by The global Inflation Devices Market is estimated to be valued at US$ 4.64 Bn or Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Inflation devices are medical devices used to inflate balloons during balloon angioplasty and other minimally invasive procedures. They allow controlled inflation of balloon catheters to desired pressures and help in widening narrowed or blocked blood vessels.
Market key trends:
One of the key trends in the Global Inflation Devices Market Size is the introduction of innovative inflation devices with advanced technologies. Market players are focusing on developing inflation devices integrated with features such as controlled pressure monitoring and regulation, self-sealing design to prevent leaks, and easy to use ergonomic design. For instance, Boston Scientific launched the WaveMaker Inflation Device in 2021, featuring Optima Pressure Technology to provide consistent pressure and reduce variability during balloon inflation procedures.
SWOT Analysis
Strength: Inflation devices allow for non-invasive procedures and have a lower risk of infection compared to traditional surgeries. They also help reduce recovery time.
Weakness: Inflation devices require specialized training to use properly. Any mistake could lead to injury of the patient.
Opportunity: Rising geriatric population suffering from chronic diseases like cardiovascular issues and gastrointestinal disorders is driving the demand for minimally invasive procedures.
Threats: Stringent regulations around the approval of new medical devices. Increase in the number of local manufacturers offering low-cost alternatives.
Key Takeaways
The global inflation devices market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases and rise in minimally invasive surgeries. North America dominated the inflation devices market in 2023 and is expected to maintain its dominance over the forecast period due to the rising healthcare expenditure and growing geriatric population in the region. Europe accounted for the second largest share in the inflation devices market.
Regional analysis
North America dominated the Global Inflation Devices Market Size in 2023 and is expected to grow at a CAGR of 7.5% during 2023-2030. This is attributed to the increase in healthcare expenditure, availability of advanced medical facilities, and rising geriatric population undergoing various minimally invasive procedures. Europe held the second largest share of the inflation devices market in 2023 and is projected to grow at a CAGR of 8.3% during the forecast period.
Key players
Key players operating in the inflation devices market are Medtronic, Boston Scientific, Abbott Laboratories, Teleflex, ConvaTec, Smiths Group, Cook Medical, B. Braun Melsungen, Cardinal Health, and Stryker. Medtronic and Boston Scientific captured over 30% of the market share in 2023 owing to their robust product portfolio and strong geographical presence across major markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
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