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.
A) Market Overview:
Drug Eluting Balloons (DEBs) are medical devices used in the treatment of cardiovascular diseases, particularly in patients with coronary artery disease. These balloons are coated with drugs that are released into the blood vessel during angioplasty, effectively preventing restenosis. DEBs have gained significant popularity due to their superior efficacy compared to traditional angioplasty procedures.
B) Market Dynamics:
The market for drug eluting balloons is driven by two main factors:
Technological Advancements: Continuous advancements in technology have led to the development of innovative and effective drug eluting balloons. These advancements have improved the drug delivery and coating capabilities of the balloons, resulting in better patient outcomes.
Increasing Incidence of Cardiovascular Diseases: The rising prevalence of cardiovascular diseases, such as coronary artery disease and peripheral arterial disease, is driving the demand for drug eluting balloons. According to the World Health Organization, cardiovascular diseases are the leading cause of death worldwide, with an estimated 17.9 million deaths in 2019.
C) Market Key Trends:
One key trend in the drug eluting balloon market is the increasing preference for minimally invasive procedures in the treatment of cardiovascular diseases. Minimally invasive procedures offer several advantages over traditional open surgeries, including shorter hospital stays, reduced surgical complications, and quicker recovery times. The use of drug eluting balloons in these minimally invasive procedures provides an effective treatment option for patients.
D) SWOT Analysis:
– Strength: Highly effective in reducing restenosis and improving patient outcomes.
– Strength: Technological advancements leading to improved drug delivery and coating capabilities.
– Weakness: High cost of drug eluting balloons compared to traditional angioplasty procedures.
– Weakness: Limited availability of skilled healthcare professionals trained in using drug eluting balloons.
– Opportunity: Growing adoption of drug eluting balloons in emerging economies with a high burden of cardiovascular diseases.
– Opportunity: Increasing research and development activities for the development of next-generation drug eluting balloons.
– Threat: Stringent regulatory requirements for the approval and commercialization of drug eluting balloons.
– Threat: Potential risks associated with drug eluting balloons, such as vessel rupture or thrombosis.
E) 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 technological advancements and the increasing incidence of cardiovascular diseases.
– North America is projected to be the fastest-growing and dominating region in the drug eluting balloon market, owing to the presence of a well-established healthcare infrastructure and a high prevalence of cardiovascular diseases.
– 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. These players are focused on product innovation, strategic collaborations, and mergers and acquisitions to strengthen their market position.
In conclusion, the global Drug Eluting Balloon market is expected to witness significant growth due to technological advancements, increasing incidence of cardiovascular diseases, and a preference for minimally invasive procedures. However, challenges such as high costs and regulatory requirements need to be addressed to ensure the widespread adoption of drug eluting balloons in healthcare settings.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.