By Material Type, Nylon Normal Balloon Catheters Are Expected To Occupy Dominant Revenue Share Of 50% In The Market
By Material Type, Nylon Normal Balloon Catheters Are Expected To Occupy Dominant Revenue Share Of 50% In The Market
Fact.MR – A Market Research and Competitive Intelligence Provider: The global normal balloon catheter market is expected to surpass value of US $ 3.5 Billion by 2031 and is anticipated to witness a CAGR of 7% through 2031.
Moreover, normal balloon catheters offer various benefits such as these are utilized for preventing blood vessel constriction, which is caused by atherosclerosis. In addition to this, growing ageing population and diabetes and high blood cholesterol levels are leading to high number of coronary artery bypass surgeries.
Rising consumer awareness regarding chronic diseases and advent of advanced products are offering opportunities for balloon catheter manufacturers. Many key players in the industry are also focusing on organic growth tactics such as patent filling to establish foothold in the market. Moreover, launch of low-cost balloon catheters in the market is acting as a growth driver for the market.
Surge in surgical procedures is also an important factor escalating the market growth. Moreover, increase in hospitalization with a surge in cardiovascular disorders, rising demand for angioplasty over traditional surgery due to its minimally invasive nature are the major factors driving the balloon catheter market.
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Besides this, increasing consumer awareness about emerging healthcare developments, increasing disposable income in geographies such as Asia Pacific, and the rising presence of untapped opportunities are expected to drive the growth of the market.
Key Takeaways:
- Normal Balloon Catheter is expected to reach US $ 3.5 Billion by 2031. Moreover, Nylon balloon catheters are projected to reach US 1.7 Billion.
- By material type, nylon normal balloon catheters are expected to reach around US $ 1.7 Billion by 2031. In the meanwhile, polyurethane normal balloon catheters is projected to witness 5% CAGR during forecast period.
- Europe market is expected to occupy dominant share of around 40% during the forecast period. In the meanwhile, South Korean market is expected reach a market value of US $ 550 Million by 2031. Moreover, Russia market is expected to record 4% CAGR during forecast period of 2021-2031.
Growth Drivers:
- Rise in growing ageing population with diabetes and high blood cholesterol levels, the number of coronary artery bypass surgeries will continue to rise across the globe.
- Key players’ focus on manufacturing of low cost balloon catheters is expected to provide key opportunities and is also expected to act as a growth driver for the market. Moreover, key companies are also putting emphasis on improving product prototypes and low operating costs.
- Growing ageing population with various chronic diseases such as diabetes and high blood cholesterol levels is expected to drive the growth of the market.
- Surge in interventional cardiology is also boosting the adoption of balloon catheters.
- High adoption of technological advancements in healthcare devices and surge in investments in research and development activities in the healthcare sector are expected to fuel the growth of the market during forecast period.
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Competitive Landscape: Key manufacturers in the market are putting emphasis on specialized patient care services and access to medical device products and services. Moreover, key players are also focusing on lower operating costs and improving product prototypes.
Industry players, investors and policymakers have been putting focus on realigning their plans and techniques to implement them to capitalize on new opportunities. Moreover, key companies are prioritizing product launches and approvals and other organic growth tactics such as patent fillings and events.
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