 |
| Drug Eluting Balloon Market |
The global drug eluting balloon market has seen significant growth in the recent past years due to the advancement in medical technologies. Drug eluting balloons are used for the treatment of coronary artery disease and peripheral artery disease. In this treatment, anti-proliferative drugs are coated on an angioplasty balloon which prevents the growth of scar tissue inside the artery post angioplasty. Some key advantages of drug eluting balloons are reduced need for stents, reduced risk of restenosis, and prevention of recoiling of arteries. Major players are focusing on developing advanced drug coatings using nanoparticle and biodegradable polymer technologies to improve drug transfer and extend drug elution time. The global drug eluting balloon market is estimated to be valued at US$ 769.29 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers for the growth of drug eluting balloon market is the
increasing adoption of technologically advanced drug coatings. Players are
focusing on developing novel drug carriers and drug coating techniques using
nanoparticle and biodegradable polymer technologies. For instance, in 2019,
Medtronic received FDA approval for IN.PACT AV DCB which uses advanced
paclitaxel drug coating technology. This new coating delivers
anti-proliferative drug over longer duration to prevent renarrowing of
arteries. Similarly, players are developing sirolimus and everolimus drug
coated balloons with enhanced drug transfer capabilities. These innovations are
expected to drive the demand for drug eluting balloons over the forecast
period.
Another factor fueling the market growth is the rising prevalence of
cardiovascular diseases globally. Conditions like coronary artery disease and
peripheral artery disease have significant economic and social burden
worldwide. According to American Heart Association, in 2021 cardiovascular
diseases accounted for over 836,546 deaths in the United States. Growing
geriatric population susceptible to such diseases also contributes to the
increasing demand for drug eluting balloons.
Segment
Analysis
The global drug eluting balloon market can be segmented based on product type,
disease indication, end users, and geography. Based on product type, the market
is divided into coronary drug eluting balloon and peripheral drug eluting
balloon. The coronary drug eluting balloon segment currently dominates the
market due to increasing cases of coronary artery diseases and growing
preference for minimally invasive surgical procedures. Based on disease
indication, the market is classified into coronary artery diseases and
peripheral artery diseases. Coronary artery diseases account for the largest
share as drug eluting balloons are widely used to treat coronary stenosis and
in-stent restenosis.
PEST Analysis
Political: Governments across major countries are focussed on improving
healthcare infrastructure and funding for treatment of cardiovascular diseases.
This is driving growth of minimally invasive procedures like drug eluting
balloons.
Economic: Rising healthcare spending coupled with increasing disposable incomes
in developing nations is positively impacting the drug eluting balloon market.
The market also benefits from growing preference for cost-effective treatment
options.
Social: Growing geriatric population worldwide prone to artery diseases, higher
awareness about advantages of drug eluting balloons, and changing lifestyle
leading to cardiovascular risks are key social factors aiding market growth.
Technological: Advances in drug coating and balloon material technologies have
enhanced efficacy and safety of drug eluting balloons. New product launches
catering to specific disease areas are also expanding applications.
Key Takeaways
The global Drug
Eluting Balloon Market Share is
expected to witness high growth over the forecast period.
Regionally,
North America dominates currently due to advanced healthcare infrastructure and
high disease prevalence. However, Asia Pacific is poised to emerge as the
fastest growing regional market due to growing medical tourism, increasing
healthcare spending, and large patient pool.
Key players operating in the drug eluting balloon market are Oracle Corporation
(NetSuite Inc.), BatchMaster Software, Columbus Manufacturing, Aquilon
Software, CompuTec S.A.(ProcessForce), Datacor Chempax, DESKERA, ERPAG,
Fishbowl, Intellect, SAGE GROUP plc, and VAI - Vormittag Associates, Inc. Key
players are focussing on new product development and geographical expansion
strategies to gain higher market share.
For more insights, read- https://www.newswirestats.com/drug-eluting-balloon-market-size-and-outlook-2023-2030/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/under-the-hood-a-comprehensive-guide-to-the-automotive-parts-remanufacturing-market
0 Comments