The balloon catheter is a flexible, tubular device with a balloon at its tip that is used to create, enlarge or remove blockage of a passageway within the body, by passing it through body channels. The balloon tip can be expanded by water or air to remove the blockage or to expand partly closed passageway during procedure. The balloon catheter used to treat heart related disease specifically coronary heart disease, which are caused due to diabetes, high blood pressure and high cholesterol level in blood. During the treatment of coronary heart disease, the balloon catheter helps to allow the blood flow from arteries by making a passageway that is blocked due to excess cholesterol by avoiding open heart surgery.
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Also, the balloon catheter plays major role in angioplasty to treat atherosclerosis by widening the narrowed or obstructed arteries or veins. As, the procedure is minimally invasive, it is economically beneficial to the patient and helps patient to get cure rapidly as compared to open surgical procedure.
Market Dynamics
Rising incidence of cardiovascular disease and coronary heart disease cases due to increase in the prevalence of diabetes, high blood pressure cases and number of smokers worldwide is expected to favor the demand for balloon catheters around the globe.
According to World Health Organization (WHO), in 2015 around 17.7 million people died due to cardiovascular disease worldwide, and out of this total deaths around 7.4 million were die due to coronary heart disease. Furthermore, the majority of deaths are occurred in emerging economies due to high prevalence rate and lack of healthcare services in rural areas.
Also, increasing aging population and rising demand for minimally invasive procedures are the other factors leading to the growth of balloon catheters market in developed as well as emerging economies.
As per United Nations Population Fund, people aged 60 years and above accounted for 12.3% of the global population in 2015, which is expected to increase to 22% by 2050. The factors behind aging population in developed region are developed healthcare services and access of healthcare facilities to people, better nutrition, sanitation and economic development.
Increase in coronary artery disease prevalence and preference for minimally invasive procedure expected to favor the growth of balloon catheters market in the near future
North America accounts for the largest share in the global balloon catheters market, followed by Europe. This is mainly attributed to rapidly aging population, increase in incidence rate of diabetes and increase in number of heart attack and coronary artery disease cases in this region. As per the stats published by Centers for Disease Control and Prevention (CDC), in 2012, around 29.1 people were living with diabetes in the U.S. Furthermore, in 2012, 1.7 million people were newly diagnosed for diabetes in U.S.
The balloon catheters market is expected to show high growth rate in Asia-Pacific region over the forecast period supported by increase in prevalence rate of lifestyle disease such as diabetes. According to World Health Organization (WHO), in 2016, around 110 million people were living with diabetes in China and this number is expected to reach 150 million in 2040 due to unhealthy habits and lack of physical activity.
Also, the increase in minimally invasive procedure expected to raise the demand for balloon catheters in developed and emerging regions during forecast period, as minimally invasive treatment help patients to get cure rapidly, helps to avoid open heart surgery and also prevent loss of blood during surgery.
Also, the minimally invasive procedures takes less time to perform the surgery and patient can be released from hospital on same day of surgery. This helps to patient to start their daily routine early as compare to open heart surgery also it reduces the chances of complexity occurs after the surgery.
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High cases of coronary artery disease and heart surgery procedures is expected to fuel the growth of balloon catheters market
Factors such as high incidence of coronary artery diseases with increasing heart surgery procedures will propel growth in balloon catheters market. For instance, according to National Health Service (NHS), around 20,000 coronary artery bypass surgery is performed annually in England. According to Coronary Artery Disease among Asian Indians (CADI) Research Foundation, around 60,000 coronary artery bypass surgery performed every year in India. The same source highlights that the number of coronary artery bypass surgery will keep on rising due to increasing geriatric population with diabetes cases and high blood cholesterol level.
However, factors such as low health insurance in emerging countries such as India and China, lack of awareness about invasive surgery among patients, and enormous cost of surgery makes this procedure unapproachable among the masses, which may hinder the growth of balloon catheters market.
Market Taxonomy
This report segments the global balloon catheters market on the basis of product material and geography. On the basis of material, the market is categorized into polyurethane, nylon and other type of materials such as pebax. Among these, the polyurethane segment dominate the balloon catheters market throughout the forecast period. On the basis of geography, the market is divided into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among all regions, North America contributes major market share supported by increased incidence rate of cardiovascular disease and growing inclination of the populace towards minimally invasive procedures.
Global Key Players:
The key players operating in balloon catheters market are Abbott Laboratories, Becton Dickinson And Company, Boston Scientific Corporation, Bard Medical Division, B. Braun Melsungen AG, Johnson & Johnson, Teleflex Incorporated, Medtronic, Plc, Edwards Lifesciences Corporation, OrbusNeich and Vascular Solutions, Inc.
Detailed Segmentation:
• Global Balloon Catheters Market, By Material:
◦ Polyurethane
◦ Nylon
◦ Others
• Global Balloon Catheters Market, By Geography:
◦ North America
▪ North America Balloon Catheters Market, By Material:
• Polyurethane
• Nylon
• Others
▪ North America Balloon Catheters Market, By Country:
• U.S.
◦ U.S. Balloon Catheters Market, By Material
▪ Polyurethane
▪ Nylon
▪ Others
• Canada
◦ Canada Balloon Catheters Market, By Material
▪ Polyurethane
▪ Nylon
▪ Others
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