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.
North America to be Most Attractive Market
North America and Europe accounted for more than 65% share of the global drug eluting balloon market in 2017, owing to high health care expenditure, high rate of diagnosis and treatment of cardiovascular diseases (coronary artery diseases, peripheral artery diseases, etc.), rise in awareness regarding drug eluting balloon, greater market penetration of newly developed advanced drug eluting balloon products, favorable reimbursement policies assuring investment returns for new market entrants, and presence of major market players in the regions. However, expiry of TPT reimbursement on drug eluting balloon in December 2017 and stringent regulatory framework of the U.S. are likely to hamper the growth of the drug eluting balloon market in North America in next two to three years. Asia Pacific is likely to offer significant opportunities to the drug eluting balloon market during the forecast period owing to growth in geriatric population, demand for better quality of care, and rise in incidence of cardiovascular diseases in the region.