According to a new report published by Allied Market Research, titled, PTCA Balloon Catheters Market: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global PTCA balloon catheters market was valued at $1,064 million in 2016, and is expected to reach $1,431 million by 2023, growing at a CAGR of 4.3% from 2017 to 2023.
Percutaneous transluminal coronary angioplasty (PTCA) is a minimally-invasive procedure used to open blocked or narrowed coronary arteries. PTCA balloons are inflated inside a blocked coronary artery to open up the blockage and allow smooth blood flow. The use of PTCA balloon catheters is on a continuous rise, as it ensures sufficient plaque removal, and optimum patient comfort through a minimally invasive procedure.
Increase in aging population and changes in lifestyle of people, technological advancements, changes in FDA policy, and rise in prevalence of cardiovascular disorders are expected to drive the market growth. However, availability of alternative therapies, and complications associated with PTCA balloon catheters restrain this growth. The upsurge in demand for minimally invasive surgeries, rise in disposable incomes, and growth prospects in emerging economies of Asia-Pacific and LAMEA are expected to provide numerous opportunities for market growth during the forecast period.
The normal balloon catheter segment is expected to maintain its dominant position during the analysis period, owing to reduced complications associated with them when compared to other product types. The drug eluting balloon catheter segment is expected to grow at a rapid CAGR of 4.7% throughout the forecast period.
There has been an increased use of drug-eluting balloons in the past few years. The use of drug-eluting balloons has resulted in the reduction in the use of vessel implants (such as stents), which may cause vessel fracture. In addition, drug-eluting balloons are safe and they provide the highest rate of restoration of normal blood flow when compared to other balloon catheters.
North America accounted for more than two-fifths of the global market in 2016, and is expected to remain dominant throughout the forecast period. This is attributed to the increase in incidence of cardiovascular diseases; growth in geriatric population; and changing lifestyle of people that leads to cardiac abnormalities. In addition, high adoption rate of technologically advanced devices and presence of highly sophisticated healthcare infrastructure are expected to present new growth opportunities to the players in this market.
The major companies profiled in the report include The list of key players profiled in this report include Abbott Laboratories, B. Braun Melsungen AG, BIOTRONIK SE & Co. KG, Boston Scientific Corporation, C. R. Bard, Inc., Cardinal Health, Inc., Medtronic plc, MicroPort Scientific Corporation, Terumo Corporation, and THE SPECTRANETICS CORPORATION.
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