PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388777
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388777
Abiomed is associated with a notable increase in heart-related illnesses. Moreover, coronary artery disease occurs due to a lack of blood flow to the heart, a potentially fatal condition leading to cardiac arrest. Thereby, an angioplasty procedure, which cleans the blocked and narrow blood veins, needs to be used to treat a patient with such a medical condition. In line with this, during an angioplasty, insertion of a small balloon-tipped catheter into the blood vessel and subsequently inflated at the blockage site to widen the constricted arteries.
The angioplasty balloons market is being boosted by the exponentially rising prevalence of coronary heart disease caused by the geriatric population. The factors that are anticipated to propel the market include the increasing demand for minimally invasive procedures and the increased occurrence of lifestyle-related disorders. Moreover, there is a rising preference for drug-coated angioplasty balloons that offer superior efficacy, safety, and improved blood flow throughout the body. This has also minimized the use of vessel implants like stents, which might cause vessel fractures. In addition, numerous technological advancements, including the increase of imaging technologies, and the introduction of innovative variants that can be implanted without a requirement for general anesthesia, are also trending as major growth-inducing factors. On the other hand, the rising number of product recalls and clinical risks associated with surgeries are expected to inhibit market growth.
The global angioplasty balloons market is segmented on the basis of type, application, end use, and region.
The market is divided into four categories based on type: scoring balloons, normal balloons, cutting balloons, and drug-eluting balloons. The normal balloons segment is likely to possess the largest revenue share over the forecast period. The segment is attributed to the low cost of these devices, favorable reimbursement policies, and supportive government regulations and submission processes for approval. Moreover, drug-eluting balloons are attributed to witnessing significant demand growth due to the favorable reimbursement policies that led to increased sales of DEBs.
The market is divided into two categories based on application: coronary and peripheral. The coronary segment is attributed to maintaining its dominance over the forecast period. The segment is attributed to the high incidence of coronary artery disorders, which are the most common type of heart disease. Moreover, the peripheral segment is projected to witness the highest growth rate due to the rising number of approvals for novel products. Additionally, the availability of advanced products and rising awareness about diseases concerning peripheral arteries are expected to duel the segment's growth.
Geographically, the angioplasty balloons market is analyzed into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented as per the nations bringing business. North America is likely to dominate the angioplasty balloons market in terms of market share and will continue to flourish its dominance over the forecast period. This is due to the rise in the expenditure for research and development proficiencies, the presence of market players in the region, and the increasing prevalence of cardiovascular disorders. Moreover, Asia-Pacific is attributed to exhibit the highest growth rate owing to the rising government expenditure on the healthcare sector, rising personal disposable income, and ever-rising geriatric population base.
Growing health consciousness among consumers, extensive research and development (R&D) activities, and improving healthcare infrastructure in the field of medical sciences are some of the other factors that are projected to drive the market further. Moreover, surging awareness about the benefits of minimally invasive surgical procedures, untapped potential of the emerging markets, ever-rising technological advancement and innovation of new instruments, rising launch of new innovative products, and surging prevalence of coronary and periphery artery diseases in the underdeveloped economies will further generate lucrative market growth opportunities. For instance, in January 2023, MedAlliance announced that the company's sirolimus-eluting balloon with sustained litmus release (SLR), the Solution SLR, has received conditional approval from the FDA for an investigational device exemption (IDE) to begin a major clinical trial for the device in the treatment of coronary de novo lesions.
For instance, in December 2022, Johnson & Johnson, announced its purchase of Abiomed, Inc. Abiomed is currently a part of Johnson & Johnson and will function as a separate entity inside Johnson & Johnson's MedTech division.
The scope of this report covers the market by its major segments, which include as follows: