The key driver improving the demand for angioplasty balloons over the coming years is the growing number of patients suffering from coronary artery diseases. In the U.S. alone, 610,000 people have died from heart complications in the recent past, and close to 8 mn people have been diagnosed with peripheral artery disease in 2011. These numbers are growing, a trend very visible across the globe. The growing geriatric population, the increasing number of diabetics and the obese, and the high rate of negative lifestyle choices and stress have all culminated in increasing the number of people suffering from heart diseases and coronary artery disease. This collectively forms the primary factor responsible for the growing demand for angioplasty balloons.
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Rising Number of Coronary Artery Diseases Boosts Market
The rising number of patients suffering from coronary artery diseases is the key factor driving the angioplasty balloons market. As per statistics of the Centers for Disease Control and Prevention (CDC), nearly 610,000 individuals died of complications in heart conditions in the recent past, and nearly 8 million individuals were diagnosed with peripheral artery disease in 2011. Furthermore, state-of-the-art healthcare infrastructure in developed countries and a high level of awareness among patients about the various treatment options for heart disorders is benefitting the angioplasty balloons market in these regions.
A growing geriatric population susceptible to heart conditions and increasing number of angioplasty procedures in developed countries such as France, Belgium, Sweden, and Austria are also stoking growth of the angioplasty balloons market. The rising demand for minimally invasive procedures for coronary artery diseases is also fuelling the angioplasty balloons market.
Generally, factors such as sedentary lifestyle and increasing stress level due to professional and personal problems have led to a surge in heart conditions. This indicates rising demand for diagnostics and therapies to rectify heart conditions, which may require external devices such as angioplasty balloon.
Lastly, product innovation and a significant number of product in the pipeline are likely to add new dimensions to this market.
Availability of sub-quality Products Crimps Growth
On the flip side, the entry of small players especially in developing countries who offer sub-quality products at low prices is negatively impacting the market’s growth. Low-priced products are being adopted by economically weak people who are unable to afford branded products offered by established players. This is impacting sales of branded products.
The rising popularity of medical tourism in destinations such as India that offer local cost devices along with low cost of surgery for coronary artery diseases is also impacting the overall angioplasty balloons market.