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In recent years, the balloon introducer system market size has witnessed significant growth. The market size, which was valued at $2.7 billion in 2023, is expected to grow up to $2.97 billion in 2024, translating to a compound annual growth rate CAGR of 9.9%. Factors attributing to this growth include an improved supply chain management, an aging population, growing preferences for outpatient procedures, increasing awareness about preventive healthcare, and government programs aiming to enhance public health.
What Growth is Expected in the Balloon Introducer System Market?
The balloon introducer system market is anticipated to experience a robust growth in the ensuing years, reaching a value of $4.34 billion in 2028 at a compound annual growth rate CAGR of 10%. The forecast period growth can be attributed to the rising incidence of obesity, patient awareness, prevalence of cardiovascular diseases, and preference for minimally invasive surgeries. Meanwhile, trends for the forecast period will largely feature technological advancements, adoption in emerging markets, integration with imaging technologies, application expansion, and the adoption of telemedicine among others.
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What Are the Major Drivers of the Balloon Introducer System Market?
The surge in cardiovascular diseases is largely expected to fuel the growth of the balloon introducer system market. Cardiovascular diseases including heart attacks, strokes, hypertension, among others, usually affect the heart and blood vessels. The global rise in obesity and diabetes, coupled with sedentary lifestyles and poor dietary habits, have contributed to the increasing prevalence of these diseases. The balloon introducer system aids in minimally invasive procedures to open blocked blood vessels, in turn improving blood flow in cardiovascular disease treatment. For instance, as high blood pressure is projected to increase from 51.2% to 61.0% by June 2024, the number of people diagnosed with cardiovascular diseases are anticipated to rise from 128 million in 2020 to over 184 million by 2050, according to data published by the American Heart Association. These rising figures of cardiovascular diseases will drive the growth of the balloon introducer system market.
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Who Are the Key Industry Players in the Balloon Introducer System Market?
The Balloon Introducer System Market is driven by major companies such as Cardinal Health Inc., Johnson & Johnson, Abbott Laboratories, Medtronic plc, Becton Dickinson, Koninklijke Philips N.V., Stryker Corporation, Boston Scientific Corporation, B. Braun Melsungen AG, Terumo Corporation, Nipro Corporation, Cook Medical Inc., Teleflex Incorporated, BIOTRONIK SE & Co. KG, Merit Medical Systems Inc., MicroPort Scientific Corporation, Blue Sail Medical Co. Ltd., Asahi Intecc Co. Ltd., Japan Lifeline Co. Ltd., and AngioDynamics Inc, among others.
What Are the Emerging Trends in the Balloon Introducer System Market?
The Balloon Introducer System market is defined by the emergence of innovative medical products like elation balloons, designed to enhance medical procedures. Elation balloons are specialised medical devices used in assisting minimally invasive procedures by providing controlled dilation of blood vessels or other anatomical pathways. For example, in July 2022, US-based medical device manufacturer, Merit Medical Systems Inc., launched the smallest and shortest configuration of the Elation Pulmonary Balloon Dilator to address critical patient needs.
How Is the Balloon Introducer System Market Segmented?
The balloon introducer system market can be segmented into:
1 By Product Type: Normal Balloon, Cutting And Scoring Balloon, Drug-Coated Balloon, Stent Graft Balloon Introducer
2 By Technology: Rapid Exchange, Over The Wire, Fixed Wire Balloon Catheter
3 By Application: Coronary Artery Diseases, Peripheral Artery Diseases, Neurovascular Diseases
4 By End User: Hospitals, Ambulatory Surgical Centers, Catheterization Laboratories
What Are the Regional Insights into the Balloon Introducer System Market?
In 2023, North America emerged as the largest region in the balloon introducer system market. The regions covered in this report include not only North America, but also Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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