The rise in the geriatric population could result in an exponential increase in Coronary heart disease prevalence, which, in turn, is propelling the angioplasty balloons market. For instance, as per the report from the American Heart Association on heart disease and stroke, in 2017, over approximately 800,000 deaths occured due to cardiovascular disease. Additionally, factors such as the rising prevalence of lifestyle-related disorders and increasing preference for minimally invasive procedures are fueling the growth of the angioplasty balloons market. However, high costs associated with the procedure and stringent safety regulations could adversely affect the angioplasty balloons market.
Key Market Trends
Hospitals Segment is expected to dominate the Angioplasty Balloons market
The hospital segment is expected to dominate the overall angioplasty balloons market. The factors attributing to the dominance of this segment are enhanced healthcare infrastructure, availability of skilled labor, and affordability. The rise in patient pool, owing to substantial growth in the geriatric population suffering from lifestyle diseases, such as atherosclerosis and heart failure, is expected to enhance revenue generations of the hospitals. Moreover, compared to conventional surgeries, the benefits of minimally invasive surgeries such as reduced surgical pain, injury, scarring, hospital stay, higher accuracy, and speedy recovery time are encouraging more patients to opt for MIS surgeries, which is expected to boost the market growth. Moreover, high accessibility and affordability of hospitals, as compared to the specialty clinics, are expected to attract a large patient population.
North America is the largest market for Angioplasty Balloons market
North America accounted for the maximum revenue share. The local presence of key industry players, the change in U.S. FDA policy, and growing number of percutaneous coronary interventions are the primary drivers of the region. Asia Pacific is expected to be the most lucrative regional market on account of growing healthcare expenditure and positive government support.
In addition, increased investments by major market players in the region are estimated to augment the market during the forecast years. For instance, in November 2016, Cardinal Health signed an agreement with Kaneka. Through this agreement, the company acquired distribution rights to Kaneka's PTCA balloon catheters in the Middle East and Africa (MEA), Europe, Latin America (LATAM), and Asia Pacific regions.
Angioplasty Balloons market is a highly fragmented with the presence of many prominent players. Players are focusing on the major collaborations, mergers, and acquisitions in order to enhance their market share. Market players are also focusing on R&D to improve product quality and minimize manufacturing costs, developing novel products to improve the patient compliance and safety. Some of the key developments in the market are, in August 2018, Bangalore-based S3V Vascular Technologies Private Limited, a medical devices manufacturing company launched Nextgen PTCA (Percutaneous Transluminal Coronary Angioplasty) Balloon Catheters into the domestic market.
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