Steerable Medical Devices Market

Market Overview

In 2018, the global steerable medical devices market size was valued at USD 2394 million and is expected to grow at a CAGR of 7.7% during the forecast period.

Steerable medical devices are extensively used for gaining access to different locations in the human body during invasive and interventional and diagnostic surgeries. The steerable medical devices market is majorly driven by the rising surgical procedures, growing preference for minimally invasive techniques, and technological advancements across the globe.

Market Dynamics

Steerable Medical Devices Market Untapped Opportunities

In August 2016, Kings College London partnered with Cambridge Design to develop a novel steerable catheter that has been designed by Kings College researchers. It is designed for improving the treatment of cardiac arrhythmias, which is further driving the market growth

Segmental Analysis

Based on the application, the steerable medical devices is segmented into electrophysiology, endoscopy, urology and gynecology, general and vascular surgery, and others.

Electrophysiology Segment to Grab the Highest Shares

The electrophysiology market is projected to reach aroundUSD 8,289 millionby 2026 at a CAGR of 12.87% during the forecast period.

The electrophysiologysegment is grabbing the highest shares in the medical devices market and will continue the same during the forecast period. This can be attributed to the rising prevalence of cardiac disorders, which is subsequently boosting the demand for steerable medical devices. Globally, cardiovascular diseaseis one of the major causesof death. As per the WHO, around 17.9 million people died from cardiovascular diseases in 2016, which represents about 31% of the global deaths. Out of which, around 85% ofdeaths are caused due to heart attack and strokes. To attend to the dire situation, the leading players are continuously working to develop technologically advanced electrophysiology devices. For instance, Medtronic developed a 4 mm RF Conductr (Multi-Curve) Series Ablation Catheters, 5 mm RF Conductr (Multi-Curve) Series Ablation Catheters, RF Contactr (Dual-Curve) Series Ablation Catheters, and BLAZER PRIME Temperature Ablation Catheter. Similarly, St Jude launchedFlexAbility Ablation Catheter, Sensor Enabled, and EnSite Precision Cardiac Mapping System. Lastly,Boston Scientific Corporation developedIntellaTip MiFi XP Catheter, Blazer II HTD temperature ablation catheter, and Chilli II cooled ablation catheter. Hence, therapid technological advancements in the field of electrophysiology and rising demand for electrophysiology devices for the treatment of cardiac disorders are likely to bolster the market growth to some extent.

By the type of devices, the steerable medical devices have been segmented into steerable balloon catheter, steerable needles and guidewires, steerable catheters, steerable sheath, and others.

Steerable Catheters to be the Fastest-Growing Segment

Steerable catheters is projected to be the fastest-growing segment as it is extensively used in a wide range of surgical and interventional procedures. Currently, Asia Pacific is grabbing the highest shares in the steerable medical devices market, which is about 29% of the global market share.

Recently, scientists have developed a very small magnetic steerable catheter for minimally invasive surgeries. Due to its variable stiffness, surgeons can perform more complex movements with a low associated risk of injury.The steerable catheters segment is majorly driven by shifting preference towards minimally invasive therapies, rising prevalence of cardiovascular, neurovascular, and urology disorders, and increasing expenditure power.

Regional Analysis

The global steerable medical devices is segmented into North America, Europe, Asia Pacific, and the Middle East and Africa.

North America to Dominant the Steerable Medical Devices Market

North America is dominating the steerable medical devices market and will continue the same during the forecast period. This can be attributed to the rising prevalence of cardiovascular diseases,growing surgical procedures, shifting preference towards minimally invasive surgeries, technological advancements, and the presence of leading market players. The country is also backed with the presence of leading market contributing countries, such as the U.S., Canada, and Mexico. The U.S. is grabbing the largest shares in the steerable medical devices market on account of the risingprevalence of heart diseases, expanding healthcare infrastructure, and government support. As per the CDC, in the U.S.,around 6,47,000 people die from heart diseases, which is about 1 in every 4 deaths. The U.S. steerable medical devices market is consolidated with the presence of GE, Baxter, and Johnson & Johnson.

Europe to be Second in the Market

Europe is ranking second in the steerable medical devices market on account of the rising healthcare expenditure, rapid technological advancement, surging expenditure power, raising awareness regarding minimally invasive surgeries, and government support. As per MedTech Europe, around 10% of the GDP is spent on healthcare, out of which, around 7.2% is attributed to medical technologies.In addition to this, in 2017, the region exported about USD 19 billion worth of medical devicesacross the globe.

Asia Pacific is expected to be the fastest-growing steerable medical devices market. The region is housing a huge geriatric population, which are susceptible to suffer from various age-related diseases. The market is majorly driven by the rising expenditure power, rapidly growing population, rising awareness regarding health issues, technological advancement, and government support. By2020, theregion is expected tobe the world’s second-largest medical devices market across the globeby adopting new business models, expanding multiple channels, and development of market-oriented product launch, and removal of structural barriers.

The regional steerable medical devices is majorly driven by FDI, the presence of major medical device manufacturers, and rising investment in medical devices. For instance, in 2018, India generated about USD 66 million FDI in the field of medical devices. The country is backed with the presence of about 750–800 domestic medical device manufacturers,with an average investment of around USD 2 million and a turnover of about USD 6.2 to 6.9 million in 2018.

Whereas, in China, themarket for steerable medical devices is driven by growing demand for home-use medical devices, rising demand for high-quality implants, and China’s new policy on health coverage. As per the WHO, in China, around 10.3 million people die of chronic diseases every year. To tackle the situation, on 5^th October 2019, China increased its insurance coverage for basic healthcare by 96%. The country isproviding the biggest healthcare reform system and is aiming to equip its healthcare systems with technological advanced medical devices and favorable reimbursement policies. Moreover, the U.S.is the most vital supplier for home-based medical devices followed by Germany and Japan.

The Middle East and Africa to Emerge in the Market

The Middle East is projected to gain momentum in the steerable medical devices market during the forecast period. The growth can be attributed to the risingnumber ofcardiovascular, gastrointestinal, urological, general, and vascular surgeries due to the surging prevalence of life-threatening diseases. In 2015, cardiovascular diseases were responsible for about 34% of deaths in the Middle East. The UAE is grabbing the largest shares in the regional market as it is extremely progressive in terms of the adoption of new technologies, including AI. On 27^th October 2019, the UAE launched Artificial Intelligence Strategy 2031, which aims at bringing AI tools and technology to the healthcare sector. Similarly, the Dubai Health Authority (DHA) is using AI that assists in procurement and the management process. Lastly, the ongoing development in digital technology coupled with rising partnerships among the healthcare providers and government is driving the market growth.Whereas, Africa is holding the least shares in the market on account of poor healthcare infrastructure, low healthcare expenditure, poor economic conditions, and unavailability of skilled professionals.  However, in the last few years, the region has been witnessing a huge inflow of FDI, which is expected to drive the market growth to some extent.

Recent Developments

On 24^thMay2016: Boston Scientific Corporation collaborated with Philips and Siemens for developing cardiovascular and imaging technologies.The collaboration of the companies will help utilize the iLabUltrasound Imaging System of the Philips Allura Xper.

On 24^thJanuary 2020: Integer Holdings Corporation,a pioneer in medical device outsourcing, announced its establishment of the implantable pulse generator (IPG), clean room assembly, and testing capability at Tijuana-North. The facility supports OEM customers andis the first-Class III active implantable medical device manufacturing site in Mexico, which received the FDA approval. The facility integrates Class 7 and Class 8 cleanrooms.