The Inflation Devices Market is estimated to be valued at US$ 4.64 billion in 2023 and is expected to exhibit a CAGR of 8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
The Inflation Devices Market is witnessing significant growth due to the increasing prevalence of coronary artery diseases and the rising demand for minimally invasive surgeries. Inflation devices are primarily used in angioplasty procedures to inflate and deflate balloons, allowing the placement of stents in blocked blood vessels. These devices provide precise control and accurate pressure measurement during procedures, ensuring safe and effective treatment. With the advancements in technology and the development of innovative inflation devices, the market is witnessing a surge in demand. The growing adoption of minimally invasive surgeries, such as angioplasty, is further driving market growth.
The two main drivers contributing to the growth of the inflation devices market are the increasing prevalence of coronary artery diseases and the advancements in minimally invasive surgeries. Coronary artery diseases, such as atherosclerosis, are on the rise globally, leading to a higher demand for treatment options such as angioplasty. This is driving the demand for inflation devices, as they play a vital role in these procedures.
Additionally, advancements in minimally invasive surgeries have led to the preference for procedures that offer shorter recovery times, reduced scarring, and fewer complications compared to traditional open surgeries. Inflation devices are crucial in performing minimally invasive procedures, as they provide precise control over balloon inflation and deflation, ensuring safe and effective treatment.
The inflation devices market can be segmented based on product type, end-user, and region. Based on product type, the market can be further divided into manual inflation devices and automated inflation devices. The dominating sub-segment in the inflation devices market is the automated inflation devices. This is primarily due to the increasing demand for advanced and user-friendly devices in healthcare settings. Automated inflation devices offer features such as precise pressure control, ease of use, and reduced risk of complications, which make them favorable among healthcare professionals. Additionally, automated inflation devices are being increasingly adopted in diagnostic and interventional procedures across various medical specialties, thus driving their dominance in the market.
Political: The political environment plays a crucial role in the inflation devices market. Regulations and policies related to healthcare infrastructure, medical device approvals, and reimbursement policies can impact market growth.
Economic: The economic factors influencing the inflation devices market include healthcare spending, disposable income, and government investments in healthcare infrastructure. Stable economic conditions and increasing healthcare expenditure are expected to drive market growth.
Social: Social factors such as increasing prevalence of chronic diseases, aging population, and awareness about advanced medical devices among healthcare professionals and patients are driving the demand for inflation devices.
Technological: Technological advancements in inflation devices, such as the development of automated devices with enhanced features and accuracy, are driving market growth. Additionally, the integration of digital technologies and connectivity features in inflation devices is expected to have a positive impact on market growth.
The global Inflation Devices Market Share is expected to witness high growth, exhibiting a CAGR of 8% over the forecast period. This growth can be attributed to several factors, including the increasing prevalence of chronic diseases requiring medical interventions, advancements in healthcare infrastructure, and rising demand for minimally invasive procedures.
Regionally, North America is expected to be the fastest-growing and dominating region in the inflation devices market. This can be attributed to factors such as the presence of well-established healthcare infrastructure, high adoption of advanced medical devices, and increasing healthcare expenditure.
Key players operating in the inflation devices market include Medtronic, Boston Scientific, Abbott Laboratories, Teleflex, ConvaTec, Smiths Group, Cook Medical, B. Braun Melsungen, Cardinal Health, and Stryker. These key players dominate the market due to their extensive product portfolios, strong distribution networks, and continuous investments in research and development.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it