Rising Incidences of Cardiovascular Diseases of Drug Eluting Balloon Market
The global drug eluting balloon market is estimated to be valued at US$ 667.78 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Drug eluting balloon technology has several advantages over conventional balloon angioplasty and bare-metal stents. It provides localized drug delivery to the treatment site and prevents growth of scar tissue or neointimal hyperplasia which causes restenosis. The drugs used in drug coated balloons such as paclitaxel are highly effective in inhibiting neointima formation. Drug eluting balloons also avoid issues of late stent thrombosis associated with drug eluting stents.
Weakness: Drug eluting balloon technology is comparatively new and long term safety and efficacy data is still emerging. There are also concerns regarding incomplete drug transfer to vessel walls during balloon inflation. Procedural costs of drug eluting balloons are higher than conventional balloons.
Opportunity: Rising prevalence of cardiovascular diseases and peripheral artery diseases globally presents significant growth opportunities. Increasing adoption in treatment of in-stent restenosis also expands market potential. Emerging applications in treatment of superficial femoral artery occlusion can further augment demand. Growing efficacy data will support wider uptake.
Threats: Strong competition and pricing pressure from drug eluting stents may hamper rapid adoption. Stringent regulatory approvals also affects market access and sales. Reimbursement challenges in developing nations also pose a threat to market expansion.
Key Takeaways
The Global Drug Eluting Balloon Market Growth is expected to witness high over the forecast period of 2023 to 2030 supported by rising incidence of cardiovascular and peripheral artery diseases. The market size is estimated to reach US$ 667.78 Mn by 2023 registering a CAGR of around 13%.
Regional analysis indicates that North America currently dominates the market owing to developed healthcare infrastructure and increasing revasculariation procedures. Asia Pacific is anticipated to be the fastest growing regional market supported by large patient pool, improving access and favorable government policies. Countries like India, China and Japan will be major revenue generators.
Key players operating in the drug eluting balloon market are Cato Manufacturing Ltd, Culver Props, Inc., Delta Electronics, Inc., Dowty Circuits Limited, Hartzell Propeller, Inc., McCauley Propeller Systems, Inc., and Sensenich Propeller Service, Inc. Major players are focusing on new product launches, clinical trial data and expansions to consolidate market presence. Partnerships and acquisitions are also key strategies to drive sales.
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