Increasing Healthcare Spending and Government-led Initiatives Regarding Heart Health to Create Growth Opportunity in Angioplasty Balloons Market During Forecast Period
The initiative HEARTS in the Americas is led by the Ministries of Health with the participation of local stakeholders and the technical cooperation of the Pan American Health Organization (PAHO). The Initiative is being executed in more than 1,400 health centers in 22 nations across the region. By 2025, HEARTS will be the model for cardiovascular risk management, which includes diseases such as hypertension, diabetes, and dyslipidemia, in primary health care in the Americas.
Moreover, in Europe, public spending on healthcare has grown faster than domestic spending, but mainly in high-income countries. The European Commission’s EU4Health program, the Next Generation Recovery Funds, and the Horizon Europe Research Funds offer an opportunity to address the burden of cardiovascular diseases and improve the cardiovascular health of citizens by implementing preventative measures identified in an EU Action Plan for better cardiovascular health. This plan covers the overall patient journey, from prevention and early detection to access to care and treatment to quality of life and functioning status, considering the vital role of digitization and innovation at all stages.
Further, the Emirates Cardiac Society helps improve cardiovascular health through research, education, and quality patient care. Africa records one of the highest prevalence of heart disease, including congenital heart disease (CHD) and rheumatic heart disease (RHD), in children and young adults. Over the past decade, several important centers and collaborations such as the Salam Centre for Cardiac Surgery and the Walter Sisulu Paediatric Centre for Africa have emerged to address the differences[RS1] [LS2] in research, education, and quality patient care, and renewed attention has been focused on the early detection and treatment of CHD while promoting innovative approaches and training centers for excellence. Therefore, increasing healthcare spending and government-led initiatives regarding heart health are expected to provide an opportunity for the market growth in the coming years.
Angioplasty Balloons Market: Regional Overview
In terms of geography, the angioplasty balloons market is segmented into North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2022, North America held the largest market share. The market growth is fueled by the increasing incidence of heart diseases, including cardiovascular disorders, stroke, and others, coupled with well-developed healthcare infrastructure.
The US accounted for a significant share of the North America angioplasty balloons market with the rise in cases of heart disease. According to the American Heart Association, due to cardiovascular diseases, one person dies every 34 seconds in the US. In 2020, ~697,000 people in the US died from heart disease, i.e., one in every five deaths. In December 2022, GIE Medical launched two clinical trials in the country to investigate the use of ProTractX3 TTS DCB, its multi-stage drug-coated balloon (DCB) technology, in esophageal and bowel strictures. The dubbed PAclitaxel Coated Balloon for the Treatment of Chronic bEnigN sTricture–Esophagus (PATENT-E) has been designed to assess the efficiency and safety of the DCB technology to treat benign oesophagal strictures.
Asia Pacific is expected to register the highest CAGR during the forecast period. The region occupies a significant position in the global angioplasty balloons market and is expected to demonstrate a promising growth trajectory during the forecast period. The driving factors for the growth of the market are the increasing prevalence of cardiovascular diseases, growing aging population, improving healthcare infrastructure, and rising awareness about minimally invasive procedures. The angioplasty balloons market in China is positively influenced by factors such as the growing geriatric population, changing lifestyles, increased healthcare spending, and advancement in medical technology. The demand for minimally invasive procedures and interventional cardiology techniques has been rising, leading to the increased adoption of cardiac microcatheters in the country. China has significantly invested in developing advanced healthcare infrastructure and training professionals in interventional cardiology techniques.
Angioplasty Balloons Market: Competitive Landscape and Key Developments
The angioplasty balloons marketreport emphasizes prominent players operating in the market. The players include Abbott, Boston Scientific Corporation, Cardinal Health, Cook Medical, C. R. Bard Inc, ENDOCOR GmbH, Medtronic, Spectranetics, BIOTRONIK, and Terumo Medical Corporation. Market players focus on expanding and diversifying their businesses and acquiring novel customer bases, which allows them to explore attractive business opportunities prevailing in the angioplasty balloons market. As per company press releases, below are a few recent key developments:
• In February 2023, Concept Medical Inc. (CMI) received the Investigational Device Exemption (IDE) from the US FDA for its Magic Touch Sirolimus Coated Balloon. The Magic Touch PTA Sirolimus Coated Balloon Catheter is used in the treatment of Below the Knee (BTK) atherosclerotic lesions in Peripheral Arterial Disease.
• In October 2022, Cordis, a worldwide leader in the development and manufacturing of interventional cardiovascular and endovascular technologies, acquired MedAlliance—a Switzerland-based company at the forefront of transformative drug-eluting balloons. With the acquisition of MedAlliance, Cordis will be able to use the drug-eluting balloon, SELUTION SLRTM (Sustained Limus Release), to treat two million patients worldwide by 2027.
• In September 2022, the FDA granted Advanced NanoTherapies a Breakthrough Device Designation (BDD) for its SirPlux Duo Drug-Coated Balloon (DCB) to treat coronary artery disease. SirPlux Duo DCB delivers low-dose, long-term release of both compounds to inhibit cell growth, resulting in maximum potency exceeding any other DCB or drug-eluting stent.