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 equipment used to inflate balloons for dilating or expanding various anatomical structures in the body. Major applications areas include dilation of blood vessels, opening blocked regions, inflating implants, and others. Common usage includes angioplasty procedures to open blocked arteries, balloon sinuplasty to widen sinus passageways, dilation of gastrointestinal strictures, and others. Inflation devices are available in manual as well as electric battery operated models.
Market Dynamics:
One of the major driver for inflation devices market growth is rising prevalence of cardiovascular disorders globally. As per WHO estimates, cardiovascular diseases account for over 17.9 million deaths globally each year, with over 75% of these deaths taking place in low-and middle-income countries. Inflation devices play a crucial role in treatment of various cardiovascular conditions such as coronary artery disease, peripheral artery disease through angioplasty procedures. Secondly, increasing usage of minimally invasive surgeries is also fueling market growth. Minimally invasive procedures require usage of balloon catheters as well as inflation devices, thereby supporting their adoption. Rising geriatric population base predisposed to various chronic diseases also benefits market growth. However, availability of alternative treatment options and high costs associated with minimally invasive surgeries can hinder market growth.
Segment Analysis
The inflation devices market is segmented into low-pressure inflation devices and high-pressure inflation devices. High-pressure inflation devices dominate the market as they are commonly used in multiple end uses such as gastroenterology, urology, interventional cardiology, and radiology. Their ability to inflate objects at higher pressures and wider applications have increased their adoption rate.
PEST Analysis
Political: Changes in reimbursement policies related to medical devices and healthcare reforms in various countries impact the market.
Economic: Rising healthcare spending worldwide due to increasing cases of lifestyle diseases drives the market.
Social: Increasing preference for minimally invasive surgeries boosts the demand.
Technological: Developments in smart inflation devices for accurate pressure control and remote monitoring support the market growth.
Key Takeaways
The Global Inflation Devices Market Size is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases necessitating inflation procedures.
Regional analysis:
North America dominates the market due to presence of major players and advanced healthcare infrastructure. Asia Pacific is expected to grow at the fastest rate owing to rising medical tourism and healthcare spending in countries such as China and India.
Key players: 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, and Stryker. Medtronic and Boston Scientific captured over 50% of the market share owing to their wide product portfolio and global 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.
