Visiongain has published a new report on Balloon Catheter Market Report to 2031. Profiles of Leading Balloon Catheter Market players, Regional and Leading National Market Analysis. PLUS, COVID-19 Recovery Scenarios.
The global Balloon Catheter Market is growing significantly owing to rising surgeries, technological advancement in surgeries and growing incidence and prevalence rate of heart diseases such as Cardiovascular Disease (CVD), Coronary Heart Disease (CHD), around the globe. The rising awareness campaigns, and significant government initiatives are also creating huge scope for the Balloon Catheter market. Additionally, the rising healthcare expenditure, growing disposable income, and rising investment in R&D will create significant opportunities for the global Balloon Catheter market. However, the high cost of Balloon Catheter and rare side effects will affect the growth of the market.
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COVID-19 Impact on the Global Balloon Catheter Market
The global Balloon Catheter market has been impacted by the COVID-19 pandemic. The COVID19 pandemic turned out to be a massive roadblock for the growth of the Balloon Catheter Market. The COVID19 affected the global economy since there were serious hindrances caused due to complete lockdowns and stern social distancing measures. Initially, the COVID-19 was emerged in Wuhan city of China, in December 2019. Within few months it reached to more than 200 countries. According to worldometers, over 54.6 million cases of COVID-19 were registered till 15th November 2020, around the globe with around 1.32 million fatalities.
Market Drivers
Rising incidence and prevalence of Heart Diseases
According to WHO, CVDs accounted for over 17.7 million fatalities in 2018; out of which CHD accounted for around 7.4 million fatalities. Furthermore, majority of the deaths occurred in the low-middle income group countries due to high prevalence and lack of healthcare infrastructure. Rising surgical intervention for the treatment of cardiovascular disorders has increased the demand for percutaneous transluminal angioplasty (PTA) balloon catheter. As per NCBI (National Center for Biotechnology Information), in 2018, over 200 million people were suffered from the Peripheral Artery Disease (PAD) across the globe. The rising incidence and prevalence rate of CVDs will drive the growth of the market in near future.
Disposable income is increasing in Emerging economies
Emerging economies such as Korea, Thailand, India, and China are on a roll in gaining traction owing to the growing disposable income and cohesive government regulations. The rising disposable income will create considerable opportunities for the global Balloon Catheter market. The inclination towards advanced treatment and procedures is creating scope for the market. The balloon catheters are used during surgeries, which are expensive, however, with the increasing disposable income and adoption of robotic surgeries will drive the global Balloon Catheter Market.
Market Opportunities
Increasing healthcare expenditure
Globally, the government policies are improving the healthcare system since there is significant rise in the healthcare budget coupled with cohesive policies. The healthcare system is reformed by the governments around the globe. The rising healthcare spending has motivated the healthcare system of the world. For instance, the US spends over $10,000 per individual, which is the highest healthcare expenditure of the world. Other developed economies such as France, UK, Germany, Canada, and Spain, invests significant amount of money in the healthcare system. Even the emerging economies such as Thailand, China, Korea, India, and Korea are also increasing their healthcare expenditure.
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Rising Geriatric Population in the World
Huge pool of geriatric population is boosting the demand for the treatment for the Balloon Catheter. Older population are more likely to get expose to obesity and health issues due to overweight. Lifestyle changes and poor dietary habits has exposed huge population of older population across the world. In 2015, the United Nations Population Fund stated that around 12.5% of the global population is over 60 years and above which is expected to exceed 20.0% by 2050.
Competitive Landscape
Visiongain report covers detailed competitive landscape which includes overview of key players operating, extensive product portfolios, recent developments, among others. Some of the company’s profiled in this report include Abbott Laboratories, B. Braun Melsungen AG, Biosensors International Ltd, Biotronik, Boston Scientific Inc., Cardionovum GmbH, Cook Medical Inc., Cordis Corporation, Hexacath, Jotech GmbH, Medtronic, Meril Life Pvt. Ltd., MicroPort Scientific Corporation, QX Medical LLC, Terumo Corporation, Tokai Medical Products Inc. among others. The global Balloon Catheter market players adopt various strategies to cater the available opportunities in the market. Mergers & acquisitions, partnerships, collaborations, among others, are the key strategies adopted by the market players. For instance, in September 2020, Biotronik announce the launch of Passeo-35 Xeo PTA balloon catheter in Europe. The company states that this balloon catheter will have crossability, excellent trackability, and pushability in a wide range of sizes.
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