Market Size of Occlusion Balloon Catheter Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Occlusion Balloon Catheter Market Analysis
The occlusion balloon catheter market is expected to witness a CAGR of 5% during the forecast period.
Due to global lockdowns and suspended trade, there was a decline in medical diagnoses and health check-ups for non-COVID-19 patients, as healthcare activities were largely focused on COVID-19. For instance, as per the article published in the National Library of Medicine in September 2021, compared to the pre-pandemic period, the pandemic caused a significant decrease in the number of referrals and procedures completed. In addition, according to the same source, during the pandemic period, there was a marked decline in referrals and procedures carried out for cardiac procedures in Canada. Such a reduction in procedures led to a decline in patient visits to healthcare centers for intracardiac electrocardiography (ICE) procedures. However, there was an increase in various cardiac diseases during the later phase of the pandemic among COVID-19 patients, which, in turn, increased the demand for interventional cardiology. This contributed to considerable growth in the market studied.
Moreover, the global and regional players in the market studied focused more on product developments during the pandemic. For instance, BioSig Technologies Inc. presented data after successfully completing a blinded trial in 2021 for its PURE EP System. In August 2022, the company extended the commercialization of the product, a computerized system designed for collecting, digitizing, amplifying, filtering, measuring, and calculating electrocardiographic and intracardiac signals. It also records and stores the signals. Hence, development activities by major players during the pandemic period fueled the growth of the market studied.
Factors such as the increasing prevalence of cardiac diseases are expected to increase the market's growth. According to the 'Cardiovascular Diseases Statistics,' published by Eurostat in August 2021, cardiovascular disorders (CVDs) are the leading cause of mortality in Europe. They span various circulatory system-related medical conditions and place a considerable burden on healthcare systems and government budgets. Additionally, as per a press release by the European Society of Cardiology in September 2021, CVD caused 36% of all fatalities in Europe. In addition, as per the same source mentioned above, people of all ages are severely affected by CVD. In Europe, CVD is responsible for about 20% of all premature deaths (before the age of 65) annually.
Furthermore, as per the article published in the National Library of Medicine in February 2022, over the past 35 years, the prevalence of obesity has more than doubled. Additionally, as per the same source mentioned above, the middle-income European Society of Cardiology member countries face a high CVD burden with a projected incidence rate around 30% higher than those of high-income countries, and the disability-adjusted life years lost to CVD are about four times higher in middle-income countries than in high-income ones.
However, the high cost of angioplasty procedures and the dearth of skilled professionals are hampering the market's growth.
