July 19, 2024
Drug Eluting Balloon Market

Drug Eluting Balloon Market is Estimated To Witness High Growth Owing To Improved Outcomes & Lower Restenosis Rates

The Drug Eluting Balloon Market is estimated to be valued at US$ 667.78 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:-

Drug eluting balloons are coronary balloons coated with an ant proliferative drug which is able to treat narrow or blocked coronary arteries. These balloons help prevent restenosis after angioplasty by gradually releasing drugs into the arterial wall. Drug eluting balloons provide advantages like improved clinical outcomes, fewer harmful side effects and reduced restenosis rates when compared to bare metal stents.

Market key trends:-

Improved outcomes & lower restenosis rates: Drug eluting balloons are known to significantly reduce restenosis rates and likelihood of repeat procedures when compared to uncoated balloons. They help in reducing in-stent restenosis by up to 50% and provide excellent immediate vasomotion with improved late lumen loss. The antiproliferative drugs eluted from balloons prevent excessive neointimal proliferation which is a major cause of restenosis. This has increased the demand for drug eluting balloons globally.

Porter’s Analysis:-

  • Threat of new entrants: The high level of capital investment required for R&D and regulatory approval make it difficult for new players to enter the market.
  • Bargaining power of buyers: The diversified product portfolio and strong brand image of major players in the market give them an edge over buyers.
  • Bargaining power of suppliers: The specialized manufacturing required gives suppliers moderate bargaining power.
  • Threat of new substitutes: Alternative treatment options like plain balloon angioplasty pose a competitive threat.
  • Competitive rivalry: Strong competition exists among the major players to gain market share.

SWOT Analysis:-

  • Strengths: High clinical efficacy of drug eluting balloons in treating complex vascular diseases. Rising focus on minimally invasive procedures.
  • Weaknesses: High costs associated with manufacturing and clinical trials. Risk of stent fractures and restenosis.
  • Opportunities: Growing geriatric population susceptible to vascular diseases. Increasing healthcare spending in emerging markets.
  • Threats: Stringent regulatory pathways delay product approvals. Reimbursement issues restrict market growth.

Key Takeaways:-

The Global Drug Eluting Balloon Market Size is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing prevalence of cardiovascular diseases. Asia Pacific is poised to be the fastest growing regional market due to large patient pools and healthcare investments in India and China.

Regionally, North America currently dominates the global market due to new product approvals and advances in endovascular therapies. Asia Pacific is slated to witness the highest growth rate during the forecast period, owing to rising medical tourism, healthcare reforms and economic growth in major Asian countries.

Key players operating in the Drug Eluting Balloon market are 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. Major players are focusing on new product launches, geographical expansion and strategic collaborations to gain market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it