Drug eluting balloons are medical devices used to treat arterial diseases like atherosclerosis in arteries carrying blood to the heart and brain. These balloons have anti-proliferative drugs coated on their outer surface which deliver the drugs to the arteries locally during angioplasty helping prevent restenosis. Drug eluting balloons provide an alternative to drug eluting stents for patients undergoing balloon angioplasty.
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 8.6% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the primary drivers fueling the growth of the drug eluting balloon market is the increasing incidence of cardiovascular diseases globally. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of deaths worldwide, accounting for over 17.9 million deaths every year. More people die annually from cardiovascular diseases than from any other cause. Therefore, rising disease burden coupled with advantages offered by drug eluting balloons over drug eluting stents is projected to drive higher market demand over the forecast period. Additionally, growing geriatric population who are more susceptible to cardiovascular diseases also contributes to the market growth. However, risks and complications associated with angioplasty and requirements of skilled healthcare professionals for the procedure may hinder the market growth during the forecast period.
SWOT Analysis
Strength: Drug eluting balloons offer several advantages over traditional angioplasty balloons and drug-coated stents. They allow for the delivery of anti-proliferative drugs directly to the site of injury in the arteries, preventing re-stenosis. This minimally invasive technique also reduces trauma to arterial walls. Furthermore, drug eluting balloons do not leave behind a permanent implant, thereby reducing the risk of complications like stent fractures.
Weakness: Drug eluting balloons require meticulous technique during placement and inflation to ensure adequate and uniform drug transfer to arterial walls. There is also a increased risk of vascular injury if the balloon is overinflated. Additionally, long term safety and efficacy data for some drug eluting balloons is still lacking in comparison to drug-coated stents.
Opportunity: Rising geriatric population worldwide contributes to the increasing burden of cardiovascular and peripheral vascular diseases. This widen the patient pool for endovascular treatments like drug eluting balloons. Further technological advancements can help overcome existing shortcomings of these balloons.
Threats: Stiff competition exists from drug-coated stents and newer technologies like bioresorbable scaffolds. Strong brand loyalty towards established cardiovascular devices poses challenge for drug eluting balloons to gain wider acceptance. Regulatory hurdles in approval processes across regions can also hamper market growth prospects.
Key Takeaways
The Global Drug Eluting Balloon Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis reveals that North America currently dominates the market owing to rapid uptake of advanced medical technologies. Europe and Asia Pacific regions are projected to experience fastest growth rates supported by rising healthcare investments, expanding patient populations and growing medical tourism.
Key players operating in the drug eluting balloon market are Oracle Corporation (NetSuite Inc.), BatchMaster Software, Columbus Manufacturing, Aquilon Software, CompuTec S.A.(ProcessForce), Datacor Chempax, DESKERA, ERPAG, Fishbowl, Intellect, SAGE GROUP plc, and VAI - Vormittag Associates, Inc. The major players are focused on strengthening their product portfolios through partnerships, acquisitions and technological collaborations. For instance, in 2022 Oracle Corporation acquired medical device connectivity company Handylab to expand its healthcare segment.
Get more insights on this topic :
Check more trending articles on this topic:
https://shoutingstars.com/the-rising-future-of-hydrogen-an-eco-friendly-fuel-for-a-greener-tomorrow
English
Arabic
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian