The global cardiac catheters and guidewires market size is expected to reach USD 21.32 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.4% from 2020 to 2027. Lack of substitutes in the market, increasing incidence of diabetes and cardiovascular diseases across the globe, and launch of new product lines by the key players are the major factors driving the market.
Key players operating in the market are continuously involved in launching new product lines in the market. For instance, in May 2019, Medtronic PLC globally launched a new Telescope Guide Extension Catheter equipped with new features and technologies. This device provides entry to distal lesions and additional backup support. The device also helps in delivering balloons, other interventional devices, and coronary stents during angioplasty procedures and restoring blood flow through the peripheral and coronary arteries. Furthermore, this device combines a round, solid pushwire with a coil-reinforced hydrophilic-coated distal segment, allowing a physician to deal with complicated lesions.
The regional players are also making continuous efforts to launch new technologically advanced products in the market and maintain their position in the market. For instance, a Swiss manufacturer, SIS Medical launched three new models of balloon catheters: NIC 1.1 hydro, EasyT, and NIC Nano hydro, equipped with new standards and technology. Recently, the products also received CE marking and can be marketed within the European Union countries. The company is also seeking other approvals to enter into the Middle Eastern and South American countries in the upcoming years. Therefore, such instances are anticipated to positively impact the market growth over the forecast period.
Further key findings from the report suggest:
- By product, cardiac catheters held the largest market share in 2019 and is anticipated to witness the fastest growth over the forecast period owing to increasing use of these devices and rising cases of cardiovascular diseases
- Based on end use, ambulatory surgery centers are anticipated to witness the fastest growth over the forecast period. Rising demand for minimally invasive procedures across the globe owing to their several advantages is expected to propel the segment growth
- Asia Pacific is expected to witness the fastest growth over the forecast period owing to rising incidence of cardiovascular diseases and diabetes in the region.