The global Drug Eluting Balloon Market is estimated to be valued at US$ 616.6 million in 2022 and is expected to exhibit a CAGR of 8.3% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Drug eluting balloons (DEBs) are specifically designed medical devices used for the treatment of cardiovascular diseases. These balloons are coated with an anti-restenotic drug, which is released into the vessel wall during angioplasty. DEBs offer several advantages over traditional treatment options, including reduced risk of restenosis and the need for repeat procedures. They are widely used for the treatment of coronary artery disease, peripheral artery disease, and other cardiovascular conditions.
B) Market Dynamics:
The Drug Eluting Balloon Market is driven by the increasing prevalence of cardiovascular diseases worldwide. According to the World Health Organization, cardiovascular diseases are the leading cause of death globally, accounting for an estimated 17.9 million deaths each year. The growing geriatric population and unhealthy lifestyle choices, such as sedentary behavior and poor dietary habits, contribute to the rising incidence of cardiovascular diseases.
Additionally, technological advancements in drug eluting balloons have significantly improved patient outcomes. The development of next-generation drug eluting balloons with enhanced drug delivery capabilities and biocompatible coatings has increased their efficacy in the treatment of cardiovascular diseases. For example, Medtronic’s In.Pact Admiral drug eluting balloon has demonstrated superior results in clinical studies, leading to its increased adoption.
C) Segment Analysis:
Based on product type, the drug eluting balloon market is segmented into coronary drug eluting balloons and peripheral drug eluting balloons. The coronary drug eluting balloons segment is expected to dominate the market due to the high prevalence of coronary artery disease and the increasing adoption of minimally invasive procedures for its treatment. Moreover, the coronary drug eluting balloons segment offers advantages such as reduced restenosis rates and improved patient outcomes.
D) PEST Analysis:
– Political: Government initiatives to promote healthcare infrastructure development and improve access to advanced medical devices can create growth opportunities for the drug eluting balloon market.
– Economic: The increasing healthcare expenditure and rising disposable income in developed and developing countries are expected to drive market growth.
– Social: Changing lifestyles, including the rise in sedentary behavior and unhealthy dietary habits, contribute to the growing burden of cardiovascular diseases.
– Technological: Advancements in drug eluting balloon technology, such as biocompatible coatings and enhanced drug delivery systems, are driving market growth by improving treatment outcomes.
E) Key Takeaways:
– The global drug eluting balloon market is expected to witness high growth, exhibiting a CAGR of 8.3% over the forecast period, due to the increasing prevalence of cardiovascular diseases and technological advancements in DEBs.
– North America is expected to dominate the market, driven by the high incidence of cardiovascular diseases, well-established healthcare infrastructure, and the presence of key market players in the region.
– The key players operating in the global drug eluting balloon market include 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.
In conclusion, the global drug eluting balloon market is projected to experience significant growth in the coming years. The increasing prevalence of cardiovascular diseases, coupled with technological advancements, creates a favorable market landscape. However, market growth may be hindered by the high cost of drug eluting balloons and the potential risks associated with their use. Nonetheless, with ongoing research and development efforts, the market is poised to offer lucrative opportunities for key players in the industry.