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 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Drug eluting balloon is a catheter with an inflatable balloon coated with an antiproliferative drug which is used to treat narrowed or blocked arteries in the body to improve blood flow. It is an alternative to drug eluting stents and aims to reduce the risk of in-stent restenosis. The drug coated on the balloon surface prevents excessive cell growth which causes the artery to narrow again after the procedure. Drug eluting balloons are majorly used to treat peripheral artery disease in limbs and coronary artery disease. Their advantage lies in delivering drug locally without leaving any permanent implant in the artery.
Market key trends:
One of the major trends in the drug eluting balloon market is the growing preference towards drug coated balloon angioplasty over plain old balloon angioplasty and drug eluting stents. This is attributed to its potential advantages such as single administration of drug, no metallic implant, and lower risk of restenosis. Manufacturers are also focusing on development of drug eluting balloons coated with newer antiproliferative drugs such as paclitaxel and limus drugs with higher efficacy and safety. Furthermore, rising usage of drug eluting balloons for treating in-stent restenosis and small vessel diseases is supplementing the market growth.
Porter’s Analysis
Threat of new entrants: The market requires extensive research and development as well as regulatory approvals which makes it difficult for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute therapies for vascular diseases.
Bargaining power of suppliers: A few major players dominate the supply market, giving them significant bargaining power over buyers.
Threat of new substitutes: Substitutes include angioplasty, atherectomy, stents and bypass surgery. However, drug eluting balloons enable localized drug delivery with fewer complications.
Competitive rivalry: Major players compete on the basis of technology, clinical data, product differentiation and pricing.
Key Takeaways
The Global Drug Eluting Balloon Market Size is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing prevalence of cardiovascular and peripheral vascular diseases.
Regional analysis
North America dominates the global market owing to increasing incidence of cardiovascular diseases, developed healthcare infrastructure and high adoption of advanced medical technologies in the region. Asia Pacific is expected to exhibit the fastest growth during the forecast period due to growing medical tourism industry, rising healthcare spending and increasing patient population.
Key players
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. Medtronic and Boston Scientific Corporation together account for majority of the market share due to their diverse product portfolio and strong geographical presence.
For more details on the report, Read- https://www.newsanalyticspro.com/drug-eluting-balloon-market-trends/
