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PTA Balloon Catheter Market Report 2024 - PTA Balloon Catheter Market Scope, Size And Demand
PTA Balloon Catheter Market
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According to The Business Research Company's, The PTA balloon catheter market size has grown rapidly in recent years. It will grow from $2.15 billion in 2023 to $2.39 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to patient preference for non-surgical interventions, regulatory approvals and standards, healthcare infrastructure development, physician preference and expertise, rise in diabetes and obesity cases.
The PTA balloon catheter market size is expected to see rapid growth in the next few years. It will grow to $3.57 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to rising cardiovascular disease cases, aging population dynamics, focus on minimally invasive procedures, increasing diabetes and obesity rates, healthcare infrastructure expansion. Major trends in the forecast period include enhanced training and education, shift to value-based healthcare, focus on safety and biocompatibility, robotics and navigation systems, patient-specific treatment.
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Market Drivers and Trends:
The increasing prevalence of cardiovascular disorders is expected to propel the PTA balloon catheter market growth going forward. Cardiovascular disorders refer to a term for the conditions affecting the heart or blood vessels. The rise in cardiovascular diseases would require advanced diagnostics and treatments such as PTA balloon catheters, which would increase the demand for the market. For instance, in May 2023, according to the Centers For Disease Control and Prevention, US-based, federal agency under the Department of Health and Human Services, heart disease claimed the lives of approximately 695,000 individuals in 2021 in the United States, representing 1 in every 5 deaths. The economic burden associated with heart disease amounted to about $239.9 billion annually from 2018 to 2019, reflecting the significant impact on both public health and healthcare costs. Therefore, the increasing prevalence of cardiovascular disorders is driving the growth of the PTA balloon catheter market.
Product innovations are a key trend gaining popularity in the PTA balloon catheter market. Major companies operating in the PTA balloon catheter market are focused on developing innovative products to strengthen their position in the market. For instance, in March 2021, Medtronic, an Ireland-based company that provides medical devices, launched a chameleon PTA balloon catheter. The device's unique features include a particular aperture close to the balloon, which allows the administration of diagnostic fluids (such as contrast medium) or therapeutic fluids to the treatment site. This device combines the capabilities of a conventional diagnostic catheter with a high-pressure PTA balloon, allowing for simultaneous angioplasty and injection, less volume utilization, and shorter treatment and fluoroscopy times while maintaining full guidewire access.
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Major Key Players of the Market:
Cardinal Health Inc., Abbott Laboratories, Medtronic plc., Koninklijke Philips NV, Becton Dickinson and Co, Stryker Iberia, SL, Boston Scientific Corporation, Lepu Medical Technology (Beijing) Co, Ltd, B. Braun Melsungen AG, Terumo Corporation, Nipro Medical Corporation, Coloplast A/S, Teleflex Incorporated, Hellman & Friedman LLC, Cook Medical Inc., Biotronik SE & Co KG, Smiths Medical, Merit Medical, Microport Scientific Corporation, Shockwave Medical Inc, Cardiovascular Systems Inc, Well Lead Medical Co, Ltd, Cardionovum GmbH., Surmodics Inc., Summit Medical Group Ltd., JOTEC GmbH, BACTIGUARD AB, Creagh Medical Limited, Natec Medical Ltd., TriReme Medical, Inc. Andratec GmbH, Acotec Scientific Holdings Ltd, Kaneka Corp
PTA Balloon Catheter Market 2024 Key Insights:
• The PTA balloon catheter market size is expected to see rapid growth in the next few years. It will grow to $3.57 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%.
• Advanced Diagnostics And Treatments Drive Demand For PTA Balloon Catheters
• PTA Balloon Catheter Market Embraces Innovation As A Key Trend
• North America was the largest region in the PTA balloon catheter market share in 2023
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