Inflation Devices Market - Growth, Trends, and Forecasts (2023 - 2028)

Inflation Devices Market - Growth, Trends, and Forecasts (2023 - 2028)

The inflation devices market is expected to register a CAGR of 4.7% over the forecast period.

In many ways, COVID-19 has influenced the demand for medical equipment. While there was an increase in demand for the devices used to treat COVID-19 patients in intensive care, other devices suffered due to postponed or canceled treatments. However, there are few instances of individuals infected with COVID-19 being at increased risk of cardiovascular disease. According to the study report published by Nature Medicine in February 2022, in survivors with acute COVID-19, there is a significant risk of cardiovascular disease and a one-year burden. Hence to manage cardiovascular diseases like coronary artery disease, angioplasty should be used, which needs inflation devices. Thus the market is expected to have a positive impact during the post-COVID-19 period and in the coming years.

The inflation devices market is growing due to certain factors, such as the increased incidences of urological diseases and cardiovascular diseases in the geriatric population and a rise in the demand for minimally invasive procedures and medical reimbursement for minimally invasive procedures in developed regions.

• According to the WHO facts of aging and health 2022, people over 60 years in the world will increase from 12% to 22% between 2015 and 2050. About 80% of senior citizens will reside in low- and middle-income nations by 2050. Aging is a critical factor that influences cardiovascular and urological diseases. Hence, the demand for management devices like angioplasty for those diseases increases with the growing aging population. Furthermore, according to the data published by the European Heart network 2021, more than 60 million people in the European Union have cardiovascular illnesses. Every year, over 13 million new cases are identified. Thus, the increased incidences of cardiovascular diseases and the senior population increase the disease management methods and drive the market's growth over the forecast period.
• However, the high cost and complications associated with procedures, such as the risk of infection and bleeding, are expected to hamper the market growth.

An analog display inflation device is used to inflate/ deflate a balloon during the angioplasty procedure and has a precise analog-type pressure control gauge. The analog display inflation devices segment is expected to account for a more significant share of the inflation devices market. This segment's dominance in this segment's revenue share is due to the low cost and portability of analog inflation devices. Also, an increase in the adoption of analog inflation devices by patients compared to that of digital inflation devices due to less cost fuel the market's growth.

Along with the advantages of the analog display, the other driving factors, like the growing prevalence of cardiovascular diseases, the rising geriatric population, and the rising preference for minimally invasive surgeries, are expected to fuel the demand for the segment and help propel the market. According to the Australian Institute of Health and Welfare 2022, based on self-reported data from the Australian Bureau of Statistics 2020-21 NHS, an estimated 571,000 Australians aged 18 and over (2.9% of the adult population) had chronic cardiac illnesses in 2020–2021. Additionally, more cardiology intervention operations are being performed due to the high prevalence of coronary artery disease in the area, which is anticipated to support market growth in the study.

An analog display inflation device is a gold standard for interventional balloon inflation. Most busy interventional labs can rely on the analog display inflation device for their procedures. Hence the advantages and rising prevalence of chronic heart diseases are expected to occupy a significant market share in the studied market over the forecast period.

North America is anticipated to account for a significant share of the inflation devices market. The high prevalence of disorders needing interventional procedures, increased knowledge of minimally invasive techniques, and expanding use of minimally invasive devices in the area are all contributing factors. For instance, according to CDC 2022, one in every four deaths in United States is caused by heart disease, which affects roughly 659,000 people annually, resulting in higher demand for angioplasty procedures. This drives the inflation devices market in the region.

Similarly, per the data published by the Heart and Stroke Foundation of Canada, in February 2022, 750,000 heart failure sufferers in Canada and 100,000 new cases of this fatal disease are reported each year. Hence minimal surgical interventions like angioplasty can help rule out a cardiovascular risk. Thus the significant prevalence of heart diseases can drive the market in the region.

Furthermore, the major players in the market are collaborating to develop vascular access products that help the market grow. For instance, in August 2022, Teleflex Incorporated was awarded a contract to supply Central Venous Access products from Vizient, Inc., the nation’s largest member-driven healthcare performance improvement company. These contracts can help the companies to access the blood vessels through surgical interventions like angioplasty and allow the market to grow over the forecast period.

Therefore, owing to the abovementioned factors, North America is expected to hold a significant market share.

The inflation devices market is moderately competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some prominent players are vigorously acquiring other companies to consolidate their market positions across the globe and while others are distributing products. Some of the major players in the market are Johnson & Johnson Services Inc., Merit Medical Systems, ARGON MEDICAL, B. Braun SE, Teleflex Incorporated, Terumo Medical Corporation, CONMED Corporation, Medtronic, BD, and Boston Scientific Corporation.

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