SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global drug eluting balloon market was valued at US$ 420.0 Million in 2017, and is projected to exhibit a CAGR of 8.1 % over the forecast period (2018 – 2026).
Key Trends and Analysis of the Drug Eluting Balloon Market:
Key trends in the market are increasing prevalence of coronary artery disease, diabetes, and obesity, increased use of tobacco and smoking, and increasing geriatric population prone to cardiovascular disease along with increasing research & development and manufacturing of new drug eluting balloons.
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Market players are focused on active investment in research for developing new drug eluting balloons for more precision and accuracy in treatment. Moreover, key players are committed in offering new and improved products in order to address the critical unmet needs of patients requiring treatment for coronary artery and other diseases. For instance, in 2007, the first clearance of certification mark by the Europe Medical Devices Regulation (EU MDR) was availed to the drug eluting balloon developed by EuroCor. The balloon elutes drug during one minute of its expansion and the new generation balloon uses shellac as carrier.
Moreover, key players operating in the market are focused on adopting acquisition strategies in order to gain access to innovative products and expand their product offerings in the potential markets. For instance, in April 2010, Medtronic acquired Invatec and affiliated companies. Invatec launched 4 new drug eluting balloons in Europe in 2009, which include, In.Pact Amphirion, In.Pact Admiral, In.Pact Pacific, and In.Pact Falcon. Medtronic is enhancing its international presence by expanding treatment options for patients with cardiovascular diseases.
However, lengthy regulatory approval procedures and adverse effects such as coronary artery lesion and lumen enlargement are expected to hinder the market growth. According to Journal of the American Heart Association (JAHA), December 2018, there is increasing risk of death due to paclitaxel‐coated balloons and stents in the femoropopliteal artery of the lower limbs.
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Key Market Takeaways:
- The drug eluting balloon treatment market is expected to exhibit a CAGR of 8.1% during the forecast period (2018 – 2026). This is attributed to high prevalence of cardiovascular diseases, diabetes, and coronary artery disease and increased use of tobacco and smoking. According to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), 2016, around 30.3 million people in the U.S. have diabetes and around 84.1 million aged 18 years or above have prediabetes.
- Market growth is attributed to approval and launch of novel drug eluting balloons to reduce the problems during and after surgery in patients. For instance, in 2006, Aachen Resonance GmbH offered the Elutax drug eluting balloon for coronary and small vessels. It has a wide spectrum of applications such as peripheral, coronary and arterial diseases.
- Key players in the market are focused on adopting merger and acquisition strategies to enhance their product portfolio, which in turn is expected to propel the market growth over the forecast period. For instance, in January 2009, Michell Technologies had an agreement with Eurocor to develop a new generation drug eluting balloon. The unique bioabsorbable polymer coating developed by Michell can eliminate drug within 90 days.
- Key players operating in the global drug eluting balloon market include, 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
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.