The global angioplasty balloons market is largely consolidated with
the top three companies, namely Abbott Laboratories, Boston
Scientific, and Cordis Corporation holding a collective share of
71.7% in 2014, says a new report by Transparency Market Research
(TMR). However, new players seeking entry into the market pose threat
to existing players with competitively priced products. Nevertheless,
substantial investment for R&D and long hauls for product
approval especially in developed countries is limiting the entry of
new players. Product innovation and development of existing products
is what established players are focused on to stay ahead in the
competition.
As per a TMR report, the global angioplasty balloons market is likely
to clock a 3.5% CAGR over the forecast period from 2015 to 2023, for
the market to be valued at US$2.55 bn by the end of 2023. The demand
in the angioplasty balloons market translated into a revenue of
US$1.93 bn in 2016. Among the various product types, normal
angioplasty balloons has been the mainstay since a long time, and is
expected to continue to remain so in the forthcoming years.
Geography-wise, North America holds supremacy in the angioplasty
balloons market closely followed by Europe.
The rising number of patients suffering from coronary artery diseases
is the key factor driving the angioplasty balloons market. As per
statistics of the Centers for Disease Control and Prevention (CDC),
nearly 610,000 individuals died of complications in heart conditions
in the recent past, and nearly 8 million individuals were diagnosed
with peripheral artery disease in 2011. Furthermore, state-of-the-art
healthcare infrastructure in developed countries and a high level of
awareness among patients about the various treatment options for
heart disorders is benefitting the angioplasty balloons market in
these regions.
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A growing geriatric population susceptible to heart conditions and
increasing number of angioplasty procedures in developed countries
such as France, Belgium, Sweden, and Austria are also stoking growth
of the angioplasty balloons market. The rising demand for minimally
invasive procedures for coronary artery diseases is also fuelling the
angioplasty balloons market.
Generally, factors such as sedentary lifestyle and increasing stress
level due to professional and personal problems have led to a surge
in heart conditions. This indicates rising demand for diagnostics and
therapies to rectify heart conditions, which may require external
devices such as angioplasty balloon.
Lastly, product innovation and a significant number of product in the
pipeline are likely to add new dimensions to this market.
On the flip side, the entry of small players especially in developing
countries who offer sub-quality products at low prices is negatively
impacting the market’s growth. Low-priced products are being
adopted by economically weak people who are unable to afford branded
products offered by established players. This is impacting sales of
branded products.
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The rising popularity of medical tourism in destinations such as
India that offer local cost devices along with low cost of surgery
for coronary artery diseases is also impacting the overall
angioplasty balloons market.
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