The global inflation devices market is projected to reach USD 600 Million by 2024 from USD 480 Million in 2019, at a CAGR of 4.7% from 2019 to 2024. The growth of the inflation devices market is largely driven by the rising geriatric population (more prone to develop cardiovascular disease), increasing preference for minimally invasive surgeries, and favorable reimbursement scenario for minimally invasive procedures in most of the developed countries. Whereas, government initiatives to control the burden of healthcare-associated infections (HAIs) in developed countries and the increasing healthcare expenditure across emerging markets are also expected to offer significant growth opportunities for players in the market. However, the availability of effective alternative treatments and the high rate of reprocessing inflation devices are expected to limit the market growth to a certain extent.
The major players operating in the inflation devices market include 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. An analysis of the market developments between 2016 and 2019 revealed that several growth strategies such as partnerships, collaborations, and agreements; strategic acquisitions; new product launches; and expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the inflation devices market.
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Merit Medical Systems (US) is one of the leading players in the global inflation devices market. Its broad portfolio of analog and digital inflation devices is the key factor accounting for its large share in this market. The company focuses on both organic and inorganic growth strategies to enhance its footprint in the global market. Merit Medical is a leading provider of digital inflation technology worldwide. In addition, the company is one of the market leaders in the US for analog inflation devices. With its strong product portfolio and wide geographic presence, the company is expected to grow at a high rate in the inflation device market during the forecast period.
Boston Scientific, Inc. (US) is a prominent manufacturer of inflation devices. The company has immense R&D activities and strong manufacturing capabilities that help the firm to cater to the growing demand for its products. Boston Scientific has six principal international manufacturing facilities based out of Ireland, Puerto Rico, and Costa Rica. Moreover, in 2017, Boston Scientific also established a new manufacturing facility in Penang, Malaysia, which helped the company expand its presence in the Asia Pacific region by supporting local R&D and new business development activities within this region.
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
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