PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477146
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477146
Steerable Sheaths Market size was valued at USD 810.43 Million in 2023, expanding at a CAGR of 8.1% from 2024 to 2032.
Steerable sheaths are indispensable tools in minimally invasive procedures, particularly in interventional cardiology and electrophysiology. These sheaths are designed with precision to maneuver through complex vascular or anatomical structures, allowing healthcare providers to perform catheterization, angioplasty, or electrophysiological studies with increased safety and efficiency. Steerable sheaths are commonly employed to enhance catheter contact in pulmonary vein isolation (PVI) procedures. A novel visualizable steerable sheath is now accessible for clinical use, as detected by the electroanatomical mapping system.
Steerable Sheaths Market- Market Dynamics
Growing demands for minimally invasive procedures, rising prevalence of cardiovascular & neurological diseases, technological advancements are expected to drive the growth of market
There is a growing global inclination towards minimally invasive procedures in various medical fields. Steerable sheaths are instrumental in assisting physicians to maneuver through intricate anatomical structures during these procedures, thus fueling their demand. As per the American Society of Plastic Surgeons, there were 2.3 million cosmetic procedures and 13.2 million minimally invasive cosmetic procedures conducted. Steerable sheaths are indispensable instruments in the diagnosis and treatment of such conditions, facilitating accurate access to specific areas within the cardiovascular and nervous systems. Continuous enhancements in steerable sheath technology offer prospects for market expansion. Nevertheless, the potential Risk of Complications could impede market growth.
Steerable Sheaths Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.1% over the forecast period (2024-2032)
Based on product type segmentation, Unidirectional Steerable Sheath was predicted to show maximum market share in the year 2023
Based on application segmentation, Electrophysiology (EP) Procedures was the leading type in 2023
Based on End-User segmentation, Hospitals and Clinics was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Steerable Sheaths Market is segmented on the basis of Product Type, Application, End-User, and Region.
The market is segmented into three categories according to product type: Unidirectional Steerable Sheath and Bidirectional Steerable Sheath. Unidirectional Steerable Sheath holds the largest market share. The innovation of unidirectional steerable sheaths signifies progress in minimally invasive procedures, allowing medical professionals to conduct interventions with improved precision and effectiveness, while reducing patient trauma.
The market is categorized into two segments according to their application: Electrophysiology (EP) Procedures, Interventional Cardiology Procedures, Peripheral Vascular Procedures, and Other. The dominant segment in the market is Electrophysiology (EP) Procedures. In EP studies, electrophysiologists utilize mapping catheters to analyze the electrical signals of the heart and determine the origin of arrhythmias. Steerable sheaths aid in navigating these mapping catheters to various areas within the heart, enabling a thorough mapping of arrhythmia substrates.
The market is segmented into two groups according to the end-users: Hospitals and Clinics, and Ambulatory Surgical Centers. The dominant players in the market are Hospitals and Clinics. They acquire steerable sheaths to equip their cardiac catheterization laboratories, electrophysiology (EP) labs, and other interventional suites. These facilities heavily depend on steerable sheaths to carry out various minimally invasive procedures, such as cardiac catheterizations, electrophysiology studies, cardiac ablations, and peripheral vascular interventions.
Steerable Sheaths Market- Geographical Insights
Geographically, this market is spread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The market is dominated by North America, primarily due to its advanced healthcare infrastructure and the increasing number of patients undergoing surgeries. North America is known for its highly advanced healthcare infrastructure, which enables a wide range of minimally invasive procedures, including those that require steerable sheaths, to be performed with great precision and efficiency. The United States, in particular, has the highest overall healthcare spending in the world. According to the latest data and reports on healthcare in the United States, the country's total spending in 2021 is projected to reach USD4.3 trillion, accounting for 18.5% of its GDP. This region witnesses a significant volume of patients undergoing various surgical procedures, including cardiovascular interventions, neurosurgeries, and peripheral vascular procedures. Europe holds the second-largest region for market growth, mainly due to the expanding applications in cardiovascular and neurological interventions.
The competitive landscape of the steerable sheaths market is characterized by manufacturers striving to provide high-performance and reliable products for minimally invasive procedures. Established companies utilize their market presence, brand recognition, and distribution channels to stay ahead of the competition. By building strong relationships with hospitals, clinics, and distributors, they can effectively enter new markets and expand their customer reach. Additionally, manufacturers may engage in strategic partnerships or collaborations with healthcare institutions, research organizations, and other industry players to enhance product development, validate clinical outcomes, and increase market share.
On April 28, 2022, Abbott made an announcement regarding the accessibility of its Amplatzer steerable distribution sheath in the United States. This device is specifically designed to be used in conjunction with Abbott's Amplatzer Amulet left atrial appendage (LAA) occluder, which is used for treating patients with atrial fibrillation who are at risk of ischemic stroke. It is worth noting that in August 2021, Abbott had previously announced the FDA approval of the Amplatzer Amulet device.
Nowadays, Medtronic, Inc. has also made an announcement regarding the clearance from the Food and Drug Administration (FDA) and the launch of their FlexCath Advance Steerable Sheath in the United States. This new enhancement is intended to be used with the Arctic Front Advance Cryoballoon System.
GLOBAL STEERABLE SHEATHS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Medtronic
Boston Scientific Corporation
Abbott
Stryker
Teleflex Incorporated
Johnson & Johnson Services, Inc.
Integer Holdings Corporation
Merit Medical Systems
Terumo Corporation
OSCOR Inc.
Others