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Intra-aortic Balloon Pump Market Segmented By Intra – Aortic Balloon Pump Console, Intra – Aortic Balloon Pump Catheters, Introducer Tray Product Product with Coronary Artery Diseases, Chronic Heart Failure Indication
The global intra-aortic balloon pump market is estimated to grow from nearly US$ 361 Mn in 2017 to nearly US$ 472 Mn by 2027 end. This represents a CAGR of 2.7% over the forecast period of 2017-2027. The global market for intra-aortic balloon pump represents absolute dollar opportunity of US$ 10.9 Mn in 2018 over 2017 and incremental opportunity of US$ 111 Mn between 2017 and 2027.
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Emerging countries in the Asia pacific region such as China and India are the hotspots for investment opportunities because of increasing prevalence of coronary artery diseases such as unstable angina and myocardial infarction (NSTEMI) and chronic heart diseases. Increasing acceptance of intra-aortic balloon pump in the treatment of the aforementioned disorders and the use of intra-aortic balloon pump during cardiogenic shock will create ample lucrative opportunities for intra-aortic balloon pumps.
Quality improvisation of medical treatment, increasing number of partnerships and growing healthcare modernization in these countries will also create ample opportunities for the intra-aortic balloon pump market.
To increase their revenue share, medical device manufacturing companies are focusing on the development of catheters and consoles with improved safety and efficacy output, which will indirectly drive the growth of the intra-aortic balloon pump market and subsequently, consumables such as tubing and disposables over the forecast period.
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Get a Customized VersionIncreasing government spending on healthcare services in North America is expected to boost the growth of cardiac procedures and subsequently the intra-aortic balloon pump market. As per the center for Medicare and Medicaid Services, the overall healthcare spending in North America is expected to increase at an average of 4.6 percent per year during the period 2016-2019.
National health spending in the U.S. is projected to grow at an average of 5.6 percent per year due to the large health insurance coverage impact of the Affordable Care Act. As a result of the increasing trend of government spending, the U.S. is likely to witness expanding interest for overall medical devices, including intra-aortic balloon pumps in 2017.
Adverse events associated with the use of intra-aortic balloon pumps in chronic heart diseases and coronary artery diseases, including numerous injuries and deaths, may hamper the growth of the North America regional market.
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North America dominated the global intra-aortic balloon pump market in revenue terms in 2016, and the trend is projected to continue throughout the forecast period. North America is expected to be the most lucrative among all regions, with an attractiveness index of 2.0. Europe is expected to be the second largest market for intra-aortic balloon pumps, with a market share index of 1.4. APAC will remain the third largest market due to increasing demand for intra-aortic balloon pump in the region.
APAC represents a market share index of 0.9 while Latin America represents a market share index of 0.4 over the forecast period. MEA is expected to remain the least attractive in the global market in revenue terms with an attractiveness index of 0.3 over the forecast period.
There is an ever increasing demand for intra-aortic balloon pumps in hospitals as well as independent catheterization labs in North America due to increasing prevalence of chronic heart diseases and coronary artery diseases.
The demand for advanced balloon pump is also increasing to minimize further complications in balloon catheters. Since the past decade, research and development activities for medical devices have reached a feverish level.
Various governments and institutes have allocated budgetary funds and grants for research and development activities to develop novel and cost-effective technology based devices that will lead to improved outcomes and low diagnosis expenditure, resulting in heavy investment in research activities. For instance, according to the American Association for the Advancement of Science (AAAS), the federal government of the U.S. pays almost $140 billion each year for medical, technological and scientific research and development.
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