The Global Micro Balloon Catheter Industry is on track for a promising future, according to a recent analysis by Future Market Insights (FMI). The market is expected to register a steady Compound Annual Growth Rate (CAGR) of 3.3% from 2023 to 2033. This positive projection indicates that the industry is poised to reach an impressive market valuation of approximately US$410.3 million by 2033.
The forecasted growth trajectory reflects the industry’s resilience and its ability to navigate challenges while meeting evolving healthcare needs. The Global Micro Balloon Catheter Industry is set to capitalize on technological advancements and increased demand for minimally invasive medical procedures.
Innovative Medical Device Redefining Healthcare
At the heart of this growth is the micro balloon catheter, an innovative medical device comprising a guidewire and a catheter. Primarily inserted into the femoral artery in the leg or, alternatively, in the radial artery in the arm, these devices play a crucial role in the treatment of constricted blood vessels. The rise of minimally invasive procedures for opening blocked or narrowed coronary arteries caused by coronary artery diseases (CAD) has further fueled the demand for micro balloon catheters.
Addressing the Surge in Cardiovascular Diseases
The surge in the prevalence of cardiovascular diseases globally is a key driver behind the escalating demand for micro balloon catheters. As patients seek advanced and effective treatment options, these catheters offer a sophisticated solution for addressing constricted blood vessels, thereby contributing to the prevention of heart attacks and angina.
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What are the Key Driving and Restraining Factors in the Global Micro Balloon Catheter Industry?
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 is 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 people suffering from cardiovascular diseases. These driving factors are responsible for the demand for micro balloon catheters.
Awareness campaign by NGOs 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 of 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 Global Micro Balloon Catheter Industry.
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What is the Regional Outlook for the Global Micro Balloon Catheter Industry?
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.
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 based on material, indication, and end-user. Based on 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 Global Micro Balloon Catheter Industry?
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 Global Micro Balloon Catheter Industry?
Some of the notable developments in the Global Micro Balloon Catheter Industry 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 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.
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Global Micro Balloon Catheter Industry 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
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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