The Inflation Devices Market is estimated to be valued at US$ 4.64 Billion in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Inflation devices are medical devices used to dilate stenosis or narrowing in esophagus, gastrointestinal tract, and other hollow organs or lumens. They are inserted through the mouth or anus and inflated at the target site to widen the passage. Balloon inflation devices are commonly used to dilate the esophagus in conditions like eosinophilic esophagitis or treat intestinal obstructions. Market key trends: One of the key trends driving growth of the inflation devices market include rising prevalence of gastrointestinal diseases worldwide. Gastrointestinal diseases encompass a range of disorders that involve the digestive tract and its organs. Some common gastrointestinal diseases include gastroesophageal reflux disease, ulcerative colitis, Crohn's disease, and intestinal obstruction. According to the National Institute of Diabetes and Digestive and Kidney Diseases, gastrointestinal disorders affected approximately 60 to 70 million people in the United States in 2016. Rising incidences of such diseases propel the demand for effective diagnostic and treatment procedures like balloon dilation, thus supporting market growth of inflation devices over the forecast period. Porter’s Analysis Threat of new entrants: The threat of new entrants is low as inflation devices market requires high capital investments and established distribution channels. Bargaining power of buyers: The bargaining power of buyers is high since the medical devices industry is fragmented with multiple product options. Bargaining power of suppliers: Suppliers have moderate bargaining power owing to the availability of component substitutes and new materials. Threat of new substitutes: Threat of new substitutes is low due to lack of new innovative alternatives for inflation devices. Competitive rivalry: Intense competition exists among existing players. SWOT Analysis Strength: Innovation in balloon technologies for minimally invasive procedures. Weakness: High costs associated with R&D and stringent regulations. Opportunity: Rising geriatric population leading to increase in chronic diseases and injuries. Threats: Unfavorable healthcare reforms and economic slowdown affecting market growth. Key Takeaways The Global Inflation Devices Market Size is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases and accidental injuries globally. North America dominated the market in 2023 with a share of over 35%, attributed to rising healthcare spending and presence of key players in the region. Key players operating in the inflation devices market are Medtronic, Boston Scientific, Abbott Laboratories, Teleflex, ConvaTec, Smiths Group, Cook Medical, B. Braun Melsungen, Cardinal Health, and Stryker. Asia Pacific is anticipated to be the fastest growing region during the forecast period, owing to improving healthcare infrastructure and increasing medical tourism in countries such as China, India, and Japan. Get More Insights On This Topic: https://www.newsanalyticspro.com/inflation-devices-market-analysis/
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