Occlusion Balloon Catheter Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The occlusion balloon catheter market is expected to witness a CAGR of 5% during the forecast period.
Due to global lockdowns and suspended trade, there was a decline in medical diagnoses and health check-ups for non-COVID-19 patients, as healthcare activities were largely focused on COVID-19. For instance, as per the article published in the National Library of Medicine in September 2021, compared to the pre-pandemic period, the pandemic caused a significant decrease in the number of referrals and procedures completed. In addition, according to the same source, during the pandemic period, there was a marked decline in referrals and procedures carried out for cardiac procedures in Canada. Such a reduction in procedures led to a decline in patient visits to healthcare centers for intracardiac electrocardiography (ICE) procedures. However, there was an increase in various cardiac diseases during the later phase of the pandemic among COVID-19 patients, which, in turn, increased the demand for interventional cardiology. This contributed to considerable growth in the market studied.
Moreover, the global and regional players in the market studied focused more on product developments during the pandemic. For instance, BioSig Technologies Inc. presented data after successfully completing a blinded trial in 2021 for its PURE EP System. In August 2022, the company extended the commercialization of the product, a computerized system designed for collecting, digitizing, amplifying, filtering, measuring, and calculating electrocardiographic and intracardiac signals. It also records and stores the signals. Hence, development activities by major players during the pandemic period fueled the growth of the market studied.
Factors such as the increasing prevalence of cardiac diseases are expected to increase the market's growth. According to the “Cardiovascular Diseases Statistics,” published by Eurostat in August 2021, cardiovascular disorders (CVDs) are the leading cause of mortality in Europe. They span various circulatory system-related medical conditions and place a considerable burden on healthcare systems and government budgets. Additionally, as per a press release by the European Society of Cardiology in September 2021, CVD caused 36% of all fatalities in Europe. In addition, as per the same source mentioned above, people of all ages are severely affected by CVD. In Europe, CVD is responsible for about 20% of all premature deaths (before the age of 65) annually.
Furthermore, as per the article published in the National Library of Medicine in February 2022, over the past 35 years, the prevalence of obesity has more than doubled. Additionally, as per the same source mentioned above, the middle-income European Society of Cardiology member countries face a high CVD burden with a projected incidence rate around 30% higher than those of high-income countries, and the disability-adjusted life years lost to CVD are about four times higher in middle-income countries than in high-income ones.
However, the high cost of angioplasty procedures and the dearth of skilled professionals are hampering the market's growth.
Occlusion Balloon Catheter Market TrendsCoronary Artery Disease Application Projected to Grow at a Notable Rate During the Forecast Period.The rise in coronary diseases due to the growing geriatric population and unhealthy habits in the younger generation are likely to accelerate the market's growth during the forecast period. For instance, as per the report published in the National Library of Medicine in April 2021, about 16.5% of the US population, or 54 million, were aged above 65 in 2020. By 2030, that number is expected to rise to 74 million. The number of people aged above 85, who are at risk of developing heart disease in the country, is expected to increase significantly. Similarly, the BHF report released in July 2021 estimated that over 7.6 million people in United Kingdom are affected by heart and circulation disorders. Thus, increasing CVDs are expected to increase market growth as CVD patients require surgical treatment, which is expected to increase segmental growth over the forecast period.
Product launches are another factor contributing to the market's growth. For instance, in September 2021, United States Food and Drug Administration (FDA) approved Abbott's Portico with FlexNavtranscatheter aortic valve replacement (TAVR) system to treat people with symptomatic, severe aortic stenosis who are at high or extreme risk for open-heart surgery. Portico is a self-expanding transcatheter aortic valve replacement with intra-annular (within the native valve) leaflets that help to provide optimal blood flow (hemodynamics) when placed inside a patient's natural valve. The structure of the replacement valve also preserves access to the critical coronary arteries for future coronary interventions. Thus, due to the abovementioned factors, the market is expected to grow during the forecast period.
North America is Expected to Dominate the Market Over the Forecast PeriodNorth America is projected to have a notable growth rate over the forecast period owing to the factors such as the availability of a large patient pool, rapid technological advancements, and increasing healthcare spending. Furthermore, an increase in the prevalence of vascular diseases is expected to boost the regional market share. According to a research report titled "Data and Statistics on Congenital Heart Defects," published by the CDC in January 2022, congenital heart defects (CHDs) are the most prevalent kinds of birth defects,
In United States, CHDs affect roughly 40,000 babies annually, or close to 1% of all births. A disability affects almost four out of every ten persons with heart abnormalities, the most prevalent type being cognitive impairments (difficulties with focus, memory, or decision-making). A hereditary issue is linked to at least 15% of CHDs. About 20% to 30% of individuals with CHD also suffer from additional physical issues, developmental delays, or cognitive disabilities. An article titled "Sociodemographic Inequalities in Cardiovascular Risk Factors Among Adolescents from Indigenous Areas of Chiapas, Mexico," published in November 2020 on MedRxiv, the Preprint Server for Health Sciences, found that girls were more likely to have abdominal obesity and high triglycerides than boys were and that boys were more likely to have abnormal diastolic blood pressure. Additionally, urban areas had higher rates of overweight/obesity and insulin resistance, whereas rural areas had higher rates of excessive blood pressure. Given that these are risk factors for cardiovascular disease, it is anticipated that Mexico's burden of cardiac diseases will rise in the future, driving the market's expansion.
Thus, all the above-mentioned factors are expected to help North America maintain its dominance in the market studied during the forecast period.
Occlusion Balloon Catheter Market Competitive AnalysisThe occlusion balloon catheter market is moderately fragmented. Market players are actively focusing on new product developments, product launches, and geographical expansion strategies to increase their market share. The key players operating in the market are Boston Scientific Corp., Cook Group Incorporated, Stryker Corporation, W. L. Gore & Associate., and Oscor Inc.
Additional Benefits:Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook