Drug-eluting balloons refer to semi-compliant angioplasty balloons that are coated with anti-proliferative medications and are dispersed in the walls of blood arteries following balloon inflation, which is typically done at minimal pressures. These balloons greatly reduce cellularity and remove the need for repeated vascularization. The increasing vascular disease rates, increased product advancements, and rising elderly population are all contributing to increasing demand for the drug-eluting balloon in the healthcare industry. However, the global drug eluting balloon market is predicted to develop slowly owing to the high cost of processes and goods, as well as tight regulatory rules.
Increasing Initiatives from Government and Private Players to Drives Sales Opportunities in the Market
Over the last decade, the healthcare infrastructure has seen significant changes as technology has advanced and healthcare research has exploded. Some of the causes driving demand for drug eluting balloon catheters are increasing incidences of obesity, an aging population, and a rise in occurrence of coronary artery disease. Stents that are utilized with a balloon catheter are referred to as balloon expandable stents, as opposed to self-expandable stents, which are often composed of nitinol alloy.
The global drug eluting balloon market is also benefiting from the increasing adoption of angioplasty balloons for patients who do not gain from percutaneous coronary intervention (PCI). Governments and other organizations are increasingly supporting research and providing financing to further develop drug eluting balloon catheters.
Drug eluting devices are used to lessen the incidence of restenosis and are most commonly connected with cardiac problems. Over the next 10 years, the market for peripheral drug-coated balloon catheters is expected to expand at a stable growth rate. As the benefits of drug-eluting balloon catheters are discovered and treatments become more inexpensive, the use of these catheters for peripheral artery operations is expected to rise.
Demand for coronary artery disease drug eluting balloon catheters is expected to account for over 80% of market share when it comes to value in the indication segment. Despite a small market share, the demand for drug-eluting balloon catheters for peripheral vascular disease is expected to grow at a stable CAGR in the years to come. With additional angioplasty balloons being studied and manufactured, sales of peripheral drug-coated balloon catheters are expected to rise as well.
Cardiovascular illnesses are a serious public-health concern. Peripheral artery disease (PAD) is a prevalent kind of peripheral vascular disease that affects persons over the age of 65 years. PAD causes the walls of arteries to thin, slowing blood flow. Although it most usually affects the peripheral areas, it can also damage the arteries that bring blood from the head to the heart, kidneys, and stomach. Given the rising prevalence of cardiovascular illnesses, it's critical to comprehend the elements that influence the extent of the diseases and the effective treatment choices available. A number of governmental and private players are making serious efforts through various initiatives in reducing the prevalence of cardiovascular disease. Governments as well as physicians and in industrialized nations have begun to inform the common people about PAD.
Every September, medical device firms, doctors, payers, and health care providers in the U.S. commemorate 'PAD Awareness Month.' During the awareness initiative, they strive to inform people about the ill effects of PAD and how to manage it. Several government agencies are funding research groups to help them produce drug-eluting balloons that are more successful in treating cardiovascular disorders. In the forthcoming years, this is anticipated to boost the global drug eluting balloon market.
North America and Asia Pacific to Lead the Market due to High Prevalence of Cardiovascular Illnesses
North America region is expected to account for a prominent share in the global drug eluting balloon market. High rate of treatment as well as diagnosis of cardiovascular illnesses and increasing spending on healthcare is anticipated to augur well for the drug eluting balloon market in North America. Besides, greater penetration of innovative products along with favorable reimbursement policies is expected to drive sales growth in the regional market.
However, the expiration of TPT reimbursement on medication eluting balloons in December 2017 and ' tight regulatory system in the U.S. are expected to limit the drug eluting balloon market's growth in North America over the next two to three years. Due to the growing senior population, need for higher quality of care, and rise in the prevalence of cardiovascular illnesses in the area, the drug eluting balloon market in Asia Pacific is expected to provide substantial potential throughout the projected period.
The global drug eluting balloon market has been segmented as follows: