According to FutureWise analysis the market for inflation device is expected to reach US$ 0.84 billion by 2031 at a CAGR of 4.92%.
With an increase in the incidence of target diseases, given the high risk and exposure to chronic diseases due to an unhealthy sedentary lifestyle and rising geriatric population, all these factors accelerate, promote and positively push the global market. Furthermore, adding to these factors, beneficial medical reimbursement for minimally invasive procedures in developed countries, advancing demand for minimally invasive surgical procedures across global powers, and increasing applications of inflation devices are the principal determinants driving the growth of the inflation devices market. Government initiatives to control the burden of healthcare-associated infections in developed countries and escalating healthcare expenditure across emerging markets are further assisting market growth.
In terms of market segmentation, the capacity segment, of the global market is differentiated into 20ml, 30ml, and 60ml inflation devices. The 60ml inflation devices segment is anticipated to flourish at the most active CAGR during the forecast period. These devices have easy accessibility and mechanisms and are intended to be handy, which has promoted their application in various industries. Implementation of these devices in pulmonary, gastroenterology, and otolaryngology procedures is growing increasingly popular, as these techniques utilize comparatively larger-sized balloons and requires more liquid for inflation.
According to the application, the market is characterized by interventional cardiology, interventional radiology, peripheral vascular procedures, urological procedures, gastroenterological procedures, and other applications. Among these, the interventional cardiology segment valued for the most substantial share of the inflation device market. The mounting ageing population is more predisposed to develop CVD, which is a significant circumstance driving the adoption of interventional cardiology procedures that utilizes inflation devices. Furthermore, mushrooming in the quantity of new multi-specialty hospitals in developing countries offering advanced minimally invasive procedures, promising reimbursement scenario for angioplasty procedures will additionally stimulate the growth of the division over the forecast period.
In terms of end-user, the hospitals and clinics segment is the largest contributor to the inflation devices market due to the expanding amount of hospitals and specialty clinics in developing nations, the growing predominance of target diseases; and a considerable number of surgical and diagnostic procedures implemented across these amenities. Asia Pacific is anticipated to advance at the highest CAGR in the market during the forecast period. North America is foreseen to value for the most considerable share in the global market. Business germination is motivated by the increasing frequency of minimally invasive surgical procedures, advancing healthcare infrastructure, rising awareness about HAIs and the use of disposable devices, and the increasing adoption of minimally invasive procedures.