(PharmaNewsWire.Com, April 25, 2019 ) The global inflation device market is projected to reach USD 600 Million by 2024 from USD 480 Million in 2019, at a CAGR of 4.7% from 2019 to 2024. The rising adoption of minimally invasive procedures, the presence of developed healthcare infrastructure in a majority of developed countries, the growing incidence of CVD, and the less-stringent approval procedures are contributing to the growth of the market. With the growth of the geriatric population, the prevalence of coronary artery disease is also expected to increase, which is a major target indication for interventional cardiology procedures that utilizes inflation device to inflate and deflate the balloon. Aforementioned key factors are likely to fuel growth of market over the forecast period.
By end user, the hospitals and clinics segment was the largest contributor to the inflation devices market in 2018
Based on end users, the inflation device market is segmented into hospitals and clinics; and ambulatory care centers. In 2018, the hospitals and clinics segment accounted for the largest market share majorly due to the growing number of hospitals and specialty clinics in emerging countries; increasing prevalence of target diseases; and large number of surgical and diagnostic procedures performed across these facilities.
Inflation Device Market : Recent Developments:
-In 2018, Acclarent, Inc. (US) received the FDA clearance for the expanded use of its AERA Eustachian Tube Balloon Dilation System to include its use in young patients, who are young as 18 years of age -In 2017, Becton, Dickson and Company (US) has acquired C. R. Bard, Inc. that manufactures medical devices in the fields of urology, vascular, surgical specialty, and oncology. This acquisition expanded BD’s offering in the inflation devices market by the addition of the EAGLE inflation device product. -In 2017, Boston Scientific (US) established its new manufacturing facility in Penang, Malaysia. This helped the company expand its presence in the Asia Pacific region and also support local R&D activities. -In 2016, Acclarent, Inc. (US) launched the ACCLARENT AERA Eustachian Tube Balloon Dilation System in the US after receiving the US FDA approval for Eustachian Tube Dysfunction (ETD) disorder
Asia Pacific is expected to grow at the highest CAGR in the inflation device market during the forecast period
North America is expected to account for largest share in the global inflation device market in 2018. However, APAC is expected to grow at the highest CAGR during the forecast period. This regional segment comprises Japan, China, India, and the Rest of Asia Pacific. Market growth is driven by the rising number of minimally invasive surgical procedures, developing healthcare infrastructure, rising awareness about HAIs and the use of disposable devices, and the increasing adoption of minimally invasive procedures. Major market players are undertaking strategic initiatives to increase their presence in emerging APAC countries such as China and India in order to leverage the growth opportunities in these markets will further contribute to the market growth.
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