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| Inflation Devices Market Size |
The 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 to inflate objects such as balloons,
catheters, and stents during minimally invasive procedures. They are used in
procedures like angioplasty, stent placement, catheters insertion and dilation,
and intra-aortic balloon pumps insertion. The devices can either be manual or
electric and are compatible with a variety of balloons and catheters.
Market Dynamics:
Inflation devices offer advantages like accuracy, precision, control, and
simplicity of operation. They help inflate devices to desired pressure levels
accurately. They integrate safety features to avoid over inflation which can
damage tissues.
Driver 1 - Growing prevalence of target diseases: Inflation devices
predominantly find application in vascular diseases like coronary artery
disease and peripheral artery disease which are on the rise globally due to
changing lifestyles. High blood pressure, diabetes, and obesity increase the
risks of these diseases thereby driving the demand for inflation devices.
Driver 2 - Rising preference for minimally invasive surgeries: Minimally
invasive procedures require inflation devices to insert and place devices like
balloons and stents accurately. As these procedures are preferred over open
surgeries due to benefits like lesser pain, quick recovery, and good cosmetic
outcomes - demand for inflation devices is increasing.
Segment Analysis
The global Inflation
Devices Market Size is dominated by the gastric devices segment.
Gastric devices help in reducing complications during bariatric procedures and
are painless. These devices are used to dilate and inflate the stomach to
reduce its size and hold. The procedure involves placing an inflation device
into the stomach through the mouth and inflating it to reduce the stomach
capacity. This segment dominates due to the increasing prevalence of obesity
and growing adoption of bariatric surgeries.
PEST Analysis
Political: Regulations regarding safety and efficacy of medical devices are
favorable for market growth. Economic: Rising healthcare spending and growing
economy in emerging nations is driving market growth. Social: Increasing
obesity rates due to sedentary lifestyle and changing food habits is increasing
demand. Technological: Advancements in gastric balloons and band technologies
are helping to improve treatment outcomes.
Key Takeaways
The global inflation devices market size is expected to reach US$ 6.56 Bn by
2030, expanding at a CAGR of 8.0% during
the forecast period. The rising number of bariatric surgeries due to increasing
obese population is one of the major drivers. Regionally, North America dominates
the market currently due to high awareness and supportive reimbursement
policies for weight management surgeries 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.
The North American region is expected to continue dominating the market through
the forecast period, expanding at a CAGR of 7.5%. This can be attributed to
factors such as growing obese population, rising incidence of gastrointestinal
diseases, increasing focus on endoscopic operations, and supportive
reimbursement policies for bariatric surgeries in the region.
Key players operating in the inflation devices market are focusing on new
product launches. For instance, in February 2022, Boston Scientific received
FDA approval for its Orbera Intragastric Balloon System with Bioabsorbable
Retention System (BioAbsorvable Intragastric Balloon orBIB) for six months of
weight loss. The new BIB system features a fully bioabsorbable retention design
that dissolves after six months, eliminating the need for balloon removal.
Read More: https://www.rapidwebwire.com/inflation-devices-market-scope/