Cutting Balloon Catheter Market Poised to Reach a Valuation in Excess of US $181 Mn over 2022
As per the latest report published by Fact.MR, the global cutting balloon market will expand at a miniscule CAGR of 2.4% between 2017 and 2022.
Rockville, MD -- (SBWire) -- 11/28/2017 --Global sales of cutting balloon catheter is projected to remain weak over the next five years. This is majorly attributed to the introduction of superior alternatives for carrying out minimally invasive cardiovascular and endovascular procedures. An array of cutting-edge catheters are available in the market owing to continuous research and development activities in the medical technology space. Moreover, increasing occurrence of cardiovascular disorders is putting an impetus on further innovation in catheter devices. Therefore, medical device manufacturers are concentrating on making multipurpose balloon catheters that will not be limited to any particular application. These aforementioned factors are deterring the prospects of the global cutting balloon catheter market. According to the recent study conducted by Fact.MR, the global market for cutting balloon is estimated to stand at around US$ 181.6 Mn, reflecting a sluggish growth during the forecast period (2017-2022).
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Highlights of the Report Include:
1- Based on raw material, preference for polyurethane based cutting balloon catheter will remain strong during the assessment period. In terms of revenue, sale of polyurethane based cutting balloon catheters presently account for the largest share of the global market.
2- Based on indication, use of cutting balloon catheter for treating coronary artery disease will be relatively high. Currently, around 73% revenue share of the global market in generated by use of cutting balloon catheter in coronary artery procedures.
3- On the basis of end user, sales of cutting balloon catheter will remain highly concentrated in hospitals. In addition, hospitals are the largest end users of cutting balloon catheter. Towards the end of 2017, more than US$ 121 Mn worth cutting balloon catheters will be consumed by hospitals. Currently, revenues from sales of cutting balloon catheters in hospitals command for around 67% share of the global market.
North America to Remain the Largest Market for Cutting Balloon Catheters
Among regions, North America will continue to be the leading market for cutting balloon catheter during the forecast period. This is primarily attributed to the presence of a well-established healthcare sector in the region. Moreover, factors such increasing healthcare awareness and rising healthcare expenditure are supporting the growth of the market in the region. Meanwhile, the market in Asia-Pacific excluding Japan (APEJ) is also expected to exhibit a steady growth over the next couple years. Emerging countries such as China and India are anticipated to play a major role in determining the future prospects of the market in the region. Europe is projected to remain another potential market for cutting balloon catheter, which currently command for over 30% share of the global market in terms of revenue.
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Fact.MR's report has also profiled key companies operating in the global cutting balloon catheter market including Hexacath, Boston Scientific Corporation, Medtronic Plc., BIOTRONIK SE & Co. KG, Cook Medical Inc., Cardionovum GmbH, Abbott Laboratories, Terumo Corporation, B. Braun Melsungen AG, Cordis Corporation, MicroPort Scientific Corporation, and Meril Life Sciences Pvt Ltd. Some of these market participants are actively focusing on further technological enhancement in their products in order to boost sales.
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