Visiongain has published a new report on Angioplasty Balloons Market Report to 2031: Forecasts By Product Type (Normal, Drug-Eluting, and Cutting & Scoring Balloons), By Application (Coronary Artery Disease and Peripheral Artery Diseases) PLUS COVID-19 Recovery Scenarios.
How has COVID-19 Impacted on Angioplasty Balloons Market
COVID-19 pandemic adversely affected over 200 countries worldwide. Companies have been pressured to upsurge production capacity and raise the supply of products and other commodities. The pandemic has negatively impacted all the markets and industries across the world. Visiongain has evaluated the current and possible impact of the pandemic on the global Angioplasty Balloons industry, in terms of technologies employed and the materials consumed. Some market segments will overcome the hurdles however others will stay mostly unchanged. This forecast draws geographical effects with numerous distinct industries.
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Market Drivers
Rise in the Number of Cardiovascular Diseases to Fuels the Angioplasty Balloon Market
A rising number of chronic diseases such as cardiovascular diseases which include coronary heart disease, peripheral disease, and diabetes upsurge the angioplasty balloon market value, as per the World Health Organization (WHO), the common reason for death is cardiovascular diseases (CVD) across the world. Also, as per the Centers for Disease Control and Prevention (CDC), nearly 1.70 million people die from a chronic disease every year in the USA. The occurrence of chronic disorders is expected to surge in the coming years. Furthermore, the increasing geriatric population suffering from heart diseases and diabetes is likely to generate a higher demand for an angioplasty balloon in the given timeframe.
The Growth in the Demand for Angioplasty Balloon among Population
An estimation by the world health organizations (WHO), nearly 3.4 million people are suffering from heart diseases in North America. The rising healthcare services including angioplasty in the region, are contributing to market growth. Furthermore, North America is a center of technological innovations and developments of new products for angioplasty balloons, which aids to propel the market for angioplasty balloons at a certain level.
As technology progress, the demand for minimally invasive methods is growing, which has augmented the use of angioplasty balloons, offering an essential lift to the target industry. It has overtaken the conventional procedures, as it has a great success rate and is minimally invasive. The key players operating in the market are heavily spending in the research & development activities will have positive future aspects.
Market Opportunities
Inclination towards Drug-coated Balloons growing at pace.
Drug-coated angioplasty balloons have been gaining traction in current years. The acceptance of these balloons is due to its several advantages such as greater safety and efficiency, subsequently improving blood flow to recovering from the life-threatening condition. For instance, in April 2018, Medtronic announced that the company received approvals from Japanese officials to sell its IN.PACT Admiral drug-coated balloon (DCB) in Japan. Medtronic is the first company to enter the Japanese drug-coated balloons market. Moreover, in May 2018, Med Alliance SA announced that the company has raised $ 37 million to develop and commercialize the first sirolimus micro-reservoir drug-coated balloon, namely - SELUTION DCB to treat people suffering from coronary artery disease (CAD), arteriovenous fistulas (AVF) peripheral artery disease (PAD), and grafts (AVG) for end-stage renal disease.
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Competitive Landscape
Key players operating in the global Angioplasty Balloons market are Boston Scientific Corporation, Medtronic PLC, Spectranetics Corp., Becton, Dickinson, and Company (C. R. Bard, Inc.), Abbott Laboratories, Cook Medical, Inc., Cardinal Health (Cordis), ENDOCOR GmbH, and Johnson & Johnson.
The key players have adopted new product development, product launches, product approval, agreement, partnerships, and merger as its key business development strategies to tap into the global Angioplasty Balloons market. For instance, on 16th June 2020, INFINITY announced the launch of U.S. FDA sanctioned Infinity Angioplasty Balloon Catheter for Percutaneous transluminal angioplasty to treat peripheral arterial disease. On 2nd April 2020, SIS Medical publicized that the company has gained authorization for its high-pressure balloon catheter OPN NC - Super High-Pressure PTCA Balloon in India.
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