Drug Eluting Balloon Market Expected to Behold a CAGR of 18.2% through 2018 – 2026
Transparency Market Research (TMR) has published a new report titled, “Drug Eluting Balloon Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global drug eluting balloon market was valued at US$ 420 Mn in 2017 and is expected to reach US$ 1800 Mn in 2026, expanding at a CAGR of around 18% from 2018 to 2026. The global drug eluting balloon market is anticipated to witness relatively stable growth owing to approvals of expected pipeline of drug eluting balloon and introduction of novel drug eluting balloon-based treatment approaches.
High prevalence of cardiovascular diseases among geriatric population due to adulterated food, booming research & development in treatment of cardiovascular diseases, and developed health care infrastructure are expected to fuel the growth of the global drug eluting balloon market during the forecast period. North America is expected to account for a major share of the global drug eluting balloon market during the forecast period owing to strong presence of major players with established distribution networks in the region. The drug eluting balloon market in Asia Pacific is likely to expand at a significant CAGR from 2018 to 2026.
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Investments made by Public & Private Players in R&D of Drug Eluting Balloon for Various Medical Conditions to drive Market Growth
Cardiovascular diseases are a major threat to public health. Peripheral artery disease (PAD) is a common form of peripheral vascular disease, predominantly found among people above 65 years of years. PAD narrows the walls of arteries and limits the speed of blood flow. It can also affect the arteries which carry blood from the head to heart, kidneys, and stomach, although it more commonly affects the peripheral areas.
Considering the increase in incidence of cardiovascular diseases, it is important to understand the factors influencing the severity of the diseases and the best possible treatment options for them. Various public and private players are striving to reduce the prevalence cardiovascular disease. In the developed countries, physicians and governments have begun to educate the general population about PAD. In the U.S., doctors, health care providers, payers, and medical devices companies celebrate ‘PAD Awareness Month’ in September each year.
During ‘PAD Awareness Month’, they try to educate people about the after-effects of PAD and their treatment procedures. Several agencies are providing funds to research organizations to promote the development of drug eluting balloon that are more effective in the treatment of cardiovascular diseases. This is likely to drive the global drug eluting balloon market during the forecast period.
Peripheral Drug Eluting Balloon Segment to dominate Market
In terms of product, the global drug eluting balloon market has been classified into peripheral drug eluting balloon, coronary drug eluting balloon, and others. The peripheral drug eluting balloon segment is likely to account for a major share of the global market during the forecast period. The segment is projected to expand at a steady pace, owing to promising effective and efficient drug eluting balloon in the pipeline for addressing better treatment options for advanced medical approaches. The drug eluting balloon market is witnessing a shift toward priority development of new drug eluting balloon for treatment of diseases other than cardiovascular disease. The other drug eluting balloon segment is expected to grow rapidly during the forecast period.
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FreePac and Hospitals & Ambulatory Surgical Centers to be Lucrative
Based on drug coating technology, the global drug eluting balloon market has been divided into FreePac, Paccocath, TransPax, EnduraCoat, and others. The FreePac segment is projected to dominate the global drug eluting market owing to the predominant presence of the technology in the global drug eluting balloon market. The segment is anticipated to grow at an average rate in the near future due to emergence of new drug coating technologies in the market. The TransPax segment is estimated to expand at the highest CAGR during the forecast period. Based on end-user, the global drug eluting balloon market has been segmented into hospitals and ambulatory surgical centers, CATH labs, and others. Hospitals and ambulatory surgical centers is expected to propel the global drug eluting balloon market during the forecast period.