by 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 balloon inflation and deflation procedures such as angioplasty, endotracheal intubation or dilation procedures. These devices offer advantages like controlled and accurate inflation and deflation of balloons required for various medical procedures.
Market key trends:
One of the key trends in the inflation devices market is the growing adoption of digital and connected platforms. Many companies are investing in digital technologies to develop next generation inflation devices with integrated smart sensors and connectivity capabilities. This allows monitoring device usage parameters in real-time and sharing collected data with hospitals and physicians for better workflow and outcomes. Integrating digital capabilities like cloud connectivity and AI also enables predictive maintenance of devices and remote technical support, improving efficiency.
Segment Analysis
Content: The Inflation Devices Market Size can be segmented into intravascular ultrasound (IVUS), photoacoustic imaging, optical coherence tomography (OCT), and elastography. Among these, IVUS dominated the market in 2023 and is expected to continue its dominance over the forecast period. IVUS is widely used in minimally invasive procedures as it provides high-resolution images of blood vessels. Its ability to accurately determine the cause and severity of vascular blockages makes it the preferred type of inflation device in several cardiovascular interventions.
Key Takeaways
Market size: The global inflation devices market is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period 2023 to 2030, due to increasing prevalence of cardiovascular diseases. The market size for 2023 is US$ 4.64 Bn.
North America currently dominates the inflation devices market owing to rising healthcare expenditures and technological advancements in the region. However, Asia Pacific is expected to be the fastest growing market over the forecast period due to increasing health awareness and improving healthcare infrastructure in developing countries like India and China.
Key players operating in the inflation devices market include Medtronic, Boston Scientific, Abbott Laboratories, Teleflex, ConvaTec, Smiths Group, Cook Medical, B. Braun Melsungen, Cardinal Health, and Stryker. Medtronic dominated the market in 2023 owing to its wide portfolio of inflation devices and strong geographic presence across the world.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
