Albany - New York, Sept. 22, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Angioplasty Balloons Market: (By Type: Normal Balloon, Drug Coated Balloon, Scoring Balloon, and Cutting Balloon; By Material: Non-compliant Balloon and Semi-compliant Balloon): Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023", the global angioplasty balloons market was valued at USD 1.78 billion in 2014 and is projected to expand at a CAGR of 3.5% from 2015 to 2023 to reach USD 2.54 billion in 2023.
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Balloon catheters play a vital role in the treatment of peripheral and coronary artery diseases. (PAD) is characterized by obstructed or clogged arteries in the lower extremities resulting in lack of blood flow. This obstructed blood flow leads to cramping and weakness, pain, tissue loss, and amputation. Coronary artery disease (CAD) that leads to obstruction of blood flow to the heart muscles is one of the most common causes of death globally. According to the Centers for Disease Control and Prevention (CDC), coronary artery disease accounts for 370,000 deaths in the U.S. each year, and around one in 13 individuals suffers from CAD. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death worldwide. It is projected to be the leading cause of death until 2030. The WHO estimated that cardiovascular diseases accounted for about 17.3 million deaths in 2008, which represented 30% of global deaths. Hence, rapidly increasing elderly population, growing demand for minimally invasive procedures, and continuous increase in the number of percutaneous interventions (PCI) leading to advent of innovative products with improved outcomes are the major factors expected to drive the market during the forecast period. However, decrease in average selling price of balloon catheters and increasing demand for direct stenting are the major factors likely to hamper market growth in the near future.
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Normal balloon, scoring balloon, scoring balloon, and drug coated balloon are the various types of balloon catheters available in the market. Of these, normal balloon held the majority share of the market in 2014, followed by drug coated balloon. Drug coated balloon (DCB) has been identified as the fastest growing segment during the forecast period due to product efficacy and steady rise in PCI volume across the globe. Drug coated balloons have been touted as a viable alternative to drug eluting stents for the treatment of coronary and peripheral artery disease. DCB is also used in cases where stent implantation is not required, in stent restenosis, side branch, and bifurcation. Cutting balloons are anticipated to witness negative growth rate during the forecast period due limitations over scoring balloon (device stiffness, limited length, and risk of penetration in complex lesions.
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Based on material type, the semi-compliant balloons segment accounted for over 50% share of the global angioplasty balloons market in terms of revenue in 2014. Moreover, the segment is expected to gain market share and emerge as the fastest growing segment during the forecast period. Semi-compliant balloons use softer materials which allow maintenance of shape leading to better crossability and deliverability. Moreover, the flexibility of the catheter helps physicians to move the balloon catheter inside small vessels smoothly.
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North America and Europe were the largest regional markets for angioplasty balloons in 2014, accounting for more than 67% share. The regions dominated the market due to steady increase in percutaneous intervention procedural volume and rising geriatric population. According to the Centers for Disease Control and Prevention, approximately 500,000 balloon angioplasty procedures were performed in 2010. Increasing number of new product approvals is another major factor that contributed to the growth of the angioplasty balloons market in these regions. On the other hand, Asia-Pacific is expected to gain market share during the forecast period and emerge as the fastest growing segment. Rapidly emerging medical tourism industry in countries in Asia due to low cost of surgical procedures is one of the major factors driving the angioplasty balloons market in this region.
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Boston Scientific, Abbott Laboratories, Cordis Corporation, Medtronic plc, and Terumo Medical are the major players operating in the global angioplasty balloons market.
The global angioplasty balloons market has been segmented as follows:
Global Angioplasty Balloons Market, by Balloon Type
- Normal Balloon
- Drug coated Balloon
- Cutting Balloon
- Scoring Balloon
Global Angioplasty Balloons Market, by Material
- Non-compliant Balloon
- Semi-compliant Balloon
Global Angioplasty Balloons Market, by Geography
- Rest of Europe
- Rest of Asia Pacific
Latin America (LATAM)
- Rest of LATAM
Middle East North Africa (MENA)
- Saudi Arabia
- United Arab Emirates
- Rest of MENA
- Rest of the World (RoW)
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Source:Transparency Market Research