A catheter balloon or other expandable tubular medical device or component, having at least a first layer with a first section and a second section longitudinally compacted by more than the first section. In a presently preferred embodiment, the second section of the first layer extends at least in part along a central portion of the length of the first layer. The longitudinal compaction of the material of the first layer preferably results in a balloon or other expandable tubular medical device or component having improved performance characteristics such as compliance and dimensional stability. One aspect of the invention is directed to a method of longitudinally compacting a porous polymeric tube incrementally along the length of the tube, to compact sections of the tube.