ALBANY, N.Y.--(BUSINESS WIRE)--In a recent market study offering by Transparency Market Research (TMR), the global angioplasty balloons market is expected to expand at a CAGR of 3.5% from 2015 to 2023. The report, titled “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”, states that the market will reach US$2.54 billion in 2023, increasing from US$1.78 billion in 2014.
According to the World Health Organization (WHO), cardiovascular diseases are one of the major causes of death worldwide and by 2030, these diseases are projected to be the leading cause of death worldwide.
Moreover, as per the Center for Disease Control and Prevention (CDC), coronary artery diseases are related with 370,000 deaths in the U.S. every year.
Balloon catheters are important devices in the treatment of coronary artery and peripheral artery diseases.
The report states that increasing demand for minimally invasive procedures, continually increasing percutaneous interventions (PCI) leading to development of new products with improved outcomes, and the rapidly increasing geriatric population worldwide are the major factors driving demand for balloon angioplasty procedures.
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However, factors such as the declining price of balloon catheters and continually increasing demand for direct stenting are restraining the angioplasty balloons market.
By balloon types, normal balloon, cutting balloon, drug coated balloon, and scoring balloon are the various products available in the angioplasty balloons market. Among all, in 2014, normal balloons had the largest share in the market and were trailed by drug coated balloons. Due to higher efficacy and increasing volume of PCI across the globe, DCB is anticipated to be the fastest growing balloon type in the next few years.
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Transparency Market Research (TMR) is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.