The North America Balloon Catheter market Size was valued at USD 1.32 Billion in 2023 and is expected to reach USD 2.19 billion by 2028, developing rapidly and forecasted to hike at a promising CAGR of 10.59% during the forecast period 2023 to 2028.
The growing patient population suffering from cardiovascular diseases across North America is fuelling the demand for balloon catheters and driving the North American market. In America, one in twenty adults aged above 20 years may experience cardiovascular issues in their lifetime. The use of balloon catheters is a common practice during catheterization procedures to widen narrow openings in the body. Balloon angioplasty is a procedure for patients with coronary artery diseases or heart attacks and is employed to open narrowed or blocked arteries.
The growing geriatric population in the North American region further boosts the growth rate of the North American market. The drug-coated balloons are a widely adopted technique for targeted drug delivery to expedite recovery for people aged. Older populations are more susceptible to surgical procedures, making drug-coated balloons a safe and effective treatment for coronary lesions in this demographic. This approach minimizes the bleeding risk in people, resulting in the increased adoption of balloon catheters and contributing to regional market growth.
The growing advancements in manufacturing balloon catheter devices and the rising focus of manufacturers on creating balloon catheters with diverse materials to cater to the different surgical requirements propel the growth of the North American balloon catheter market. The growing number of applications of balloon catheters in the healthcare sector further fuels the market's growth rate in North America. Notably, Foley bulbs, utilized for cervical dilation during induced labor, exemplify the efficacy of these devices. The procedure involves inserting a catheter into the cervix and applying pressure using a saline solution, sometimes with medication. Additionally, rising investments in research and development, approvals of novel devices, support from healthcare organizations, and favorable reimbursement policies contribute to market progress in North America.
The high cost of balloon catheter devices and procedures, challenges related to skilled professionals, awareness, FDA recalls, infrastructure and product approval timelines majorly hamper the growth of the balloon catheter market in North America. Complications such as leakage, misplacement, infection, bleeding, and stomach cramps further impede the regional market growth.
This research report on the North America Balloon Catheter Market has been segmented and sub-segmented into the following categories:
By Product Type:
By Raw Material:
By Disease Indication:
By End User:
North America held the largest share of the global market in 2022 and the domination of the North American region in the worldwide market is expected to continue throughout the forecast period. Factors such as the growing investments in healthcare infrastructure, increased healthcare spending by the population and the strong presence of key market players drive the growth of the North American market. Government regulations and hospitals' widespread adoption of balloon catheter procedures also contribute to market growth.
The U.S. had the leading share of the North American market in 2022 and is predicted to hold the dominating share of the North American market throughout the forecast period owing to the robust portfolio of new catheter balloon products, supported by expanding manufacturing facilities, strategic mergers and acquisitions, and effective marketing campaigns.
Canada is anticipated to account for a considerable share of the North American market during the forecast period owing to the growing number of clinical trial centers and the rising preference for minimally invasive surgeries. Balloon catheter procedures, performed through small incisions, offer reduced hospital stays and faster recovery times compared to open surgeries.
Promising Companies leading the North America Balloon Catheter Market Profiled in the Report are B. Braun Melsungen AG, Abbott Vascular, Terumo Medical, Corp., Medtronic, Biosensors International, Ltd., Boston Scientific, Goodman, and Cordis.MicroPort Scientific, Corp., Simeks Medical, and AngioScore, Inc.
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