Percutaneous Transluminal Angioplasty Balloons Catheter Market

Percutaneous Transluminal Angioplasty Balloons Catheter Market Size (2023 to 2028)

The global percutaneous transluminal angioplasty balloons catheter market size was valued at USD 1.88 Billion in 2023 and is expected to reach USD 2.62 Billion by 2028. The market size is projected to grow at a CAGR of 6.85% from 2023 to 2028.

Impact of Covid-19 on the Percutaneous Transluminal Angioplasty Balloons Catheter Market:

The global COVID-19 pandemic had a significant impact on businesses worldwide, disrupting their operations across various industries. To control the rapid spread of the disease, numerous countries implemented lockdown measures, resulting in the temporary closure of manufacturing facilities and a halt in production. The healthcare industry encountered significant challenges as the outbreak caused widespread confusion and misinformation, placing immense pressure on hospitals and healthcare systems worldwide.

Covid-19 greatly impacts numerous healthcare facilities. Covid-19 led to pandemic and lockdown restrictions. The lockdown in numerous countries has impacted the financial status of the market. The worldwide inventory decline and supply chain disruption caused by the lockdown led to a shortage of surgical devices and equipment. Due to lockdown restrictions and patients' fear about going to hospitals, fewer patients visited the hospital. In the early stages of the pandemic, the number of procedures for coronary artery problems also sharply decreased. This caused the demand for these devices to decline. For instance, the number of coronary interventional procedures carried out during the pandemic decreased by 21.4%, according to the National Library of Medicine. Hence the impact of COVID-19 on the percutaneous transluminal angioplasty balloons catheter market was negative. As the pandemic is over, the growth of the percutaneous transluminal angioplasty balloons catheter market is expected to rise over the forecast period.

MARKET DRIVERS:

The growing prevalence of cardiovascular diseases such as coronary artery disease, peripheral artery disease and others is one of the major factors propelling the growth of the percutaneous transluminal angioplasty balloons catheter market. According to the Centers for Disease Control and Prevention, Coronary heart disease is the most common type of heart disease, killing 375,476 people in 2021. The European Heart Network estimated that close to 13 million new cases of cardiovascular diseases are diagnosed each year in the European Union, where more than 60 million individuals live with the condition.

The growing number of favorable initiatives from the governments of various countries, such as financial assistance, reimbursement policies and others further fuel the growth rate of the percutaneous transluminal angioplasty balloons catheter market. For instance, the National Health Policy 2017 recommended the introduction of Ayushman Bharat, a flagship program of the Indian government, to achieve the goal of Universal Health Coverage (UHC). The advancement in healthcare infrastructure helps to increase in adoption of these devices. This led to the development of advanced devices. These devices are made of advanced materials, which makes the procedure easier. The increase in approvals of these devices by the regulatory authorities also helps market growth. For instance, the NMPA authorized Kossel's first peripheral product, the Falspeed® PTA balloon catheter, in June. A 510(K) clearance for the PTA balloon catheter, which is also under-registered with the FDA, is anticipated by the end of 2022.

Rising preference for minimally invasive surgeries drives the global market growth. During these treatments, minimally invasive approaches are becoming preferred. Minimally invasive procedures are increasingly preferred over open procedures for various reasons, including lower costs, less stress and incision, quicker recovery, and fewer risk of problems. The rising aging population worldwide is another major factor contributing to the growth of the global market. The need for this industry grows as the aged population becomes increasingly vulnerable to certain illnesses. For instance, PAD, a disease associated with aging, is more prevalent among people 65 and older at a rate of over 10%. In addition, rising rates of smoking, drinking, high blood pressure, and other risk factors are important contributors to cardiac dysfunction.

MARKET RESTRAINTS:

The growing number of product recalls is one of the significant challenges to global market growth. This is due to strict rules and regulations of authorities to maintain the quality of the devices. For instance, in March 2022, by its commitment to patient safety, Medtronic voluntarily recalled a subset of its IN. PACT Admiral and IN. Due to the possibility of pouch damage leading to a loss of sterility, PACT AV Paclitaxel-coated Percutaneous Transluminal Angioplasty (PTA) balloon catheters are not recommended. A common side effect of catheter use is vein thrombosis, which can sometimes be fatal and result in pulmonary embolism. A fibrin sheath surrounds the intraluminal, venous, and mural thrombosis near the catheter tip, which can cause thrombosis to clog a catheter. Due to the frequent use of catheters, patients who have cardiac catheterization are more likely to develop catheter-associated bloodstream infections. Therefore, the risks and issues related to catheters could limit the market growth for PTA Balloon Catheters over the forecasting period.

REPORT COVERAGE:

This research report on the percutaneous transluminal angioplasty balloons catheter market has been segmented and sub-segmented based on the material type, application type, end-user, and region.

Percutaneous Transluminal Angioplasty Balloons Catheter Market - By Material Type:

• Polyurethane
• Nylon
• Others

The polyurethane segment is predicted to hold the leading position in the worldwide market during the forecast period owing to the advantages of polyurethane material, such as superior characteristics, relatively high burst strength and good flexibility. The polyurethane material has good tensile strength, Hemocompatibility, and Biocompatibility.

On the other hand, the nylon segment is expected to show the fastest CAGR in the global market during the forecasting period.

Percutaneous Transluminal Angioplasty Balloons Catheter Market - By Application:

• Coronary Artery Disease
• Peripheral Artery Disease

The coronary artery disease segment is expected to account for the major share of the worldwide market during the forecast period. About 18.2 million American adults, according to the National Heart, Lung, and Blood Institutes, have coronary artery disease, making it the most prevalent kind of heart disease in the country, according to the Centers for Disease Control and Prevention. Cardiovascular diseases are the leading cause of death worldwide. The increase in the adoption of a sedentary lifestyle, no physical activity, and the prevalence of obesity lead to an increase in the prevalence of cardiovascular diseases.

The peripheral artery disease segment is anticipated to showcase a promising CAGR in the coming years.

Percutaneous Transluminal Angioplasty Balloons Catheter Market - By End User:

• Hospitals or Clinics
• Ambulatory Surgery Centers
• Others

The hospitals and clinics segment accounted for the major share of the worldwide market in 2022 and the domination of the segment is expected to continue throughout the forecast period. The growing preference of patients to visit hospitals for treatment needs is one of the key factors driving the growth of the hospitals and clinics segment in the global market. The presence of advanced technologies, such as advanced imaging machines and healthcare professionals in hospitals, led to maximum customer satisfaction.

On the other hand, the ambulatory surgery centers segment is expected to witness a healthy CAGR in the coming years.

Percutaneous Transluminal Angioplasty Balloons Catheter Market - By Region:

• North America
• Europe
•  Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Regionally, North America dominates the percutaneous transluminal angioplasty balloons catheter market during the forecast period due to the increase in the prevalence of cardiovascular disease in this region. Hence this increases the demand for these devices. Coronary artery disease is the leading cause of death in this region. According to the American Heart Association, over 6,00,000 percutaneous coronary interventions (PCI) are performed annually at >1600 centers across the United States. Furthermore, the advancement in healthcare infrastructure supports regional market growth.

The European region held the second-largest share of the global market in 2022 and is anticipated to hold a substantial share of the global market during the forecast period. Factors such as the growing prevalence of cardiovascular diseases, rising consumption of smoking and alcoholism and increasing incidence of obesity drive the growth of the European market. According to the European Society of Cardiology, Currently, there are more than 6 million new cases of CVD in the EU and more than 11 million in Europe as a whole, every year.

Asia Pacific region is expected to show the fastest CAGR growth rate over the forecast period due to the large patient pool in the region. The increase in the prevalence of CVD in the region leads to an increase in demand for these devices. Cardiovascular disease caused 46.74% and 44.26% of all fatalities in rural and urban areas, respectively, in 2019, according to Biomedical and Environmental Science. CVD was the cause of 2 out of every 5 fatalities. In China, there are thought to be 330 million CVD sufferers. Additionally, the rise in the geriatric population in emerging countries like India and China is driving regional market growth.

KEY MARKET PLAYERS:

Medtronic Plc., Terumo Corporation, Boston Scientific Corporation, Natec Medical, Cardinal Health, Adratec, Becton, Dickinson and Company, Surmodics, Microport Scientific Corporation, Abbott Laboratories and Koninklijke Philips N.V. are some of the major companies in the global percutaneous transluminal angioplasty balloons catheter market.

RECENT MARKET DEVELOPMENTS:

• In Dec 2022, Boston Scientific to acquire a majority stake in Acotec Scientific for $523m. Acotec Scientific develops drug-coated balloons and percutaneous transluminal angioplasty balloon catheters.
• n May 2022, Medtronic Announces FDA Approval for IN.PACT 018 PTA Balloon Catheter. Built on the market-leading IN.PACT Admiral DCB technology, the IN.PACT 018 DCB is engineered to cross tight lesions and is designed for better deliverability.