Balloon Catheter Market - Forecast(2024 - 2030)

Key Takeaways

·         North America dominates the Balloon Catheter Market owing to well established healthcare facilities, increasing prevalence of cardiovascular diseases and favorable reimbursement policies.

·         Increasing geriatric population and rise in prevalence of various chronic heart diseases and demand for minimally surgical procedures along with surge in healthcare expenditure is likely to aid in the market growth of balloon catheter market.

·         Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the market will be provided in the Balloon Catheter Market report.

·         Rise in incidences of catheter-associated infections can restrain the growth of the market.

Raw Material - Segment Analysis

Based on the raw material, nylon held the largest share in the balloon catheter market in 2019 and will grow at a CAGR of 6.3% during the forecast period 2020-2025.This is mainly owing to the benefits associated with the use of nylon as a raw material in these device as nylon is softer, it is more easily refolded and is easier to withdraw into the guiding catheter or introducer sheath. When compared with PET (polyethylene terephthalate) versions nylon high-pressure balloons require a thicker wall for a given burst pressure, which means that a nylon balloon will have a larger profile than a comparable PET balloon upon insertion into the body and when crossing a lesion. However, Polyurethane segment is estimated to be the fastest growing segment during the forecast period 2020-2025, owing to its properties as they are inflated by volume, rather than pressure. They are able to stretch 100% to 800% and are often used in applications that require balloon to fully conform to or occlude the anatomy.

End User - Segment Analysis

•         Hospitals accounted for the major share in the balloon catheter market in 2019 and is estimated to grow at a CAGR of 4.2% during the forecast period 2020-2025. Growing patient pool and rising demand for efficient and effective surgery with shorter recovery time and reduced hospital stay are key factors driving the growth of this segment. The availability of advance technologies and demand for minimally invasive surgical procedure is also contributing in the growth of this segment. Recently, Cardiac Catheterization Laboratories are also gaining popularity in the balloon catheter market.

Geography - Segment Analysis

North America dominated the balloon catheter market share accounting for more than 35.5% of the overall market. Robust healthcare infrastructure combined with focus on development of new devices along with improved diagnosis among the patients are helping in this region growth. Growing geriatric population and increased health care expenditure is also having a positive impact on the market in this region. High prevalence of cardiovascular disorders and growing preference for minimally invasive surgeries, such as minimally invasive coronary bypass and Minimally Invasive Cardiothoracic Surgery (MICS), is contributing in the growth of the market in this region.

However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period. This is owing to the rise in in incidence of cardiovascular diseases and increase in healthcare expenditure. Furthermore, rapidly aging population in countries such as China & Japan and increasing disposable incomes will also support the growth of the market in this region. The growth of medical tourism across several developing economies will also contribute to the growth of the market in this region.

Drivers – Balloon Catheter Market

·         Increasing prevalence of cardiovascular diseases & increasing geriatric population

According to the World Health Organization, cardiovascular diseases accounted for over 17.7 million deaths in 2015; of these coronary heart disease accounted for around 7.4 million deaths. Furthermore, majority of the deaths occurred in emerging economies due to high prevalence rate and lack of health care services in rural areas. According to the United Nations Population Fund (2015), around 12.3% of the global population comprised people aged 60 years and above and this figure is projected to increase to 22% by 2050. Surgical intervention for the treatment of cardiovascular disorders has increased demand for percutaneous transluminal angioplasty (PTA) balloon catheter. According to a research article published by the NCBI in 2018, more than 200 million people suffer from Peripheral Artery Disease (PAD) across the globe. Therefore the increasing incidences of cardiovascular disease and growing geriatric population will help in the growth of the market.

·         Advancements in surgical procedure and surge in healthcare expenditure

Peripheral Artery Disease (PAD) majorly includes minimal invasive procedures involving the use of catheters to clear blocked arteries. Growing demand for angioplasty over conventional surgery has gained significant preference among patients due to its minimally invasive nature and better outcomes. Minimally invasive procedures have resulted in an increase in the number of laboratories for catheterization.  The paradigm shift from traditional to angioplasty surgery has resulted in an increase in catheter sales, including variants of PTA (percutaneous transluminal angioplasty). The increasing government funds and healthcare expenditure in developed and developing countries is also supporting the growth of the market.

Challenges – Balloon Catheter Market

·         Risk of Infection and artery collapse associated with balloon catheterization

Patients who undergo cardiac catheterization are at a higher risk of catheter-associated bloodstream infections due to repeated use of catheters. According to a research article published by the NCBI in 2018, some of the major risks associated with cardiac catheterization are arteriovenous fistula, myocardial infarction, hematoma/retroperitoneal bleeding, thrombosis, pseudoaneurysm embolism, and allergic reactions. Therefore, risks and complications associated with catheters may impede the growth of the market for Balloon Catheters in the coming years.

Balloon Catheter Industry Outlook

Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the balloon catheter market. In 2019, the balloon catheter market share is consolidated by the top ten players. Balloon Catheter top 10 companies are Abbott Laboratories, Edwards Lifesciences Corporation, BIOTRONIK SE & Co. KG, Boston Scientific Corporation, Medtronic plc, MicroPort Scientific Corporation, Johnson & Johnson, Jotech GmbH, Teleflex Incorporated, and Vascular Solutions, Inc. among others. In 2010, the FDA downgraded standard balloon-tipped angioplasty catheters from Class III medical devices to Class II devices with special controls, which means that companies can now bring balloon catheters to market through the 510(k) clearance process rather than the pre-market approval (PMA) process.

Acquisitions/Product Launches

• In April 2019, Becton, Dickinson and Company announced the launch of UltraScore 014 focused force percutaneous transluminal angioplasty (PTA) balloon. The UltraScore balloon is intended to dilate stenoses in the iliac, femoral, ilio-femoral, popliteal, infra-popliteal and renal arteries and for the treatment of obstructive lesions of native or synthetic arteriovenous dialysis fistulae.
• In May 2019, Cook Medical recalled the Advance Enforcer 35 Focal Force PTA balloon catheter due to the balloon bursting below the rated burst pressure.
• In December 2017, iVascular announced the release of new Oceanus 14 Pro PTA balloon catheter, which received CE mark approval to dilate stenoses in femoral, popliteal, and infrapopliteal arteries, and for the treatment of obstructive uropathy in arteriovenous dialysis fistulae.
• In October 2017, Medtronic set up the Chengdu Innovation Center in China to facilitate training for local physicians to improve healthcare efficiency in Central and Western China.
• In December 2016, BrosMed announced the U.S FDA 510(k) clearance and launch of its Hermes NC 0.035 OTW PTA, Achilles NC 0.018 OTW PTA, and Castor NC 0.014 OTW PTA balloon dilatation catheter for the treatment of patients with peripheral arterial diseases.
• In January 2016, Surmodics acquired NorMedix to strengthen its R&D capabilities and vascular device expertise.