Cutting Balloon Catheters for Coronary Artery Disease to Account for 50% Market Share: Fact.MR Study
Published : 01 Nov 2021 Industry: Healthcare
As per Fact.MR, a market research and competitive intelligence provider, the global cutting balloon catheter market is anticipated to top US$ 260 Mn by 2031, progressing at a CAGR over 4% over the next ten years.
Cutting balloon catheters are advanced surgical devices used in peripheral and cardiac procedures. Because of ongoing medical technology research & development, a wide range of cutting-edge catheters are now available in the market. Use of these catheters in the healthcare industry has been steadily increasing, and these devices have become an important part of medical diagnosis and treatment.
Upsurge in surgical procedures is a key factor driving market expansion. The market for cutting balloon catheters is also growing due to rising geriatric population, growing number of minimally invasive surgeries, and increasing hospitalization due to rise in cardiovascular disorders.
Furthermore, rising advancements in technology and innovation in healthcare devices, increase in the number of catheterization laboratories, and expanding emerging markets will pave the way for new opportunities for cutting balloon catheter manufacturers over the coming years.
Key Takeaways from Market Study
- Global cutting balloon catheter market to top US$ 260 Mn by 2031.
- Polyurethane cutting balloon catheters projected to reach valuation of around US$ 65 Mn by 2031.
- Demand for cutting balloon catheters for coronary artery disease expected to increase at CAGR of 3% through 2031.
- Sales of nylon cutting balloon catheters projected to record above 2% CAGR over next 10 years.
- Market in North America holds share of more than 40%.
- Market in South Korea expected to reach valuation of US$ 40 Mn by 2031.
- Industry in Russia to record 2% CAGR over forecast period of 2021- 2031.
“Growing adoption of advanced technology for healthcare and wellness, emergence of innovative products, and consumer concerns regarding heart diseases and their treatment are all driving demand for cutting balloon catheters,” says a Fact.MR analyst.
Manufacturers are focusing on the research & development of technologically advanced medical devices to provide consumers with more precise and effective care. To broaden their scope of application, major providers will strive to provide effective services for both, chronic and acute diseases. They're also attempting to lower the high prices of cutting balloon catheters.
New products with more patient-centric benefits are expected to boost market growth. To increase sales, some of the market participants are actively focusing on further technological advancements in their products.
More Invaluable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the cutting balloon catheter market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of indication (coronary artery disease and peripheral vascular disease), raw material (polyurethane, nylon, and others), and end user (hospitals, ambulatory surgical centers, and cardiac catheterization laboratories), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant - Healthcare