Global Statistics Representing Steerable Catheters Market Scenario
Steerable catheters are a result of constant technological advancements in the medical devices field. Now a days, steerable catheters are increasingly used for diagnostics and therapeutics of cardiac and orthopedic disorders. With the help of steerable catheters, tasks can be effectively, precisely, and easily completed. Rising adoption of steerable catheters across the globe has been increasing its demand, which, in turn, is driving the global steerable catheters market.
Increasing prevalence of cardiac diseases across the globe is further boosting the market growth. Constantly deteriorating health bar and increased consumption of high-fat food products including fast food are responsible for increased risk of cardiac diseases, especially in developing and underdeveloped economies to some extent. According to the World Health Organization (WHO), 17.9 million people die every year due to cardiovascular diseases across the globe, making up to 31% of the total deaths worldwide, out of which more than 75% of deaths due to CVD occurs in underdeveloped and developing countries.
Global steerable catheters market was valued at USD 1,388.19 million in 2018 and is expected to attain USD 2803.44 million by 2026, at a CAGR of 9.2%
Global steerable catheters market is segmented by type, application, and region.
Based on type, the market is segmented into tendon driven catheters, magnetic navigation catheters, and other types. Among types, tendon driven catheters segment is expected to account for highest share of the market owing to rapidly advancing technology in steerable devices. Simplest tendon-driven catheter consists of one backbone and one or two tendons. For instance, Polaris XTM Steerable Diagnostic Catheter and SteeroCath-Dx by Boston Scientific Inc. are single tendons and bidirectional steerable catheter respectively. In the last few years, the market has witnessed significant rise in the number of interventional procedures, which further tighten the demand for steerable catheters. Hansen Medical Inc. offers ‘Sensei X Robotic Catheter System’ for cardiac surgery, which is a sophisticated tendon-driven steerable catheter and allows the physician to navigate the catheter through the teleoperating workstation.
Based on application, the market is segmented into interventional radiology, interventional cardiology, vascular surgery, and other applications. Interventional radiology segment is expected to experience fastest growth during the forecast period.
Regionally, the global steerable catheter market is segmented into Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
Americas dominates the global steerable catheter market. Healthcare infrastructures and facilities are evolving rapidly in North America to provide advanced services. Moreover, technological advancements in medical devices are proving to be an effective and highly precise way of treatment, which, in turn, is expected to increase demand for steerable catheters in North America. South America is a developing region and is witnessing a steady development in healthcare facilities. However, poor economic conditions and low GDP are affecting the speed of developments in healthcare facilities and services in the region. From the past few years, the ongoing industrial revolution has taken South American economy to storm, and many manufacturers are entering the steerable medical devices market to bring technologically advanced medical devices to the region.
Europe is expected to account for optimum share of the global steerable catheter market. Presence of global major players in the medical devices market is expected to drive the steerable catheter market in Europe.
Asia Pacific is expected to experience highest growth in the global steerable catheter market. Surging rate of incidences and expected treatment costs of CVDs are challenging the sustainability of many healthcare financing models in the region. China has one of the highest CVD death rates in the world. 1 in 5 adults in China suffers from cardiovascular disease. As per our analysis, smoking is the major factor contributing to the increasing prevalence of CVDs. According to the World Heart Federation, over 300 million smokers are present in the country. Increasing prevalence of cardiovascular diseases in Asia Pacific is expected to drive the market. Moreover, Asia Pacific is the hub for medical tourism. The region is known for its innovation in the field of medical devices and technologically advanced healthcare facilities at effectively cheaper prices. Also, it is housing a huge population suffering from cardiovascular diseases, orthopedic disorders, cancers, and neural tumors, which is further escalating the demand for therapeutic surgeries and procedures in the region.
Middle East & Africa is expected to witness stagnant growth in the global steerable catheters market during the forecast period.
Some of the major players in the global steerable catheters market are, OSCOR Inc, Merit Medical Systems, Integer Holdings Corporation, DEAM, Abbott, DePuy Synthes (Johnson & Johnson Services, Inc.), Boston Scientific Corporation, and Biosense Webster Inc.
Steerable Catheters Market Segmentation
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