The anticipated size of the micro balloon catheter market in 2022 was USD 286.7 million and is estimated to be USD 295.8 million in 2023.
Boosting of midscale catheter manufacturers with regards to a rise in a high market share as a result of an increase in funding by various government bodies toward research and development activities is anticipated for the promotion of market growth during the forecast period.
According to FMI analysis, the micro balloon catheter market is anticipated to expand at a CAGR of 3.3% between 2023 and 2033, totaling around USD 410.3 million by 2033.
Micro balloon catheter is defined as an innovative medical device, which comprises a guidewire and a catheter as it is inserted into the femoral artery in the leg or sometimes in the radial artery in the arm to treat constricted blood vessels.
Demand for micro balloon catheters is increasing due to the increasing prevalence of cardiovascular diseases. Also, micro balloon catheters include minimally-invasive procedures for opening blocked or narrowed coronary arteries caused by coronary artery diseases (CAD), which is bolstering the sales of micro balloon catheters.
The micro balloons catheter market is likely to witness significant growth during the forecast period as there is a rise in the prevention of heart attack and angina in patients suffering from coronary artery diseases.
| Attributes | Details |
|---|---|
| Projected Forecast Value (2022) | USD 286.7 million |
| Projected Forecast Value (2023) | USD 295.8 million |
| Projected Forecast Value (2033) | USD 410.3 million |
| Growth rate | 3.3% CAGR |
| Forecast period | 2023 to 2033 |
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The global micro balloons catheter market expanded at a CAGR of 2.8% between 2018 and 2022. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 3.3% between 2023 and 2033.
The rising number of surgeries due to an increase in the number of chronic ailments is anticipated to boost the adoption rate of catheters, hence driving the growth of the market. Further, repetitive usage of catheters leads to catheter-associated urinary tract infections (CAUTIs) and central line-associated bloodstream infections (CLABSIs).
Patients having weak immune systems tend to require frequent hospitalization in healthcare facilities as they generally suffer from chronic disorders. Moreover, patients are also expected to be at high risk due to infection the frequency of the usage of the catheter for accessing the blood vessels rises. Companies hence introduced antimicrobial catheters for the reduction of catheter-associated infection and the growth in cases of thrombosis.
Catheters coated with anti-microbial linings considerably boost the growth of the catheter market where silver ion or antibiotic coatings are mainly used at the exit site of the catheter or for locking the tip with an anti-microbial solution.
Rising Prevalence of Cardiac Diseases and the Increasing Geriatric Population
Key factors driving the growth of the micro balloon catheter market are the rising prevalence of cardiac diseases and the increasing geriatric population. Also, growing cases of cardiology intervention procedures worldwide thus fueling the demand for micro balloon catheters.
Rise of Interventional Cardiology Facilitating the Utilization of Micro Balloon Catheters
The surge of interventional cardiology has been facilitating the utilization of micro balloon catheters, and there is a rise in the prevalence of patients affected with end-age renal diseases that are bolstering the sales of micro balloon catheters.
The number of patients seeking renal replacement therapy has also increased. Also, leading manufacturers of catheter devices are developing efficient and cost-effective solutions. Further, incidents are anticipated to influence the growth of the micro balloon catheter market over the coming years.
Various factors like rising investments in research and development activities concerning micro balloon catheters are expected to boost the demand for this product. The usage of micro balloon catheters in cardiac catheterization laboratories is one of the key drivers of micro balloon catheter market share.
Growth in Expenditure in the Healthcare Sector Fuels the Growth of the Micro Balloon Catheter Market
The rise in disposable income and growing expenditure in the healthcare sector is fuelling the growth of the micro balloon catheter market. Additionally, several governments are providing reimbursement policies to support people suffering from cardiovascular diseases. These driving factors are responsible for the demand for micro balloon catheters.
New Innovative Technologies and Increasing Product Launches for Balloon Catheters
Awareness campaign by NGOs about awareness of cardiac diseases is a low driving factor for the micro balloon catheter market. New innovative technologies and increasing product launches for balloon catheters have upsurged the growth of the micro-balloon catheter market.
Also, manufacturing low-cost micro balloon catheters by manufacturing companies can provide the opportunity for this market to grow in low-economic countries.
High Cost of Angioplasty Procedures
Cost of angioplasty procedures is high, coupled with the risk of artery collapse and infection related to balloon catheterization, which in turn is expected to impede the sales of micro balloon catheters, restraining the market growth for micro balloon catheters. In addition, stringent regulatory authorities and choices of alternatives such as bypass surgery are likely to hinder the growth of the overall micro balloon catheter market.
Rise in the Prevalence of Chronic Disorders
North America is estimated to account for a significant share of the micro balloon catheters market share, comprising 36.6% of the global market share for micro balloon catheters. The United States considerably holds a dominant portion of the market with a value share of 32.6%.
Simple Access to Innovative Healthcare Services
Europe is estimated to account for a significant share of the market during the forecast period with a value share of 29.8% whereas the United Kingdom holds a notable portion in this market and expands at a CAGR of 4.8%.
Factors driving the growth of the micro balloon market in these regions are an increase in patient awareness, simple access to innovative healthcare services, and growing demand for advanced micro balloon catheters are accelerating the market growth in these regions.
Rise in the Demand for Micro Balloon Catheters
The increasing number of patients undergoing cardiac surgeries has increased the demand for micro balloon catheters in Japan forecasted at a market share of 3.1% whereas China considerably expands at a CAGR of 3.8%. Micro balloon catheters are segmented based on material, indication, and end-user. Micro balloon catheter is classified as latex, silicone, and others and these regions are expected to boom in the forecast period.
Coronary Artery Disease is Said to Dominate the Micro Balloon Catheters Market
Coronary artery disease dominates the market with a value share of 71.70%. The gradual build-up of plaque rises in arteries throughout your body affecting the flow of blood in coronary arteries leading to coronary artery disease.
Public and Private Hospitals Hold a Leading Position in the Market
Public and private hospitals are mostly preferred as they are the direct source where people can consult doctors directly and can take care of their health as soon as possible. Consequently, raising the demand holds a market share of 70.20%.
Some of the prominent players profiled in the global market are-
Notable Developments in the Micro Balloon Catheter Market
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 3.3% from 2023 to 2033 |
| Market value in 2023 | USD 295.8 million |
| Market value in 2033 | USD 410.3 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD million for Value and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
By Indication, By End-user, By Balloon Type, By Catheter Type, By Region |
| Regions Covered |
North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled |
Terumo Corporation; Cook Medical; Piolax Medical Devices Inc.; Boston Scientific Corporation; Stryker Corporation; Medtronic plc.; Edward Life Sciences Corporation; MicroPort Scientific Corporation; B. Braun Melsungen AG; Jotech GmbH |
| Customisation Scope | Available on Request |
The value of market in 2023 could sum up to USD 295.8 million.
The global demand might grow at an average 3.3% through 2033.
The overall market valuation worldwide is predicted to reach USD 410.3 million by 2033.
The market in Japan was figured out to have acquired 3.1% global revenue share in 2022.
Terumo, Cook Medical, and Piolax are the leading suppliers in the present market.
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Micro Balloon Catheter Market
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