The Inflation Devices market is estimated to be valued at US$ 4.64 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Inflation devices are medical instruments used to inflate balloons inside the body for diagnostic and therapeutic procedures. They are used in a variety of procedures such as angioplasty, dilation of gastrointestinal, urinary tract or respiratory tract, gynecological procedures and other applications. Increasing prevalence of chronic diseases such as cardiovascular disorders and rising geriatric population are the key factors driving the demand for inflation devices.
Market Dynamics:
Rising prevalence of chronic diseases such as cardiovascular disorders and gastrointestinal diseases is a major factor boosting the growth of inflation devices market. According to WHO, cardiovascular diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year. Further, increasing geriatric population also contributes to market growth as elderly population is more susceptible to chronic diseases. Moreover, technological advancements in inflation devices such as development of compact and user-friendly devices is another factor spurring the demand. However, stringent regulatory approvals and safety concerns regarding complications associated with some inflation devices may hamper market growth over the forecast period.
SWOT Analysis
Strength: Inflation devices have minimal risks of complications from catheter insertion due to their small size. They can be used safely across a variety of care settings and for a wide range of medical conditions. They offer high patient comfort with reduced catheterization pain.
Weakness: Their single use nature increases operational costs for healthcare facilities compared to reusable devices. Some patients may find the insertion process somewhat uncomfortable.
Opportunity: Rising incidence of chronic diseases such as respiratory illness and cancer is driving the need for interventional procedures. This increases demand for balloon inflation devices for tasks such as tracheostomy tube placement and wound dilation. Favorable reimbursement policies are also encouraging the uptake of advanced medical technologies.
Threats: Stringent regulatory processes may delay product approval and market entry. Economic slowdowns can negatively impact the spending capabilities of healthcare providers on capital equipment.
Key Takeaways
The global Inflation Devices Market Size is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing demand for minimally invasive surgical procedures.
Regional analysis:
North America currently dominates the inflation devices market, holding over 35.0% share, due to rapidly growing elderly population succumbing to chronic conditions. Asia Pacific is projected to be the fastest growing regional market, witnessing a CAGR of 9.5% during the analysis timeframe, driven by healthcare infrastructure development and greater focus on quality care in developing nations like India and China.
Key players:
Key players operating in the inflation devices market are Medtronic, Boston Scientific, Abbott Laboratories , Teleflex, ConvaTec, Smiths Group, Cook Medical, B. Braun Melsungen, Cardinal Health, Stryker. These established companies focus on new product launches and acquisitions to strengthen their market position. For instance, Teleflex acquired several companies with complementary products in recent years to expand its portfolio of devices used in interventional pulmonology procedures.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it