With a CAGR of 3.4% over the forecast period, the global micro balloon catheter market is expected to be worth $416 million by 2032, up from $286 million in 2022.
A guidewire and a catheter comprise the micro balloon catheter, a novel medical device. It is inserted into the femoral artery in the leg or, in some cases, the radial artery in the arm to treat constricted blood vessels.
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Micro balloon catheters are in high demand due to the increasing prevalence of cardiovascular diseases. Micro balloon catheter sales are also boosted by minimally invasive procedures for opening blocked or narrowed coronary arteries caused by coronary artery disease (CAD).
The market for micro balloons catheters is expected to expand significantly during the forecast period due to an increase in the prevention of heart attacks and angina in patients with coronary artery diseases.
What are the Key Driving and Restraining Factors in the Micro Balloon Catheters Market?
The growing geriatric population and the rising prevalence of cardiac diseases are the major factors driving the growth of the micro balloon catheter market. The number of cardiology intervention procedures performed worldwide is increasing, which is driving up demand for micro balloon catheters.
Furthermore, the rise of interventional cardiology has facilitated the use of micro balloon catheters, and the prevalence of patients suffering from end-stage renal disease is increasing, which is driving up sales of micro balloon catheters.
Furthermore, the number of patients seeking renal replacement therapy has increased. Catheter device manufacturers are working to create more efficient and cost-effective solutions. These incidents are expected to have an impact on the future growth of the micro balloon catheter market.
Furthermore, rising investments in research and development activities involving micro balloon catheters are expected to boost demand for this product. One of the major drivers of micro balloon catheter market shares is the use of micro balloon catheters in cardiac catheterization laboratories.
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In addition, rising disposable income and healthcare spending are propelling the micro balloon catheter market forward. Several governments have reimbursement policies in place to help people with cardiovascular diseases. These factors drive the demand for micro balloon catheters.
An NGO awareness campaign about cardiac diseases is a low driving factor for the micro balloon catheter market. The growth of the micro-balloon catheter market has been fueled by new innovative balloon catheter technologies and increased product launches. Low-cost micro balloon catheter manufacturers may provide an opportunity for this market to grow in low-income countries.
However, the costs of angioplasty procedures are extremely high, and the risk of artery collapse and infection associated with balloon catheterization is expected to impede sales of micro balloon catheters, limiting market growth.
Furthermore, stringent regulatory authorities and alternative options such as bypass surgery are likely to stymie the growth of the overall micro balloon catheter market.
What is the Regional Outlook for the Micro Balloon Catheters Market?
North America is estimated to have the largest market share for micro balloon catheters, accounting for 33% of the global market share for micro balloon catheters.
However, in terms of revenue, Europe will have the largest market share during the forecast period.
The factors driving the growth of the micro balloon market in these regions are an increase in patient awareness, easy access to innovative healthcare services, and growing demand for advanced micro balloon catheters.
The increasing number of patients undergoing cardiac surgeries has increased the demand for micro balloon catheters. Micro balloon catheters are segmented on the basis of material, indication, and end-user. On the basis of 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 Micro Balloon Catheters Market?
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.
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What are the Key Trends and Notable Developments in the Micro Balloon Catheters Market?
Some of the notable developments in the micro balloon catheter market 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 the 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.
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
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