ID: MRFR/MED/0106-HCR | 80 Pages | Author: Kinjoll Dey | May 2023
The Medical Rubber and Balloon Product Market is anticipated to reach USD 2121.58 Million by 2030 at 4.10% CAGR during the forecast period 2022-2030.In a typical clinical setting, the rubber and balloon products play a very important role and are in great demand. Almost all diagnostic products and treating equipment are made up of rubber. Balloon products are those products which are used generally for heart patients, the stents are balloon which helps in pumping the heart. These balloons are also made up of rubber. The rubber is used to develop a variety of products such as gloves, masks, bulbs syringes, caps, implants, breathing bags, tubes, condoms, infusion and transfusion sets. Furthermore these products are generally used for various surgeries such as cardiovascular, thoracic, abdominal trauma, tumor, ophthalmology, ENT and others. There are various types of balloons which is used like multi-lumen balloon, light therapy, drug delivery, and heat transfer catheters.
According to the World Health Organization (WHO), in 2015, over 17.7 million people died from cardiovascular diseases, representing 31% of all global deaths and in 2015, 82% of the total deaths occurred in the low and middle income countries.
According to the Centers for Medicare & Medicaid Services, in 2015, the U.S. healthcare spending is likely to increase 5.8% reaching USD 3.2 trillion. In 2016, the healthcare spending in North America has been increased. According to the International Monetary Fund (IMF), The U.S. economy grew in 2016 by 1.6%. Rising in fund allocation in healthcare industry has further added fuel to this market.
A wide variety of coatings can be added to the surface of a balloon to enhance the properties of the products to meet new requirements. The coatings such as lubricious coating, abrasion & puncture resistance coating, tacky or high friction coatings, conductive coating, drug release coating, and others.
The global market of medical rubber and balloon product is growing because of the rising number of the medical equipment and accessories across the globe.
Figure: Global Medical Rubber and Balloon Product Market Share by Type, 2016 (%)
Sources: Annual reports, Press release, White paper, Company presentation
The global medical rubber and balloon product market is segmented on the basis of types and application
On the basis of the type, it is segmented into natural rubber latex, catheters, balloons, condoms, and others. Furthermore natural rubber latex is segmented into medical gloves and non-medical gloves. Catheters segmented into cardiovascular catheters, neurovascular catheters, urological catheters, and specialty catheters. Balloons segmented into non-compliant balloon and semi-compliant balloon.
On the basis of the application, it is segmented into diagnostics, therapeutics, industrial, and others.
On the regional basis, the market is segmented into the Americas, Europe, Asia Pacific and the Middle East and Africa.
The Americas dominate the global medical rubber and balloon product market owing to massive development in the medical sector, increase in the healthcare industries, and growing government support to research institutions. Furthermore, increased chronic diseases such as, asthma, cancer, COPD, and diabetes in this region drive the growth of this region. According to the Centers for Disease Control and Prevention (2015), over 630,000 Americans die from heart disease each year, which accounted for 1 in every 4 deaths. These rising in patient population enhance the demand of product in this region.
Europe consist of two regions namely Western Europe and Eastern Europe. Western Europe accounts for the major share of the market, which is primarily contributed by Germany, the U.K., and France. Europe holds the second position in the global medical rubber and balloon product market owing to government support and well-established healthcare industry. This is expected to continue driving the European market over the forecasted period.
Asia Pacific is the fastest growing medical rubber and balloon product market owing to the presence of huge patient population, and high healthcare expenditure. Moreover, increasing demand for quality products in healthcare is projected to lead the growth of the medical rubber and balloon product in this region.
On the other hand, the Middle East and African region holds the least market share due to low healthcare spending, ignorance regarding diseases, poor access to treatment and availability of limited technologies.
Some of the major players in the global medical rubber and balloon product market are Abbott Laboratories (U.S.), Adventa Berhad (Malaysia), AngioDynamics, Inc. (U.S.), Ansell Healthcare (Australia), Arrow International (New Zealand), Astra Tech, Inc. (U.S.), B. Braun Melsungen AG (Germany), Cardinal Health, Inc. (U.S.), Hartalega Holdings Berhad (Malaysia), Church & Dwight Co, Inc. (U.S.), Latexx Partners Berhad (Malaysia), Reckitt Benckiser Group (U.K), and others.
Sources: Annual reports, Press release, White paper, and Company presentation
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