Global Statistics Representing Steerable Medical Devices Market Scenario
Steerable medical devices are used in gaining access to difficult locations in the human body. These devices are majorly used in the minimally invasive surgeries and during interventional and diagnostic procedures or surgeries. Steerable medical devices enable precise targeting for diagnostic and therapy purposes. Rising number of surgical procedures and growing demand for novel equipment, are boosting demand for steerable medical devices.
Moreover, technological advancements in the medical devices sector and trend leaning towards minimally invasive surgeries, are driving the global steerable medical devices market. Increasing accidental incidences and subsequently rising injuries due to accidents are escalating the demand for ligament, spinal column, and joint reconstruction surgeries across the globe.
Untapped regions including developing and under-developed regions have great potential for the steerable medical devices market growth due to account of high number of orthopedic and cardiovascular disorders. Manufacturers are working together to deliver better solutions by engaging in public and private partnerships to bridge the demand gap in the developing nations. For instance, Abbott, a global medical manufacturer, initiated several awareness programs in India to increase the understanding of technology and procedures.
Global steerable medical devices market was valued at USD 2,445.8 in 2018, at a CAGR of 8.6% during the forecast period 2019–2026.
Global steerable medical devices market is segmented into type, application, and region.
Based on type, the market is segmented into steerable needles and guidewires, steerable catheters, and steerable sheath.
Based on application, the global steerable medical devices market is segmented into interventional cardiology, interventional radiology, urology and gynecology, electrophysiology, general and vascular surgery, ablation, and other applications. Among applications, interventional cardiology accounts for highest share. Interventional cardiology is the catheter-based diagnosis and treatment used to treat vascular diseases, acquired structural heart diseases, and coronary artery diseases. Interventional cardiology excessively uses steerable catheter as they possess technologically advanced characteristics. Increasing adoption of interventional radiology is expected to drive the interventional radiology segment. Interventional radiology is mainly performed on organ and internal injuries. In addition, the cases of organ injuries are increasing following the rise in accidental cases across the globe. According to the Association for Safe International Road Travel (ASIRT), around 20–50 million people are injured in road accidents globally. In the U.S., over 2.35 million people get injured in road accidents every year.
Urology requires steerable catheters and sheaths for effective diagnosis of various diseases including urinary tract diseases and cancer. Increasing prevalence of urinary tract diseases in males and females is expected to drive the growth of the urology segment. Many steerable instruments including steerable catheters and sheaths are used in the diagnosis of heart diseases through electrophysiology. Prevalence of heart diseases is increasing at an alarming rate following the drastic change in lifestyles, adoption of unhealthy habits, and lack of diagnostic facilities in under-developed and developing regions. According to the World Health Organization (WHO), cardiac disorders is the leading cause of death across the globe and accounts for over 17.9 million deaths every year, nearly 31% of total global deaths.
General surgeries are performed on accidental cases with minor injuries and bone fractures and breakage. A huge number of people are suffering from vascular blockages, abdominal aortic aneurysm (AAA), peripheral artery disease (PAD), pulmonary embolism (blood clots), and critical limb ischemia (CLI). Steerable medical devices are increasingly used in the general and vascular surgeries for increasing precision of the surgeries
Based on region, the global market is segmented into Americas (North America, Central America, & South America), Europe (Western Europe, Eastern Europe, and Rest of Europe), Asia Pacific (APAC), and the Middle East & Africa.
Americas dominates the global steerable medical devices market with North America grossing for highest share of the global market followed by South America. Healthcare infrastructures and facilities are evolving rapidly in North America to provide advanced services. Moreover, technological advancements in the medical devices are proving to be an effective and highly precise way of treatment. According to the Healthcare Cost and Utilization Project (HCUP), in 2014, 17.2 million hospital visits were reported for invasive and therapeutic surgeries in the U.S. alone. South America is a developing region and is witnessing a steady development in their healthcare facilities. However, poor economic conditions and low GDP are affecting the development of healthcare facilities and services in the region. Industrial revolution is taking place in South America, and many manufacturers are entering the steerable medical devices market to bring technologically advanced medical devices in the region. Medical tourism in Costa Rica is booming the field of cosmetic surgeries. In addition, the country is attracting huge medical tourism destination. This is expected to boost the demand for steerable medical devices across Central America.
Europe is expected to account for optimum share of the global market followed by Asia Pacific. Steerable medical devices market in Asia Pacific is expected to register fastest growth during the forecast period.
The Middle East & Africa steerable medical devices market is expected to account for least share of the global market. Middle East is an emerging region in the global steerable medical devices market. The healthcare sector has been experiencing developing in the region following the growth in the disposable income of the population, and their willingness to spend on technologically advanced medical and cosmetic procedures, treatments, and surgeries. Government in the Middle East is adamant on developing their integrated healthcare infrastructure and strengthening the network of diagnostic labs. On the other hand, African countries are struggling to provide effective healthcare services to its population because of the huge presence poor economies. The region is prone to several infectious diseases for which they are unable to provide better healthcare facilities.
Some of the major players in the global steerable medical devices market are, Merit Medical Systems, Boston Scientific Corporation, Integer Holdings Corporation, Steerable Instruments, DEAM, DePuy Synthes, Abbott, OSCOR Inc, and Biosense Webster Inc.
Steerable Medical Devices Market Segmentation
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