Growing prevalence of lethal diseases, such as cardiac arrest and heart failure due to changing lifestyle and eating habits is leading to increasing cardiac surgeries and procedures worldwide. Of late, intra-aortic balloon pump has emerged as a cutting-edge product in cardiac management and care. It is basically a polyethylene balloon mounted on a catheter that assists heart during both its rest phase and work phase.
However, there have been occasions when the use of intra-aortic balloon pumps in chronic heart condition and coronary artery diseases resulted in adverse side-effects including injuries and even deaths. Persistence Market Research in its latest study on the global intra-aortic balloon pump market finds that factors such as high risk of infection, and potential dangers of artery collapsing associated with balloon catheterization are sternly curbing the market’s growth. As per PMR’s findings, the global Intra-aortic balloon pump is likely to register a minuscule CAGR of 2.7% in terms of value during the forecast period (2017–2027).
Global Intra-Aortic Balloon Pump Market: Key Challenges
Increasing product recalls and rising concerns over patient safety is set to impact the global intra-aortic balloon market, which is expected to reach a valuation of US$ 471.8 Mn by 2027. Moreover, limited growth opportunities owing to the lack of proper healthcare infrastructure is holding back manufacturers to make strong investments in developing countries. This is also hampering the overall growth of the global intra-aortic balloon pump market. Meanwhile in Europe, the regulatory bodies have imposes stringent regulations on launch new intra-aortic balloon pump product and its marketing and sales activities. This, in turn, is making it difficult for market players to get quick product approvals, hence further delaying the launch of new products.
Global Intra-Aortic Balloon Pump Market: Additional Findings
In terms of revenue, catheters and introducer tray intra-aortic balloon pump are expected to account for significant share of the market towards the end of the forecast period. At the same time, popularity of intra-aortic balloon pump console is likely to witness a downtrend.
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By indication, coronary artery diseases indication continues to be relatively high as compared to chronic heart failure indication. This trend is anticipated to continue throughout the forecast period
Use of intra-aortic balloon pump is expected to remain highly concentrated in independent catherization labs throughout the forecast period. In 2016, independent catherization labs accounted for more than 41% value share of the market.
North America to Retain its Top Position in the Global Intra-Aortic Balloon Pump Market Over 2027
Currently, North America is the largest market for intra-aortic balloon pump, which is estimated to represent US$ 133.7 Mn, or 37.1% value share of the global market by 2017-end. The region’s market is expected to expand at CAGR of 2.9% during 2017 to 2027. The market in Europe is expected to emerge as the second largest market over 2027. In 2017, Asia Pacific (APAC) is estimated to account for 19% share of the global market in terms of revenue.
Some of the prominent companies operating in the global intra-aortic balloon market include Teleflex Corporation, MAQUET Holding B.V. & Co. KG. (Getinge Group), Zeon Corporation, Tokai Medical Products Inc., SENKO MEDICAL INSTRUMENT Mfg. CO., LTD., InterValve Inc., Insightra Medical, Inc.
Many of these players are actively focusing on innovative alternative product launches and reducing the costs of intra-aortic balloon pump in order to gain maximum market share.