The global market for angioplasty balloons is likely to have a dense and highly dynamic competitive scenario of the years ahead, states Transparency Market Research (TMR) in a research report. The core players namely Abbott Laboratories, Cordis Corporation, and Boston Scientific held a share of 71.7% collectively in 2014 in the global angioplasty balloons market. TMR also states that the existing players might be threatened by the entry of new players in the market over the next couple of years, but the threat might stay moderate for some time now. This is mainly due to the expensive research and development involved in this field and the strict government policies that tend to differ from region to region. Moreover, the growth of the market is likely to have a slow place to make enough scope for the entry of new players. The race to stay ahead has given rise a plethora of innovations taking and product launches.
According to a TMR analyst, “The global market for angioplasty balloons is likely to witness a 3.5% CAGR from 2015 to 2023. The market is expected to rise from a valuation of US$1.93 bn in 2016 and is anticipated to reach US$2.55 bn by 2023.” The segment of normal balloons is anticipated to lead the global market for angioplasty balloons for the years to come. Nevertheless, the segment of drug coated balloons is likely to gain popularity over the coming years. Region-wise, the market is dominated by North America closely trailed by Europe. It is expected that North America will continue leading it reaching a valuation of US$993.70 mn by the end of 2023.
Demand for Angioplasty Balloons Rising with Coronary Artery Disease Rising
"As indicated by the CDC, almost 610,000 deaths have taken place every year in the U.S. alone because of heart maladies as of late. This number is required to increment significantly further," states a TMR expert. He further includes, "There were about 8 mn individuals in the U.S. experiencing peripheral artery sickness in 2011. These numbers are likewise set to increment after some time, because of elements including the quick expanding geriatric populace, the rising number of diabetics and obese natives, and the general increment in negative way of life decisions and high anxiety levels. These numbers just point to a developing demand for medicinal gadgets, operative devices, and embeds."
With the quantity of coronary surgeries anticipated that would increment radically in the coming years, the interest for angioplasty balloons will in like manner indicate increases.
Competition to Act Negatively on Revenues
Despite the fact that the entry rate by new angioplasty balloons producers is modest, the current players have as of late been embracing outrageous evaluating techniques to pick up market entrance and share. The price cuts they put on angioplasty balloons is getting them more clients, however is definitely diminishing the general income created in the market from a worldwide viewpoint.
As expressed by Healing Hearts, the costs of angioplasty balloons alongside other gears have decreased by nearly 40% in the most recent decade in India, one of the significant destinations for medical tourism worldwide. This is seriously harming the extent of innovative work endeavors facilitated by driving players and is required to hamper the market development rate extensively soon. Producers can rather concentrate on the arrival of new items as of now in the pipeline. The accomplishment of these items will enormously enhance the demand for angioplasty balloons and the general development rate of its worldwide market.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Angioplasty Balloons Market (Product - Normal Balloon Catheter, Drug Coated Balloon Catheter, Cutting Balloon Catheter, and Scoring Balloon Catheter; Material - Non-compliant Material and Semi-compliant Material) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Key segments of the Global Angioplasty Balloons Market:
Global Angioplasty Balloons Market, by Product Type
- Normal Balloon Catheter
- Drug Coated Balloon Catheter
- Cutting Balloon Catheter
- Scoring Balloon Catheter
Global Angioplasty Balloons Market, by Material Type
- Non-compliant Material
- Semi-compliant Material
Global Angioplasty Balloons Market, by Geography
- North America
- Asia Pacific
- Rest of the World
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