CHICAGO, April 9, 2019 /PRNewswire/ -- According to the new market research report "Inflation Device Market by Display Type (Analog & Digital), Capacity (20ml, 30ml, 60ml), Application (Interventional Cardiology, Radiology, Peripheral Vascular, Urology), End User (Hospitals & Clinics, Ambulatory Surgery Centers) - Forecasts to 2024", published by MarketsandMarkets™, the Inflation Device Market is projected to reach USD 600 Million by 2024 from USD 480 Million in 2019, at a Compound Annual Growth Rate (CAGR) of 4.7%.
Rising adoption of balloon assisted surgeries that utilize inflation devices to inflate and deflate the balloon (such as angioplasty, angiography, balloon sinuplasty, catheter embolization) is the key factor fueling the demand for inflation devices. Moreover, growing healthcare expenditure, high patient awareness, and favorable reimbursement landscape in most of developed countries is also contributing to the market growth.
The digital display inflation devices segment to grow at fastest rate during the forecast period
Based on display type, the inflation devices market is segmented into digital and analog display inflation devices. The digital display inflation devices segment is expected to grow at faster CAGR during forecast period. The high growth of this segment can be attributed to the advanced display patterns and ease of use associated with these devices. Moreover, increasing number of local manufacturers manufacturing digital inflation devices at lower cost as compared to established market players is another important factor contributing to the segment growth.
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Gastroenterological procedures segment to register the highest CAGR in the inflation devices market, by application during the forecast period
On the basis of applications, the Inflation Device Market is segmented into interventional cardiology, interventional radiology, peripheral vascular procedures, urological procedures, gastroenterological procedures, and other applications. The gastroenterological procedures segment is to be the fastest-growing segment during the forecast period. The demand for inflation devices in gastroenterological procedures is mainly driven by the increasing number of endoscopic procedures for disease diagnosis and the growing awareness among healthcare providers about the procedural benefits offered by minimally invasive and image-guided surgeries for gastrointestinal tract disease treatment.
North America accounted for the largest share of the Inflation Device Market in 2019
The Inflation Device Market is segmented into four regional segments, namely, North America, Europe, Asia Pacific, and Rest of World. The growth of the geriatric and obese populations, which are more prone to cardiac disorders has boosted the adoption of diagnostic angiography and PCI procedures is the major factor driving the growth of this market. Moreover, the highly developed healthcare systems in the US and Canada and the presence of key inflation device manufacturers such as Merit Medical Systems, Medtronic, Cook Medical, CONMED Corporation, and Boston Scientific Corporation in the region have also contributed to the growth of this market.
The major players operating in the Inflation Device Market are Merit Medical Systems (US), Boston Scientific Corporation (US), Cardinal Health (US), CONMED Corporation (US), Medtronic plc (Ireland), Acclarent Inc. (US), Cook Medical (US), Atrion Corporation (US), Becton, Dickinson and Company (US), Terumo Medical Corporation (Japan), B. Braun Melsungen AG (US), Olympus Corporation (Japan), Teleflex Incorporated (US), and US Endovascular (US), among others.
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