by The global Drug Eluting Balloon Market plays a crucial role in delivering drugs directly to diseased tissues in order to inhibit restenosis. Drug eluting balloons are catheter-based delivery devices capable of delivering anti-proliferative drugs locally to stenotic blood vessels during balloon angioplasty. These balloons prevent renarrowing of the artery and minimize the need for additional medical procedures. They help reduce recurrence of blockages in arteries and provide long-term clinical benefits as compared to plain old balloon angioplasty.
The global Drug Eluting Balloon Market is estimated to be valued at US$ 667.78 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technological advancements in drug delivery systems are expected to be a major trend in the global drug eluting balloon market size over the forecast period. Key players are focusing on developing novel drug delivery systems using nanotechnology and biodegradable polymers for controlled and sustained drug release. For instance, Medtronic launched the Lutonix Drug Coated Balloon which utilizes the In.PACT Admiral drug-coated balloon catheter for peripherally drug-coated balloon angioplasty. In addition, companies are developing biodegradable polymer coated balloons to avoid issues associated with permanent polymers like inflammation and restenosis. This helps improve efficacy and safety of treatment.
Porter’s Analysis
Threat of new entrants: The threat is moderate as significant capital investment is required to develop drug eluting balloon technology and gain regulatory approvals. However, smaller companies can partner with larger players.
Bargaining power of buyers: The bargaining power is moderate as buyers have a few alternative treatment options like drug coated stents. However, drug eluting balloons provide clear advantages over alternatives.
Bargaining power of suppliers: The power is low since raw material suppliers have limited control over prices due to availability of substitute materials.
Threat of new substitutes: The threat is moderate as newer treatments like drug coated balloons and stents pose competition. However, drug eluting balloons have proven efficacy and safety.
Competitive rivalry: The competition is high among major players to gain higher market share through product innovations, geographic expansions and mergers & acquisitions.
Key Takeaways
The global drug eluting balloon market is expected to witness high growth. The global Drug Eluting Balloon Market is estimated to be valued at US$ 667.78 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
The market in North America is the largest due to developed healthcare infrastructure and increasing PCI procedures. Factors like rising geriatric population with cardiovascular diseases and technological advancements in balloon catheters are driving regional growth. \The European market is expected to grow at a fast pace owing to high burden of CVDs and government support for healthcare sector. Asia Pacific is poised to provide lucrative opportunities for key players over the forecast period attributed to growing medical tourism, rising healthcare spending and expanding private insurance coverage.
Key players operating in the drug eluting balloon market are Cato Manufacturing Ltd, Culver Props, Inc., Delta Electronics, Inc., Dowty Circuits Limited, Hartzell Propeller, Inc., McCauley Propeller Systems, Inc., Sensenich Propeller Service, Inc., and others. Players are focused on new product launches, partnerships and regional expansions to strengthen their market presence.
