Increasing prevalence of chronic diseases to boost the growth of Inflation Devices Market
Increasing prevalence of chronic diseases to boost the growth of Inflation Devices Market
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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