As per Fact.MR, a market research and competitive intelligence provider, the global market for normal balloon catheters was valued at US$ 1.8 Bn in 2020.
The global normal balloon catheter market reached a valuation of around US$ 1.8 Bn in 2020, which amounts to around 4% share of the overall catheter market. Sales of normal balloon catheters are slated to accelerate at a CAGR of 7% through 2031.
Key Takeaways from Market Study
- Global normal balloon catheter market to top US$ 3.5 Bn by 2031.
- Nylon normal balloon catheters projected to reach around US$ 1.7 Bn by 2031.
- Polyurethane normal balloon catheters projected to record above 5% CAGR over next 10 years.
- Market in Europe holds share of more than 40%.
- Market in South Korea expected to reach valuation of US$ 550 Mn by 2031.
- Market in Russia to record 4% CAGR over forecast period of 2021- 2031.
“Numerous medical device innovations have resulted from the intersection of healthcare and technology. Rising consumer awareness regarding chronic diseases and emergence of advanced products are paving the way for normal balloon catheters,” says a Fact.MR analyst.
Manufacturers of normal balloon catheters and healthcare service providers have started to give specialized patient care and access to entire end-to-end medical device products and services. Key companies are concentrating on improving product prototypes and lowering operating costs.
Industry players, policymakers, and investors have been constantly realigning their plans and techniques to implement them to capitalize on new opportunities. Product launches & approvals and other organic growth tactics such as patents and events are being prioritized by several companies in this market space.