The projected size of the Micro Balloon Catheter Market for 2022 stood at approximately US$ 286.7 million. It is expected to experience growth and reach around US$ 295.8 million in 2023.
As per analysis conducted by FMI, the micro balloon catheter market is predicted to exhibit a Compound Annual Growth Rate (CAGR) of 3.3% from 2023 to 2033. This trajectory is anticipated to culminate in a total market valuation of approximately US$ 410.3 million by 2033.
The micro balloons catheter market is likely to witness significant growth during the forecast period as there is a rise in the prevention of heart attack and angina in patients suffering from coronary artery diseases.
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What are the Key Driving and Restraining Factors in the Micro Balloon Catheters Market?
The major factors driving the growth of the micro balloon catheter market are the rising prevalence of cardiac diseases and the increasing geriatric population. There are growing cases of cardiology intervention procedures worldwide, which is fueling the demand for micro balloon catheters.
Moreover, the surge of interventional cardiology has been facilitating the utilization of micro balloon catheters, and there is a rise in the prevalence of patients affected with end-age renal diseases that are bolstering the sales of micro balloon catheters.
Furthermore, the number of patients seeking renal replacement therapy has also increased. Leading manufacturers of catheter devices are developing efficient and cost-effective solutions. These incidences are anticipated to influence the growth of the micro balloon catheter market over the coming years.
In addition to that, various factors like rising investments in research and development activities concerning micro balloon catheters are expected to boost the demand for this product. The use of micro balloon catheters in cardiac catheterization laboratories is one of the key drivers of micro balloon catheter market shares.
Moreover, a rise in disposable income and growing expenditure in the healthcare sector is fuelling the growth of the micro balloon catheter market. Several governments are providing reimbursement policies to support the people suffering from cardiovascular diseases. These driving factors are responsible for the demand for micro balloon catheters.
Awareness campaign by NGO about awareness of cardiac diseases is a low driving factor for the micro balloon catheter market. New innovative technologies and increasing product launches for balloon catheters have upsurged the growth of the micro-balloon catheter market. The manufacturing or low-cost micro balloon catheters by manufacturing companies can provide the opportunity for this market to grow in low-economic countries.
However, the costs of angioplasty procedures are very high, coupled with the risk of artery collapse and infection related to balloon catheterization, which in turn is expected to impede the sales of micro balloon catheters, restraining the market growth for micro balloon catheters.
Furthermore, there are stringent regulatory authorities and choices of alternatives such as bypass surgery that are likely to hinder the growth of the overall micro balloon catheter market.
What is the Regional Outlook for the Micro Balloon Catheters Market?
North America is estimated to account for the largest share of micro balloon catheters market share, comprising 33% of the global market share for micro balloon catheters.
However, in terms of revenue, Europe will account for the largest share of the market during the forecast period.
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The factors driving the growth of the micro balloon market in these regions are an increase in patient awareness, simple access to innovative healthcare services, and growing demand for advanced micro balloon catheters are accelerating the market growth in these regions.
The increasing number of patients undergoing cardiac surgeries has increased the demand for micro balloon catheters. Micro balloon catheters are segmented on the basis of material, indication, and end-user. On the basis of material, a micro balloon catheter is classified as latex, silicone, and others. Therefore, these regions are expected to boom in the forecast period.
Who are the key players in the Micro Balloon Catheters Market?
The key players in the micro balloon catheters market are: Terumo Corporation, Cook Medical, Piolax Medical Devices Inc., Boston Scientific Corporation, Stryker Corporation, Medtronic plc., Edward Life Sciences Corporation, MicroPort Scientific Corporation, B. Braun Melsungen AG.
What are the Key Trends and Notable Developments in the Micro Balloon Catheters Market?
Some of the notable developments in the micro balloon catheter market are:
- In July 2021, Medtronic launched the newest-generation drug-coated balloon catheter ‘Prevail’ for the treatment of coronary artery disease in Europe after the device was awarded the CE (Conformité Européene) mark.
- In June 2021, Neurescue received the 510k clearance from the US Food and Drug Administration for their NEURESCUE® device, ‘the world’s first intelligent balloon catheter’, devised for the temporary occlusion of large vessels such as the aorta.
- In March 2021, Alvimedica received the CE mark approval for their Fluydo NC, a new PTCA NON-COMPLIANT Balloon Catheter. The device comprises a new Non-Compliant Balloon designed to dilate the hardest lesions located into the most difficult and challenging coronary lesions in an efficient manner.
Key Segments
By Indication:
- Coronary Artery Diseases
- Peripheral Vascular Disease
By End-Users:
- Public Hospitals & Private Hospitals
- Ambulatory Surgical Centres
- Cardiac Catheterisation Laboratories
By Balloon Type:
- High-Pressure Balloons
- Elastomeric Balloons
By Catheter Type:
- Over-The-Wire (OTW) Balloon Catheters
- Rapid Exchange (RX) Balloon Catheters
- Fixed-Wire (FW) Balloon Catheters
By Region:
- North America
- Latin America
- Asia Pacific
- Europe
- MEA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Indication, Catheter Type, Balloon Type, and End User over the next 10 years.
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