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| Inflation Devices Market Size |
The global Inflation Devices Market is estimated to be valued at US$ 4.64 Bn in 2023 and is expected to
exhibit a CAGR of 8.0% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Inflation devices are medical devices used for dilation/distension of internal
body areas such as stomach, colon, esophagus, trachea or blood vessels. These
devices are available in different configurations such as balloon catheters,
syringes, and inflation control units. Balloon catheters are primarily used for
dilation in gastrointestinal tract, urinary tract, blood vessels and other
hollow structures. Inflation devices help in diagnostic as well as therapeutic
procedures such as colonoscopy, balloon angioplasty, tracheal dilation and
more. With growing prevalence of gastrointestinal diseases, cardiovascular
diseases and other chronic conditions, demand for inflation devices is
increasing significantly.
Market key trends:
One of the key trends in Inflation
Devices Market Size is growing adoption of minimally invasive
procedures. Minimally invasive procedures such as balloon angioplasty,
bronchodilation and GI tract dilation require use of balloon inflation devices
which exert controlled pressure. These procedures offer benefits such as
reduced trauma, hospital stay and recovery time compared to open surgeries.
This is contributing to the demand for advanced inflation devices. Another
important trend is increasing use of single-patient-use inflation devices
especially for procedures involving contact with bodily fluids. This helps avoid
risk of infection and ensures sterility. With strict regulations regarding
reprocessing of medical devices, demand for single-use inflation balloons and
syringes is growing rapidly. Manufacturers are focusing on developing
innovative single-use inflation technologies.
Porter's Analysis
Threat of new entrants: Low requirement for large capital investment and
relatively low brand loyalty makes it easy for new players to enter the market.
Bargaining power of buyers: Large medical device companies have significant
bargaining power over smaller suppliers due to their ability to negotiate
pricing.
Bargaining power of suppliers: Suppliers of specialized raw materials have some
bargaining power due to their technical expertise. However, availability of
substitute materials keeps their power in check.
Threat of new substitutes: Advancements in other therapeutic procedures like
drug administration pose a substitute threat.
Competitive rivalry: Major players dominate the market and compete through
innovation and superior quality.
Key Takeaways
The global Inflation Devices Market is expected to witness high growth,
exhibiting CAGR of 8.0% over the
forecast period, due to increasing prevalence of chronic diseases. The market
size for 2023 is estimated to be US$
4.64 Bn.
North America dominated the global market in 2022 owing to rising geriatric
population and chronic disease prevalence in the region. Asia Pacific is
expected to be the fastest growing market during the forecast period owing to
improving healthcare infrastructure and growing medical tourism industry in the
region.
Key players operating in the Inflation Devices market are Medtronic, Boston
Scientific, Abbott Laboratories, Teleflex, ConvaTec, Smiths Group, Cook
Medical, B. Braun Melsungen, Cardinal Health, and Stryker. These players
compete through continuous innovations in product design and development of
minimally invasive medical procedures.
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