The demand of inflation devices is witnessed to be increasing at a considerable rate, owing to surge in prevalence of cardiovascular disorders across the globe.
Portland, OR, Feb. 15, 2021 (GLOBE NEWSWIRE) -- According to the report, the global inflation devices market was valued at $517 million in 2018, and is expected to reach $770 million by 2026, registering a CAGR of 5.1% from 2019 to 2026.
Rising adoption of balloon assisted surgeries that utilize inflation devices to inflate and deflate the balloon (such as angioplasty, angiography, balloon sinuplasty, catheter embolization) is the key factor fueling the demand for inflation devices. Moreover, growing healthcare expenditure, high patient awareness, and favorable reimbursement landscape in most of developed countries is also contributing to the market growth.
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Many surgical procedures have been postponed during the Covid-19 pandemic as majority of hospital staff has been shifted to Covid wards. The procedures were carried out only in extreme conditions. Other surgeries have been delayed to avoid cross-contamination. So, the demand for inflation devices has been reduced. The demand would grow steadily as hospitals begin performing surgical procedures regularly.
R&D activities have been stopped and manufacturing activities have been halted due to close down of factories during the lockdown.
The growth of the global inflation devices market driven by rise in adoption of minimally invasive procedures, For instance, these surgical procedures require smaller incisions which results in less scarring. Furthermore these procedures are less painful as compared to the surgeries including larger incisions. Moreover, these surgeries also have higher accuracy rate compared to traditional open surgery. Therefore, these surgeries are preferred by patients and healthcare providers. In addition, factors such as surge in prevalence of cardiovascular diseases, and increase in number of surgical procedures performed across the globe. Furthermore, surge in healthcare expenditure worldwide is another factor that contributes toward the growth of the market. In addition, rise in geriatric population across the globe acts as a major driver of the global inflation devices market. However, expensive surgical procedures restrains the growth of the market.
The global inflation devices market is divided on the basis of type, application, end user, and region.
Based on type, the analogue inflation devices segment occupied the largest inflation devices market share in the year 2018, owing to the advantages offered by these devices. For instance, analogue inflation devices are inexpensive, and therefore are preferred over their counterparts. Moreover, these devices are simple and easier to use, which further boost their adoption across all healthcare settings.
Based on application, it is categorized into gastroenterological procedures, urological procedure, interventional cardiology & radiology, and peripheral vascular procedures.
Based on end user, the hospitals & clinics segment occupied the largest share in 2018, due to rise in number of hospitals worldwide. Furthermore, surge in prevalence of various diseases that require inflation devices during treatment fuels the growth of the market.
Based on region, North America accounted for the major share of inflation devices market size, and is expected to continue this trend, owing to easy availability of inflation devices in the region. Moreover, surge in number of surgical procedures performed in North America propels the inflation devices market growth. However, Asia-Pacific is expected to register the fastest growth during the forecast period, owing to surge in healthcare expenditure in the region.
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Leading market players analyzed in the research Argon Medical Devices Inc., Beckton Dickson And Company, Boston Scientific Corporation, ConMed Corporation., Johnson & Johnson (Acclarent), Medtronic Plc., Merit Medical System, Olympus Corporation, Teleflex Inc., and Terumo Corporation
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