by The drug eluting balloon market is estimated to be valued at US$ 667.78 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Drug eluting balloons are balloon catheters coated with an antiproliferative (anti-growth) drug to prevent tissue growth inside an artery. These balloons are used to treat vascular diseases like peripheral artery disease. The coated drugs are absorbed by the arterial walls during balloon inflation to prevent renarrowing (restenosis) of arteries. They provide a minimally invasive alternative to stenting and prevent repeat surgeries in patients.
Market Dynamics:-
The drug eluting balloon market is primarily driven by technological advancements in balloon materials and drug coating technologies. Key players are focusing on developing novel drug delivery mechanisms and biodegradable polymers for optimal drug elution and efficacy. For instance, Medtronic offers IN.PACT Admiral drug-coated balloon with paclitaxel coating for effective site-specific drug delivery. Advancements have increased procedural success rates and reduced complications. Additionally, growing geriatric population suffering from artery diseases and rising obesity rates increasing the risk of peripheral artery diseases are estimated to boost the demand for drug eluting balloons over the forecast period.
SWOT Analysis:-
- Strength: Drug eluting balloon market is growing due to increasing demand for minimally invasive procedures. It offers lower restenosis rates and reduces need for reintervention. The technology is safe and effective for treating vascular diseases.
- Weakness: High cost of devices limits widespread adoption. Lack of skilled personnel for operating complex devices in developing regions.
- Opportunity: Rising geriatric population and increasing incidence of vascular diseases creates demand. Emerging economies provide growth opportunities due to expanding healthcare infrastructure and large patient base.
- Threats: Strict regulatory approvals delay product launches. Reimbursement issues and dominance of alternative treatment methods are challenges.
Key Takeaways:-
The Global Drug Eluting Balloon Market Growth is expected to witness high, exhibiting CAGR of 8.3% over the forecast period, due to increasing prevalence of vascular diseases. The market size for 2023 is US$ 667.78 Mn.
Regional analysis related content comprises North America dominates the market owing to rising healthcare expenditure and availability of advanced treatment options. Asia Pacific exhibits fastest growth due to large patient population, developing healthcare infrastructure and rising medical tourism.
Key players related content comprises Key players operating in the drug eluting balloon market are Medtronic, Becton Dickinson and Company (BD), Boston Scientific Corporation, Cook Medical, B. Braun Melsungen AG, Koninklijke Philips N.V., Opto Circuits (India) Limited, Terumo Corporation, Surmodics, Inc., and Biotronik.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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