DUBLIN, April 28, 2022--(BUSINESS WIRE)--The "Global Balloon Catheter Market, Forecast 2022-2027, Industry Trends, Growth, Outlook, Impact of COVID-19, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
Global Balloon Catheter Market is project to reach US$ 6.1 Billion by 2027 from US$ 3.8 Billion in 2021, growing at a CAGR of 8.2%
Globally, the rise in prevalence of various chronic heart diseases due to high cholesterol or diabetes has increased the demand for balloon catheters in the health care industry. As per WHO (World Health Organization), 17.9 million people die each year from CVDs (Cardiovascular diseases), an estimated 32% of all deaths worldwide.
Thus, a balloon catheter is a delicate catheter appliance with an inflatable balloon at its tip, which is introduced into a vessel or duct and then blown up to clear the blockage. The balloon catheter is mostly utilized to treat heart-related diseases caused due to diabetes, high blood pressure, specifically coronary heart disease, and high cholesterol levels in the blood.
The utilization of these catheters has been consistently growing in the health care industry, and these devices have become a vital part of medical diagnostics and treatment.
Notwithstanding, the market is driven by specific factors, increasing demand for minimally invasive surgeries, growing prevalence of cardiovascular and peripheral artery diseases, advancements in the balloon catheters, and favorable reimbursement landscape in developed economies.
Moreover, the growing patient pool and increasing demand for efficient and effective surgery with shorter recovery times and reduced hospital stay are key factors driving the growth of the balloon catheter market.
Effect of COVID-19 on the Global Balloon Catheter Industry
COVID-19 pandemic has disrupted the lifestyle of the people seriously, and the people are smashed with the economy's downfall. While discussing the balloon catheters industry, due to the COVID-19 pandemic, patients' chronic disease management and monitoring are disrupted, and many heart patients could not visit the hospital.
This has resulted in the decline of the market due to reduced demand. But as soon as the lockdowns were lifted, there were many demands globally for balloon catheter devices to use in covid-19 treatment, where the people are suffering from comorbidities. Therefore, the market has been sluggish for a while, but it has revived quickly.
A normal balloon catheter comprises a catheter, an innovative medical device, and a guide wire inserted into the radial artery in the arms or femoral artery in the legs to treat constricted blood vessels. Commonly, normal balloon catheters are used for preventing blood vessel constriction, which is driven by atherosclerosis, i.e., residue of lipid substances in the blood vessels. The surge in interventional cardiology has facilitated the utilization of normal balloon catheters.
On the basis of Row Material, the polyurethane segment is expected to have the fastest growth rate. They are frequently used in varied applications like Coronary Artery Disease, Peripheral Vascular Disease, and Neurovascular Diseases that require the balloon to occlude the anatomy.
Coronary Artery Disease Segment Leads the Market
In terms of application, the Balloon Catheter market can be segmented into Coronary Artery Disease, Peripheral Vascular Disease, Neurovascular Diseases, and Others Diseases. The increased prevalence of coronary artery diseases worldwide is driving the demand for balloon catheters.
According to the World Heart Federation, Coronary heart disease is now the leading cause of death globally. Each year, an estimated 3.8 million men and 3.4 million women die from coronary heart disease. Additionally, 80% of the deaths occur in low and middle-income countries. Balloon catheters are utilized to treat various coronary types of cardiovascular issues, including cardiac catheterization as a diagnostic imaging technique to assess a patient's heart function.
North America is the Leading Balloon Catheter Market
North America is a leading balloon catheter market. Availability of advanced healthcare facilities, increased patient awareness, and infrastructure and health care expenditure are the primary factors fueling the region's balloon catheter market development.
Similarly, the Asia Pacific is also a significant market for balloon catheters and is expected to expand at a high growth rate in the next few years. Ongoing improvements in health care infrastructure and the growth of medical tourism across several developing economies contribute to the development of the market in the region.
The global balloon catheters market is moderately fragmented into players like
6. Market Share - Global Balloon Catheter Market
7. Product Type - Global Balloon Catheter Market
8. Raw Material - Global Balloon Catheter Market
9. Component - Global Balloon Catheter Market
9.1 Over the Wire Balloon Catheter
10. Application - Global Balloon Catheter Market
11. End User - Global Balloon Catheter Market
12. Region - Global Balloon Catheter Market
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