The global Drug Eluting Balloon Market is estimated to be valued at US$ 616.6 million in 2022 and is expected to exhibit a CAGR of 8.3% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Drug eluting balloons are medical devices used in interventional cardiology procedures to deliver drugs directly to the targeted lesion. These balloons are particularly effective in preventing artery re-narrowing after angioplasty and stent placement. The advantages of drug eluting balloons include reduced rates of restenosis, decreased need for repeat procedures, and improved patient outcomes. The increasing prevalence of cardiovascular diseases, such as coronary artery disease and peripheral arterial disease, is driving the demand for drug eluting balloons.
B) Market Key Trends:
One key trend in the drug eluting balloon market is the development of advanced coatings for drug eluting balloons. Manufacturers are investing in research and development activities to improve the properties and efficacy of drug delivery systems. For instance, Medtronic developed the IN.PACT Admiral drug eluting balloon with a unique coating called FreePac, which provides controlled drug release and reduces inflammation. This coating helps in minimizing complications and improving patient outcomes.
C) PEST Analysis:
Political: The political landscape plays a crucial role in the Drug Eluting Balloon Market, as government regulations and policies impact product approvals and market access.
Economic: Economic factors, such as healthcare expenditure and reimbursement policies, influence the adoption of drug eluting balloons.
Social: The increasing elderly population and lifestyle changes leading to a higher incidence of cardiovascular diseases are social factors driving the market.
Technological: Advancements in technology, such as the development of innovative coatings and drug delivery systems, are shaping the drug eluting balloon market.
D) Key Takeaways:
- The global drug eluting balloon market is expected to witness high growth, exhibiting a CAGR of 8.3% over the forecast period, due to increasing prevalence of cardiovascular diseases and advancements in technology.
- Regionally, North America is the fastest-growing and dominating region in the drug eluting balloon market, due to a high burden of cardiovascular diseases and well-established healthcare infrastructure.
- Key players operating in the global drug eluting balloon market include 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.
In conclusion, the global drug eluting balloon market is experiencing significant growth due to the increasing prevalence of cardiovascular diseases. Advancements in technology, such as advanced coatings for drug eluting balloons, are further driving market growth. North America is the fastest-growing region in the market, dominated by key players such as Medtronic and Boston Scientific Corporation. With the rising demand for effective treatment options for cardiovascular diseases, the drug eluting balloon market is expected to witness sustained growth in the coming years.
