The inflation devices market consists of various devices used for inflating angioplasty balloons, endotracheal tubes, and blood pressure cuffs amongst others. Inflation devices help inflate medical devices inserted into the body and facilitate procedures such as percutaneous coronary intervention (PCI) and endotracheal intubation. Technological advancements such as the availability of compact, portable, and user-friendly inflation devices have increased their adoption across various healthcare facilities.
The Global inflation devices market is estimated to be valued at US$ 5.35 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 To 2031.
Key players operating in the inflation devices market are Bristol-Myers Squibb Co., Bayer AG, Johnson & Johnson Services Inc., Sanofi S.A., Novartis International AG, AstraZeneca plc., Daiichi Sankyo Co Ltd, Boehringer Ingelheim International GmbH, Pfizer Inc., and Merck KGaA. Technological advancements in inflation devices have led to the development of compact, easy to use, and less complex devices. This has increased the adoption of Inflation Devices Market Growth across various healthcare facilities for angioplasty and other medical inflating procedures.
Key Takeaways
Key players: Bristol-Myers Squibb Co., Bayer AG, Johnson & Johnson Services Inc., Sanofi S.A., Novartis International AG, AstraZeneca plc., Daiichi Sankyo Co Ltd, Boehringer Ingelheim International GmbH, Pfizer Inc., and Merck KGaA.
Key opportunities: Growing geriatric population and increasing number of PCI and other interventional procedures across the world present significant growth opportunities.
Technological advancements: Developments such as compact, portable inflation devices with improved ergonomics and ease of use are driving the market growth.
Market Drivers:
The increasing prevalence of cardiovascular diseases coupled with the growing number of PCI procedures worldwide is a major market driver. It is estimated that over 1 million PCIs are performed annually in the US. Technological advancements leading to the availability of compact and easy to use inflation devices have also increased their adoption across healthcare facilities.
Challenges in the Inflation Devices Market
The inflation devices market is facing several challenges currently due to the COVID-19 pandemic. Factors such as reduced healthcare budgets, deferred non-essential procedures and supply chain issues have impacted the market growth negatively. Hospital staff shortages have also affected the demand and availability of inflation devices. Maintaining sterility of devices used in interventional procedures is another major challenge. Regulatory hurdles for new product approvals have limited innovations. Changing reimbursement trends and healthcare reforms in different countries create uncertainty.
SWOT Analysis
Strength: Inflation devices offer minimally invasive and cost-effective alternatives to surgery. They are safe, easy to use and provide rapid inflation for various procedures.
Weakness: Single use devices generate more biohazard waste. Complex geometries of some devices make sterilization difficult. Reliability issues in low-cost products affect adoption.
Opportunity: Rising incidence of chronic diseases requires more diagnostic and treatment procedures. Growing geriatric population expands the target market. Demand in emerging nations is increasing.
Threats: Stiff competition from other interventional devices poses pricing challenges. Strict regulations can delay product launches. Economic slowdown impacts discretionary healthcare spends.
Geographical Regions
North America dominates the Inflation Devices Market Regional Analysis currently due to the advanced healthcare infrastructure and high adoption of interventional therapies. The United States accounts for the largest regional market value. Europe holds the second largest share in terms of revenue attributed to improved access and risinggovernment healthcare spends.
The Asia Pacific region is forecast to be the fastest growing market between 2024-2031 with a CAGR exceeding 7%. This growth is driven by growing medical tourism, increasing healthcare investments as well as rising prevalence of target diseases in nations like China and India. Better access to insurance and expanding public healthcareprograms will further support market expansion.
About Author - Ravina Pandya
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