by The Inflation Devices Market is estimated to be valued at US$ 4.64 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Inflation devices are medical devices used for dilating body cavities or hollow organs by expanding them. They are generally used to dilate blood vessels, esophagus, uterus and gastrointestinal tract. Inflation devices offer minimal invasion, faster recovery time, reduced hospital stay and cost-effectiveness as compared to other surgical procedures. They are widely used in gastroenterology, urology, interventional cardiology and gynecology.
Market key trends:
One of the key trends in the Inflation Devices Market Size is increasing demand for minimally invasive surgical procedures. Minimally invasive surgical procedures such as laparoscopy offer advantages such as smaller incisions, less pain, quicker recovery time, and smaller scars. According to the American Society for Metabolic and Bariatric Surgery, in 2020, around 216,000 bariatric surgeries were performed in the United States and majority of these surgeries were laparoscopic gastric bypass procedures. Owing to advantages associated with minimally invasive surgeries, demand for inflation devices is increasing as they play an important role in dilating body cavities and organs during laparoscopic procedures. From 2015 to 2019, laparoscopic gastric bypass procedures increased by over 20% in the U.S. This rising preference for minimally invasive surgeries is expected to drive the growth of inflation devices market over the forecast period.
Porter’s Analysis
Threat of new entrants: The Inflation Devices Market faces moderate threat of new entrants due to the presence of established key players and requirement of high investment for R&D.
Bargaining power of buyers: The bargaining power of buyers is low due to availability of wide range of products from various key players at competitive prices.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of large number of suppliers in the market.
Threat of new substitutes: There is low threat of substitutes due to lack of close substitutes and high switching costs.
Competitive rivalry: Intense due to presence of major players.
SWOT Analysis
Strength: Wide product portfolio and strong geographical presence of key players. Innovation in product design for improved outcomes.
Weakness: High costs associated with manufacturing and R&D. Risk of complications.
Opportunity: Growth of minimally invasive surgeries. Emerging markets offer huge untapped potential.
Threats: Stringent regulatory environment. Reimbursement issues in developing nations.
Key Takeaways
The global Inflation Devices Market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases and rising elderly population.
Regionally, North America dominated the market and accounted for over 35% of global revenue in 2023 owing to improvements in healthcare infrastructure and availability of reimbursement. Asia Pacific is anticipated to be the fastest growing region during the forecast period driven by expanding medical tourism industry and improving access to healthcare in countries such as India and China.
Key players operating in the Inflation Devices market are Medtronic, Boston Scientific, Abbott Laboratories, Teleflex, ConvaTec, Smiths Group, Cook Medical, B. Braun Melsungen, Cardinal Health, Stryker. Major players are focusing on new product launches, partnerships and geographical expansion strategies to solidify their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
