Market Overview:
Inflation devices are medical equipment used to inflate or distend various body structures such as blood vessel, intestine, bronchus or bladder. It is used for procedures like angioplasty, placement of stents and gastric balloons. These devices aid in minimally invasive surgeries and diagnostic procedures.
Market key trends:
One of the key trend in the inflation devices market is increasing preference for minimally invasive procedures. Minimally invasive surgeries require lesser incision and healing time compared to open surgeries. This has increased the demand for devices used in minimally invasive procedures like angioplasty and stent placement. Various advances in devices designing such as development of smallest diameter catheters and guidewires have propelled the growth of minimally invasive surgeries and subsequently inflated the demand for inflation devices in healthcare industry.
Market key trends:
The Inflation Devices Market Size has been witnessing high growth over the past few years owing to the growing prevalence of chronic diseases and rising cases of trauma injuries that require surgical intervention. Technological advancements in inflation devices, such as the development of radiofrequency and digital inflation devices to improve precision and control during angioplasty and other procedures, is another key trend driving the demand in this market. Various new product launches catering to the specific needs of different surgical procedures have also enhanced the adoption of inflation devices across healthcare facilities.
SWOT Analysis
Strength: Inflation devices provide safe, effective, and minimally invasive procedures to patients undergoing surgeries and angioplasty. They help facilitate procedures with precision and control.
Weakness: High costs associated with technologically advanced inflation devices can limit their adoption in price sensitive markets.
Opportunity: Growing burden of CVDs and increasing investments into healthcare infrastructure in developing countries present an opportunity for market expansion. Rising medical tourism also supports market growth.
Threats: Stringent regulatory scenario and presence of alternative treatment options pose threats to market players. Reimbursement issues in some countries challenge revenue generation.
Key Takeaways
The global Inflation Devices Market size was valued at US$ 4.64 Bn in 2023 and is expected to reach US$ 8.32 Bn by 2030, expanding at a CAGR of 8.0%. North America currently dominates the market owing to high healthcare spending and technological advancements.
The regional market is estimated to be worth US$ 3.12 Bn in 2023. However, Asia Pacific is expected to witness fastest growth during the forecast period due to increasing healthcare investments, rising medical tourism, and growing incidence of chronic diseases.
Some of the 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.
