The global inflation devices market size was valued at USD 618.12 million in 2022. It is estimated to reach USD 927.68 million by 2031, growing at a CAGR of 4.6% during the forecast period (2023–2031).
The filling and deflating of balloons used during surgical procedures are accomplished using inflation equipment. Inflation devices function by creating air pressure that is within a predetermined limit. The device shows the amount of pressure being exerted. There are two different kinds of these devices, i.e., analog inflation devices and digital inflation devices. The display included in the equipment distinguishes these inflation devices from one another.
For instance, analog inflation devices have a scale with a needle that displays the reading of the applied pressure. A trained specialist then manually reads this reading. However, digital-analog devices have an automatic mechanism linked to the software. Due to their bright backgrounds, digital inflation devices display readings that may be seen on them in low-light conditions. These devices are also widely used during cardiac, gastroenterological, and urological surgeries.
The global market for inflation devices is growing due to the rising popularity of minimally invasive surgical procedures. Since its introduction in the late 1990s, minimally invasive surgical procedures such as laparoscopy, anti-reflux surgery, and colectomy have become increasingly common. As opposed to open surgeries, minimally invasive techniques offer numerous benefits. These procedures result in less noticeable scars since they require smaller incisions. Additionally, these techniques result in reduced discomfort and bleeding. These procedures' success rate is also higher than typical open surgeries. Therefore, both patients and doctors favor these procedures. Balloons are also used in minimally invasive surgeries, including balloon sinuplasty and minimally invasive heart valve surgery.
One of the key factors propelling the market for inflation devices is the sharp increase in the elderly population. The number of older adults worldwide has substantially increased, making them more susceptible to numerous diseases like lung, bladder, kidney, and melanoma. According to data from the U.S. Census Bureau, the old population in the United States comprised 14.9% of the overall population in 2015, or 47.8 million people. It is predicted that this figure will rise to 78.0 million by 2035. The increase in the global geriatric population over the next 35 years is seen above. These folks are more prone to certain illnesses that need surgical intervention. For instance, cardiovascular diseases are very common in the older population. Similarly, geriatric patients are predisposed to gastroenterological diseases, which require procedures including inflating devices and spur global market expansion.
The majority of surgical procedures are very expensive. Like for example, the use of inflating devices is necessary during expensive heart operations, including the use of balloons and stents. These cardiac treatments' high cost is expected to negatively impact the market's potential over the next several years. Product recalls are predicted to continue to be a substantial roadblock to the shipment of inflation devices through 2030. For instance, Atrium Medical Corp., a division of Getinge, a leading medical technology provider, announced the recall of their iCast Covered Stent System in June 2022.
Additionally, issues with balloons used in endovascular procedures quickly deflating gave rise to the recall. The U.S. National Library of Medicine estimates that the average price of cardiac surgery is USD 53,707. This does not include the fee for the balloon used in the treatment. Likewise, the average cost of an endoscopy to check for gastroenterological problems is USD 2,750. The high cost of surgeries prevents more people from using inflating devices and slows the market's expansion.
For manufacturers of inflation-controlling devices, emerging markets present a lucrative potential for corporate growth. The dynamic life sciences sector also fueled the market expansion in developing nations like China and India. Another factor driving the expansion of this market is the worldwide increase in healthcare spending. Additionally, expanding the healthcare industry in developing nations is anticipated to support market expansion. Developing nations in the Asia-Pacific and LAMEA region have a sizable patient pool suffering from cardiovascular problems and high market potential. Therefore, the aspects above present lucrative prospects for market expansion during the forecast period.
The global inflation devices market is bifurcated into display type, application, and end-user.
Based on display type, the global inflation devices market is bifurcated into analog and digital inflation devices.
The analog inflation devices segment dominates the global market and is estimated to exhibit a CAGR of 4.9% over the forecast period. The pressure levels are measured and shown on a simple scale in analog inflation devices. A needle that points to the reading on the scale is used to measure the readings. Each movement of the needle causes a change in pressure. In contrast to their predecessors, the readings on these devices may be noted, making it easier to use them.
In addition, analog displays are typically put in larger buildings with several units. The main factor driving the adoption of analog inflation devices is the rise in the number of cardiovascular illnesses that require surgery to address. Further, the low cost of analog inflation devices increases demand for them, spurring the expansion of this market. The fact that these gadgets are simpler to use and don't need a power source helps the market expand.
Based on application, the global inflation devices market is bifurcated into gastroenterological procedures, urological procedures, interventional cardiology and radiology, and peripheral vascular procedures.
The interventional cardiology and radiology segment owns the global market and is estimated to exhibit a CAGR of 4.3% over the forecast period. With the aid of catheters, structural heart problems are treated in interventional cardiology. Additionally, deflated balloon catheters are inserted into the obstructed artery during various interventional cardiology procedures like coronary angioplasty, where the catheters are then inflated to relieve the artery's narrowing. Utilizing inflator tools allows for the balloon's inflation. Similar minimally invasive procedures in interventional radiology call for the insertion of balloons. These balloons must be inflated with specialized tools. A significant element in expanding the global market is the rise in cardiovascular illnesses on a global scale, which encourages the use of inflation devices.
Based on end-users, the global inflation devices market is segmented into hospitals and clinics and ambulatory surgical centers.
The hospitals and clinics segment dominates the global market and is predicted to exhibit a CAGR of 4.8% during the forecast period. A hospital is a type of healthcare establishment that offers surgical operations and nursing care to sick and injured patients. As a result, these clinics carry out procedures like stomach and cardiac surgeries. These surgical procedures call for specific tools and qualified medical personnel. Hospitals use inflating equipment to carry out procedures, which greatly contributes to the growth of the global sector.
North America Dominates the Global Market
Based on region, the global inflation devices market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
North America is the most significant global inflation devices market shareholder and is estimated to exhibit a CAGR of 4.12% over the forecast period. North America held the biggest market share for inflation devices because of increased healthcare spending in the region. For example, the Centers for Medicare & Medicaid Services estimates that national healthcare spending in the United States increased by 3.9% in 2017 to reach USD 3.5 trillion. Most of the industry's top players, including Merit Medical System, Teleflex Inc., Argon Medical Devices Inc., Medtronic Plc., and Beckton Dickson and Company, are present in the area, another element supporting the market's expansion. Another reason driving the expansion of the market for inflating devices is the increase in surgical procedures in the area. In addition, the region's growing senior population is a primary aspect driving the market's expansion. This is because the older population is more susceptible to diseases, including gastrointestinal and cardiovascular illnesses, which require surgery for treatment, driving up the demand for inflating devices.
Europe is estimated to exhibit a CAGR of 6.07% over the forecast period. The regional market is growing due to the presence of large companies, increased public knowledge of their use, and an increase in the prevalence of various ailments. The region's booming medical tourism industry is another important factor boosting the demand for inflation devices. In addition, increased demand for surgical treatments in the area due to increased medical tourism has boosted the need for inflation devices. For instance, treatment patterns varied slightly between Europe and the United States. France, Germany, Turkey, Spain, and Hungary are the top European countries for medical tourism. Most international medical tourists come from Europe. However, Europe welcomes patients from the Middle East, Asia, and Africa. With cutting-edge technology, France and Germany provide specialist medical services that draw many patients needing heart bypass surgery, valve replacement, and other surgical procedures. This caused the market for inflation devices in this area to expand.
The Asia-Pacific market is expected to witness a surging demand during the forecast period owing to the increased spending power of consumers. The market for inflation devices has significant potential, which is expected to increase fastest over the forecast period. The region's nations are incredibly populous, with China and India coming in top and second place, respectively. This is estimated to increase the usage of inflation devices. Additionally, the market is growing due to rising healthcare costs and infrastructural improvements in the sector. For instance, healthcare spending increased by 1.2% during 2017–2018. The number of surgeries conducted in the nation has increased due to the rise in healthcare costs, which increases the demand for inflation-controlling equipment.
LAMEA healthcare expenditure is expected to increase over the projected period, opening lucrative growth prospects for market participants. Due to the region's low purchasing power, lack of cutting-edge medical facilities, insufficient healthcare spending, and poor health coverage, the market for inflation devices in LAMEA is still in its infancy. In Brazil, the healthcare system is divided into a sizable public portion, a tiny paid health insurance portion, and a third small private portion where patients pay out-of-pocket for medical care. This impedes the development of inflating devices in this area. In addition, the need for inflation devices is anticipated to rise in this region due to the high frequency of certain ailments, including cardiovascular and gastrointestinal problems. Due to economic reforms that raised living standards and opened new prospects for the research and healthcare industries, this region has experienced the highest economic growth over the previous 20 years.
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