Cardiac Catheters and Guidewires Market size was estimated at $10.8 billion in 2020, growing at a CAGR of 6.8% during the forecast period 2021-2026. In surgeries, Cardiac Catheters are used to unblock clogged blood arteries and improve blood flow as a result they are utilized in heart disease treatments. When it is put into the blood vessels, it inflates, enhancing blood flow. Guidewires are stainless steel metallic structure that guides a catheter through blood vessels. Over the last three decades, cardiovascular ailments have been one of the leading causes of death and morbidity around the world. The major cardiovascular disorders that affect people all around the world are coronary artery disease, arrhythmias, peripheral vascular disease, and congenital heart problems. Angioplasty, Percutaneous Coronary Intervention (PCI), and Cardiac Catheterization in a process room with specific X-ray imaging devices are some of the most common procedures used to treat cardiovascular illness, driving up demand for cardiac catheters and guidewires. The rising prevalence of cardiovascular diseases (CVDs), increasing incidence of diabetes, increase in unhealthy lifestyle, physical inactivity and improper diet, smoking and favorable reimbursement policies by governments for coronary intervention procedures are all contributing to increased demand for Cardiac Catheters and Guidewires.
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Cardiac Catheters and Guidewires Market Segment Analysis - By Product Type
Cardiac Catheter dominated the market with largest revenue share in 2020 and it is set to grow at 7.4% CAGR rate over the forecast period 2021-2026. Owing to increased cardiovascular ailments across the globe as a result of unhealthy lifestyle, Type II diabetes, excessive smoking, stress and physical inactivity the need for cardiac surgical treatments like angioplasty and cardio-pulmonary bypass is driving the Cardiac Catheter Market. Electrophysiology Catheters, PTCA Balloon Catheters, IVUS Catheters and PTA Balloon Catheters are major types of catheters used in the market.
Furthermore, there are currently no substitutes for cardiac catheters on the market, which is a major factor driving segment growth. Electrophysiology catheters, IVUS catheters, PTCA balloon catheters, PTA balloon catheters, and others make up the cardiac catheter segment.
Cardiac Catheters and Guidewires Market Segment Analysis - By End User Type
The Hospital segment dominated the market for Cardiac Catheters and Guidewires in 2020. It holds the largest market share owing to rise in cardiovascular diseases across the globe. Angioplasty, PCI, and catheterization are extensively used to treat cardiac problems, a rise in the number of patients is predicted to raise the hospital admission rate.
While the ambulatory surgery centres segment is estimated to grow at the higher CAGR of 7.8% during the forecast period 2021-2026. Patients who need less complicated treatments and only need to stay for a short time choose ambulatory surgery clinics, also known as outpatient surgery centres. The nonsurgical percutaneous operations lead to faster recovery and minimal treatment. As a result, patients who need such treatments prefer to go to an ambulatory surgical centre, which in turn is predicted to boost the demand of this segment.
Cardiac Catheters and Guidewires Market Segment Analysis - By Geography
With a largest market share of 45.4% in 2020, North America dominated the Cardiac Catheters and Guidewires Market. The North American market is predicted to be driven by various attractive reimbursement policies, the launch of technologically improved products, and the presence of several significant competitors in the market.
However, during the forecast period 2021-2026, Asia Pacific is set to increase at the fastest rate. The market is primarily driven by the rising prevalence of cardiovascular and diabetic illnesses. Furthermore, emerging economies like China and India are predicted to rise significantly. Despite higher growth in countries like India and China, certain developing countries in this region are estimated to grow at a moderate pace. In these nations, low adoption of innovative healthcare facilities and scarcity of experienced experts are predicted to impede market development.
Cardiac Catheters and Guidewires Market Drivers
Increasing Requirement of Cardiac Catheters and Guidewires for CVD.
Increasing requirement of Cardiac Catheters and Guidewires for emergency response and treatment of patients with cardiovascular disease is increasing the growth of Cardiac Catheters and Guidewires. The primary factor driving the Market's growth is the rise in the number of Type-II diabetes patients that are more prone to cardiovascular diseases. The Market is also being driven by the growing un-healthy lifestyle and inactivity causing cardiovascular diseases.
Technical Advancement
Shift from traditional operating procedures which has a higher failure and infection rate, medical professionals across the globe prefer operating with Catheters and Guidewires. In medical science it is proven that the success rate of a surgery is comparatively higher when a patient is operated with the help of a Catheter and Guidewire. Catheter is now being preferred in other surgeries such as gall bladder, urinary tract infection and knee operations. Owing to its ease and flexibility in surgical procedures it has been widely appreciated by medical professionals and is the main reason driving the expansion of Catheter and Guidewire Market.
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Cardiac Catheters and Guidewires Market Challenges
Lack of awareness in developing countries
The market is predicted to be restrained by a lack of public awareness about the treatment of cardiac disorders and insufficient healthcare reimbursement facilities in developing countries.
Lack of Experienced Medical Professional
The smaller number of experienced medical professionals in Catheterization treatments in developing countries, is predicted to significantly hamper the market growth in such regions.
Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Cardiac Catheters and Guidewires Market. The Cardiac Catheters and Guidewires top 10 companies are Abbot, Boston Scientific Corporation, Getinge AB, Terumo Medical Corporation, Medtronic, Biotronik SE & C0. KG, Biosense Webster, Inc., Cordis, QX Medical and Teleflex Incorporated
Developments:
In June 2021 Global Guidewires Market Witnessed Robust Growth with Cordis, Partnering with SMT to Provide Cardinal Health’s Guide Catheter across Indian Market
Key Takeaways
This report provides an analytical depiction of the Global Cardiac Catheters and Guidewires Market, as well as current trends and future projections, in order to identify the most potential growth opportunities.
To highlight the worldwide Cardiac Catheters and Guidewires Market growth scenario, the existing market is statistically examined from 2021 to 2026.
The study includes data on major drivers, challenges, and trends, as well as a complete analysis of the market share for Cardiac Catheters and Guidewires Market.
A detailed Value Chain Analysis and Regulatory Analysis based on past data and current market trends included in the research.
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