Balloon catheter is a delicate catheter device with an inflatable balloon at its tip which may be introduced into a duct or vessel and then blown up to clear the blockage. The balloon catheter is primarily used to treat heart related diseases, specifically coronary heart disease, caused due to diabetes, high blood pressure and high cholesterol level in blood. Utilization of these catheters has been consistently increasing in the health care industry and these devices have become an essential part of medical diagnostics and treatment.
Rise in prevalence of various chronic heart diseases due to high cholesterol or diabetes have increased demand for catheters in the health care industry. According to the World Health Organization, cardiovascular diseases accounted for over 17.7 million deaths in 2015; of these coronary heart disease accounted for around 7.4 million deaths. Furthermore, majority of the deaths occurred in emerging economies due to high prevalence rate and lack of health care services in rural areas. According to the United Nations Population Fund (2015), around 12.3% of the global population comprised people aged 60 years and above and this figure is projected to increase to 22% by 2050. Therefore, rise in geriatric population and demand for minimally invasive procedures are factors fueling the growth of the balloon catheters market in developed as well as in emerging economies. Recent advancements in cardiac procedures such as development of advanced cardiovascular catheter devices has fuelled the growth of the market. However, rise in incidence of catheter-associated infections restrains the market.
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The global balloon catheters market can be segmented based on product type, type of material, disease indication, and end-user. In terms of product type, the market can be classified into normal balloon catheter, scoring balloon catheter, cutting balloon catheter, stent graft balloon catheter, and drug eluting balloon catheter. Based on type of material, the balloon catheters market can be segmented into polyurethane, nylon, and other type of materials such as pebax. The polyurethane segment is expected to dominate the balloon catheters market in the near future. In terms of disease indication, the market can be segmented into coronary artery disease and peripheral vascular disease. Based on end-user, the balloon catheters market can be segmented into ambulatory surgical centers, hospitals, and cardiac catherization laboratories.
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Geographically, the global balloon catheters market can be segmented into North America, Latin America, Europe, and Asia Pacific, and Middle East & Africa. North America is a leading market for balloon catheters and is expected to dominate the global market during the forecast period. Increased patient awareness, availability of advanced health care facilities and infrastructure, and health care expenditure are the major factors fueling the growth of the balloon catheters market in the region. Asia Pacific is also a major market for balloon catheters and is anticipated to expand at a high growth rate in the next few years. Ongoing improvements in health care infrastructure and growth of medical tourism across several developing economies contribute to the growth of the market in the region.
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Major players in the global balloon catheters market are Abbott Laboratories, Edwards Lifesciences Corporation, BIOTRONIK SE & Co. KG, Boston Scientific Corporation, Medtronic plc, MicroPort Scientific Corporation, Johnson & Johnson, Jotech GmbH, Teleflex Incorporated, and Vascular Solutions, Inc.
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