by The global Inflation Devices Market is estimated to be valued at US$4.64 billion in 2023 and is expected to exhibit a CAGR of 8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Inflation devices are used in medical procedures to inflate and deflate balloons in various medical devices such as angioplasty balloons, stent graft balloons, and esophageal dilators. These devices enable controlled inflation and precise pressure delivery, ensuring safe and efficient procedures. The need for inflation devices is associated with the increasing demand for minimally invasive procedures, including angioplasty, valvuloplasty, and dilatation procedures. These procedures offer benefits such as reduced post-operative complications, shorter recovery times, and minimal scarring. The market for inflation devices is driven by technological advancements, growing healthcare infrastructure, and increasing prevalence of cardiovascular diseases.
Market Key Trends:
One key trend in the inflation devices market is the increasing adoption of digital inflation devices. These devices are equipped with advanced features such as digital pressure control, automated pressure adjustment, and real-time pressure monitoring. They provide precise pressure delivery, enhance procedural efficiency, and reduce the risk of complications. Digital inflation devices are also compatible with various medical imaging technologies, facilitating accurate placement of medical devices. The demand for digital inflation devices is expected to increase owing to their advantages over traditional manual devices. Companies such as Medtronic, Boston Scientific, and Abbott Laboratories are focusing on developing innovative digital inflation devices to cater to the evolving market demand.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the inflation devices market is relatively low. This is due to several barriers to entry, such as high capital requirements for research and development, manufacturing, and distribution. Additionally, established companies in this market have strong brand recognition and customer loyalty, making it difficult for new entrants to gain market share.
Bargaining power of buyers: The bargaining power of buyers in the inflation devices market is moderate. While buyers have the ability to compare prices and products from different manufacturers, the limited number of suppliers and the importance of inflation devices in medical procedures give manufacturers some leverage. However, buyers are increasingly demanding affordable and high-quality products, which may increase their bargaining power in the future.
Bargaining power of suppliers: The bargaining power of suppliers in the inflation devices market is moderate. Suppliers of raw materials and components used in the manufacturing of inflation devices have some bargaining power due to their expertise and limited availability of certain materials. However, manufacturers have the option to switch suppliers if necessary, which reduces supplier power.
Threat of new substitutes: The threat of new substitutes in the inflation devices market is low. Inflation devices are essential tools in medical procedures, and there are limited alternatives that can effectively replace them. While technological advancements may introduce new tools or techniques, the demand for inflation devices is expected to remain stable.
Competitive rivalry: The competitive rivalry in the inflation devices market is high. The market is dominated by a few major players, including Medtronic, Boston Scientific, Abbott Laboratories, and Teleflex. These companies compete fiercely for market share through product innovation, pricing strategies, and mergers and acquisitions. The intense competition leads to continuous improvements in product offerings and creates challenges for smaller players to enter the market.
Key Takeaways
The global Inflation Devices Market Share is expected to witness high growth, exhibiting a CAGR of 8% over the forecast period from 2023 to 2030. This growth can be attributed to several factors, including the increasing prevalence of chronic diseases that require medical procedures involving inflation devices, the growing aging population, and technological advancements in healthcare.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the inflation devices market. The region has well-established healthcare infrastructure, higher healthcare spending, and a larger population requiring medical procedures. Moreover, advancements in medical technology and increased awareness about the benefits of minimally invasive procedures drive the market growth in North America.
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. These companies are focused on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. For example, Medtronic recently acquired Limerick-based Cavilier Corporation, expanding its portfolio of medical devices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
