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Posted by bsoftindia on August 31, 2024 at 8:18am 0 Comments 0 Likes
Posted by Khalid Shaikh on August 31, 2024 at 8:16am 0 Comments 0 Likes
Inflation Device Market Overview:
The Inflation Device Market is projected to reach USD 600 Million by 2024 from USD 480 Million in 2019, at a CAGR of 4.7% from 2019 to 2024. The growth of the inflation devices market is largely driven by the rising geriatric population (more prone to develop cardiovascular disease), increasing preference for minimally invasive surgeries, and favorable reimbursement scenario for minimally invasive procedures in most of the developed countries. Whereas, government initiatives to control the burden of healthcare-associated infections (HAIs) in developed countries and the increasing healthcare expenditure across emerging markets are also expected to offer significant growth opportunities for players in the market. However, the availability of effective alternative treatments and the high rate of reprocessing inflation devices are expected to limit the market growth to a certain extent.
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The digital display inflation devices segment to grow at fastest rate during the forecast period
Based on display type, the inflation devices market is segmented into digital and analog display inflation devices. The digital display inflation devices segment is expected to grow at faster CAGR during forecast period. The high growth of this segment can be attributed to the advanced display patterns and ease of use associated with these devices. Moreover, increasing number of local manufacturers manufacturing digital inflation devices at lower cost as compared to established market players is another important factor contributing to the segment growth.
Gastroenterological procedures segment to register the highest CAGR in the inflation devices market, by application during the forecast period
On the basis of applications, the inflation devices market is segmented into interventional cardiology, interventional radiology, peripheral vascular procedures, urological procedures, gastroenterological procedures, and other applications. The gastroenterological procedures segment is to be the fastest-growing segment during the forecast period. The demand for inflation devices in gastroenterological procedures is mainly driven by the increasing number of endoscopic procedures for disease diagnosis and the growing awareness among healthcare providers about the procedural benefits offered by minimally invasive and image-guided surgeries for gastrointestinal tract disease treatment.
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Market Segmentation:
By capacity, the 60ml inflation device segment is expected to grow at the highest rate during the forecast period
Based on display type, the inflation device market is segmented into 20ml, 30ml, and 60ml inflation devices. The 60ml inflation devices segment is expected to grow at fastest CAGR during forecast period. These devices feature quick-latch mechanisms (enables one-handed deflation) and are designed to be easy to use, which has driven their adoption in pulmonary, gastroenterology, and otolaryngology procedures, as these procedures utilize comparatively larger-sized balloons and require more amounts of liquid for inflation.
The interventional cardiology segment was the largest contributor to the inflation devices market, by application in 2018
Based on application, the inflation device market is segmented interventional cardiology, intervention radiology, peripheral vascular procedures, urological procedures, gastroenterological procedures, and other applications. Among these, the interventional cardiology segment accounted for the largest share of the inflation device market in 2018. The rising geriatric population more prone to develop CVD, which is a major factor driving the adoption of interventional cardiology procedures that utilizes inflation devices. Moreover, growth in the number of new multi-specialty hospitals in developing countries offering advanced minimally invasive procedures, favourable reimbursement scenario for angioplasty procedures will further drive growth of segment over the forecast period.
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Key Players:
The major players operating in the inflation device market include Merit Medical Systems (US), Boston Scientific Corporation (US), Cardinal Health (US), CONMED Corporation (US), Medtronic Plc (Ireland), Acclarent Inc. (US), Cook medical (US), Atrion Corporation (US), Becton Dickinson and Company (US), Terumo Medical Corporation (Japan), B. Braun Melsungen AG (US), Olympus Corporation (Japan), Teleflex Incorporated (US), and US Endovascular (US), among others. An analysis of the market developments between 2015 and 2019 revealed that several growth strategies such as product launches and enhancements, partnerships, collaborations, and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the inflation device market.
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