Key Takeaways
The Global Drug Eluting Balloon Market Size is expected to witness high growth, exhibiting a CAGR of 8.3% over the forecast period, due to increasing prevalence of cardiovascular diseases. Aging population and rising lifestyle diseases further drive the market growth.
Regional analysis
North America dominates the global drug eluting balloon market owing to high prevalence of CVDs, heavy investments in medical infrastructure by private and public players, and growing adoption of minimally invasive therapies. Asia Pacific exhibits fastest growth led by large patient pools, growing medical tourism, and increasing healthcare spending in China and India.
Key players
Key players operating in the drug eluting balloon market are Medtronic, Becton Dickinson and Company (BD), Boston Scientific Corporation, Cook Medical, B. Braun Melsungen AG, Koninklijke Philips N.V., Opto Circuits (India) Limited, Terumo Corporation, Surmodics, Inc., and Biotronik. They dominate through continuous innovations in drug coatings and balloon technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
