Micro Balloon Catheters Market is anticipated to reach a size of USD 410 Million at a compound annual growth rate of 3.4% by 2032 | FMI

Posted on 2024-06-27 by Future Market Insights in Healthcare, Pharmaceuticals // 0 Comments

Micro Balloon Catheters Market

The Micro Balloon Catheters Market is poised for a period of steady growth, with projections estimating it to reach USD410.3 Million by 2033. This upward trend is fueled by a rise in funding for research and development (R&D) by government bodies, particularly targeting midscale catheter manufacturers. This increased investment is expected to boost the market share of these midsize players, further propelling overall market growth.

The report by Future Market Insights (FMI) anticipates a Compound Annual Growth Rate (CAGR) of 3.3% for the micro balloon catheter market between 2023 and 2033.

The micro balloon catheter is defined as an innovative medical device, which comprises a guidewire and a catheter. It is inserted into the femoral artery in the leg or sometimes in the radial artery in the arm to treat constricted blood vessels.

The demand for micro balloon catheters is increasing due to the increasing prevalence of cardiovascular diseases. Micro balloon catheters also include minimally invasive procedures for opening blocked or narrowed coronary arteries caused by coronary artery diseases (CAD), which bolsters the sales of micro balloon catheters.

The micro balloons catheter market is likely to witness significant growth during the forecast period as there is a rise in the prevention of heart attack and angina in patients suffering from coronary artery diseases.

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What are the Key Driving and Restraining Factors in the Micro Balloon Catheters Market?

The major factors driving the growth of the micro balloon catheter market are the rising prevalence of cardiac diseases and the increasing geriatric population. There are growing cases of cardiology intervention procedures worldwide, which is fueling the demand for micro balloon catheters.

Moreover, the surge of interventional cardiology has been facilitating the utilization of micro balloon catheters, and there is a rise in the prevalence of patients affected with end-age renal diseases that are bolstering the sales of micro balloon catheters.

Furthermore, the number of patients seeking renal replacement therapy has also increased. Leading manufacturers of catheter devices are developing efficient and cost-effective solutions. These incidences are anticipated to influence the growth of the micro balloon catheter market over the coming years.

In addition to that, various factors like rising investments in research and development activities concerning micro balloon catheters are expected to boost the demand for this product. The use of micro balloon catheters in cardiac catheterization laboratories is one of the key drivers of micro balloon catheter market shares.

Moreover, a rise in disposable income and growing expenditure in the healthcare sector is fuelling the growth of the micro balloon catheter market. Several governments are providing reimbursement policies to support people suffering from cardiovascular diseases. These driving factors are responsible for the demand for micro balloon catheters.

Awareness campaign by NGOs about awareness of cardiac diseases is a low driving factor for the micro balloon catheter market. New innovative technologies and increasing product launches for balloon catheters have upsurged the growth of the micro-balloon catheter market. The manufacturing or low-cost micro balloon catheters by manufacturing companies can provide the opportunity for this market to grow in low-economic countries.

However, the costs of angioplasty procedures are very high, coupled with the risk of artery collapse and infection related to balloon catheterization, which in turn is expected to impede the sales of micro balloon catheters, restraining the market growth for micro balloon catheters.

Furthermore, there are stringent regulatory authorities and choices of alternatives such as bypass surgery that are likely to hinder the growth of the overall micro balloon catheter market.

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What is the Regional Outlook for the Micro Balloon Catheters Market?

North America is estimated to account for the largest share of micro balloon catheters market share, comprising 33% of the global market share for micro balloon catheters.

However, in terms of revenue, Europe will account for the largest share of the market during the forecast period.

The factors driving the growth of the micro balloon market in these regions are an increase in patient awareness, simple access to innovative healthcare services, and growing demand for advanced micro balloon catheters are accelerating the market growth in these regions.

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. Based on 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.

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 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 challenging coronary lesions in an efficient manner.

Micro Balloon Catheters Market 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

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By Catheter Type:

Over-The-Wire (OTW) Balloon Catheters
Rapid Exchange (RX) Balloon Catheters
Fixed-Wire (FW) Balloon Catheters

By Region:

North America
Latin America
Asia Pacific
Europe
MEA

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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