Global Cardiac Catheters and Guidewires Market - 2023-2030

Market Overview

The global cardiac catheters and guidewires market reached US$ 13.6 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 24.3 billion by 2030. The global cardiac catheters and guidewires market is expected to exhibit a CAGR of 7.7% during the forecast period (2023-2030).

The cardiac catheter and guidewire market encompass various types of catheters designed for specific diagnostic or interventional procedures. These include angiography catheters, balloon catheters, electrophysiology catheters, and intravascular ultrasound (IVUS) catheters, among others. Each type of catheter serves a unique purpose in diagnosing, accessing, or treating cardiovascular conditions.

The global cardiac catheter market is witnessing steady growth due to factors such as the increasing prevalence of cardiovascular diseases, technological advancements, and the shift toward minimally invasive procedures. The market is expected to continue its growth trajectory in the coming years, driven by the rising demand for accurate diagnosis and effective treatment of cardiovascular conditions.

Market Dynamics

Increasing Minimally Invasive Procedures Drives the Growth of Catheter and Guidewire Market

According to Biomed Central, in September 2022, an article named Minimally-invasive cardiac surgery conducted a bibliometric analysis of impact and force to identify key and facilitating advanced training which states that minimally-invasive techniques have started to become more prominent as cases become more complex. As of the mid-1990s there are been development of techniques to involve mini-sternotomy and mini-thoracotomy approaches.

With continued research and development, MICS is set to become highly prevalent in Cardiothoracic Surgery training and identifying key areas of research would help to guide training and research in the future.

Favorable Reimbursement Policies are Boosting the Cardiac Catheters and Guidewires Market Growth

Reimbursement policies define the amount of reimbursement provided to healthcare providers for specific cardiac catheterization procedures. These policies often consider factors such as the complexity of the procedure, the type of catheter used, and the associated healthcare resources utilized during the procedure. Reimbursement policies play a crucial role in the cardiac catheter market as they determine the level of coverage and financial reimbursement provided to healthcare providers for performing cardiac catheterization procedures.

For instance, according to Shockwave Medical for instance, on July 1 2022, since the launch of Coronary IVL in early 2021, Shockwave has made deep and significant progress on reimbursement. They have reimbursement in the outpatient, ASC, and inpatient setting.

High Risk of Complications for Cardiac Catheterization Will Hamper the Growth of the Market

Cardiac catheterization involves the insertion of a catheter into blood vessels, which can potentially cause vessel damage. This can include vessel perforation, dissection (tearing of the vessel wall), or rupture. Vessel damage can result in bleeding, hematoma formation, or even require surgical repair. Blood clot formation can occur within or around the catheter, leading to potential complications. Thrombosis can obstruct blood flow, resulting in ischemia or infarction in the affected area. To prevent thrombosis, anticoagulant medications or antiplatelet agents may be administered before, during, or after the procedure.

According to CardioVascular Group, April 14 2023, the most common risks associated with cardiac catheterization is bleeding. During the procedure, a small incision is made to insert the catheter, and this can lead to bleeding. Sometimes, a hematoma, or a collection of blood, can form around the insertion site. This can be painful and may require further treatment.

Another risk of cardiac catheterization is of infection. Since the procedure involves accessing the bloodstream, there is a risk of infection. Heart rhythm abnormalities called arrhythmias can happen during or after cardiac catheterization. These may result from changes in blood flow during the procedure or from the catheter rubbing against the heart muscle. The majority of arrhythmias are small and go away on their own, but they can occasionally be dangerous and need medical attention.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a significant impact on the global cardiac catheters and guidewire market. The global supply chains for medical devices, including cardiac catheters and guidewires have been disrupted due to lockdowns, travel restrictions, and disruptions in manufacturing and distribution. This has led to challenges in the availability of certain medical devices and fluctuations in product supply.

During the pandemic, patients may have postponed regular check-ups and screenings, resulting in decreased detection and diagnosis of cardiovascular conditions that would typically require cardiac catheterization procedures. This decline in patient visits and screenings has impacted the utilization of cardiac catheters and guidewires.

Russia-Ukraine Conflict Analysis

The conflict has created geopolitical tensions, border disputes, and trade disruptions between Russia and Ukraine. These disruptions can potentially affect the supply chain of medical devices, including cardiac catheter devices. If there are restrictions or delays in the import/export of these devices, it could lead to shortages or delays in their availability, impacting the market.

The ongoing conflict has resulted in economic instability in both Russia and Ukraine. Economic downturns and currency fluctuations can have a ripple effect on the healthcare sector, including medical device markets. Reduced purchasing power and budgetary constraints within healthcare systems may impact the demand and procurement of cardiac catheters and guidewires.

During times of conflict, healthcare priorities often shift towards emergency and trauma care, including the treatment of war-related injuries. This shift in focus may result in a reduced emphasis on non-emergency medical procedures, including those requiring cardiac catheter devices. The overall demand for such devices could be impacted as resources are redirected towards more urgent healthcare needs. Therefore, considering the above factors, the global cardiac catheters and guidewires market has been moderately affected by the conflict between Russia and Ukraine.

Segment Analysis

The cardiac catheters and guidewires market is segmented based on product type, application, end-user, and geography.

Owing to the Increasing Prevalence of Cardiovascular Disease, Rising Clinical Trials, the Hospital Segment Accounted for Approximately 45.5% of the Cardiac Catheters and Guidewires Market Share

Hospitals are the primary users of cardiac catheters and guidewires as these devices are essential for performing various cardiovascular procedures. Hospitals generate demand for these devices based on their patient population and the prevalence of cardiovascular diseases in their region. Hospitals are responsible for the procurement and purchasing of cardiac catheters and guidewires. They establish contracts with medical device manufacturers and suppliers to ensure a steady supply of these devices for their cardiovascular departments.

For instance, on April 25 2022, New York-Presbyterian Hudson Valley Hospital launched Interventional Cardiology program and opens state-of-the-art cardiac catheterization lab. It is designed to support cardiac health and bring world-class interventional cardiology care to the Hudson Valley and upper Westchester region. The interventional cardiology program provides a variety of emergent procedures, including cardiac angioplasty to improve blood flow in narrow or blocked arteries for patients experiencing a heart attack or chest pain. Advanced cardiac services include diagnostic cardiac catheterization (a procedure in which a catheter is guided through a blood vessel in the heart to diagnose certain heart conditions) and minimally invasive procedures to open clogged arteries.

Geographical Analysis

North America Accounted for Approximately 39.4% of the Market Share in 2022, Owing to the Increasing Research and Development Activities and Well-Established Healthcare Infrastructure

North America plays a significant role in the cardiac catheter and guidewire market and is a major contributor to its growth. North America, particularly the United States, has a well-developed and advanced healthcare infrastructure. The region is known for its state-of-the-art medical facilities, highly skilled healthcare professionals, and advanced technologies.

This infrastructure supports the adoption and utilization of cardiac catheters in various cardiovascular procedures. It also has a high prevalence of cardiovascular diseases, including coronary artery disease, hypertension, and heart failure. These conditions often require diagnostic and interventional procedures, such as cardiac catheterization, to assess and treat the cardiovascular system. The increasing incidence of these diseases drives the demand for cardiac catheters in the region.

North America is home to several leading medical device manufacturers and market players in the cardiac catheter segment. These companies invest in research and development activities to introduce innovative catheter technologies, enhance procedural outcomes, and improve patient safety. The presence of these established market players further stimulates market growth.

For instance, on Feb 2, 2022. as part of its expanding line of electrophysiological products for the international market, Abbott announced two approvals. The business's TactiFlex Ablation Catheter, Sensor Enabled, the only ablation catheter in the world with a flexible tip and contact force sensing, has been granted CE Mark 1 for the purpose of treating patients with unnatural heart rhythms such atrial fibrillation (AFib). The U.S. Food and Drug Administration (FDA) recently granted an additional indication for using Abbott's FlexAbility Ablation Catheter, Sensor Enabled to treat patients with complicated cardiac conditions.

Competitive Landscape

The major global players in the market include: Abbott Healthcare Pvt. Ltd., Boston Scientific Corp, Biotronic, Medtronic, Terumo Medical Corporation Access, Cordis, Teleflex Inc., Nipro, BrosMed Medical co., Merit Medical System among others

Why Purchase the Report?

• To visualize the cardiac catheters and guidewires market segmentation based on the product type, by application, by end-user and by region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of cardiac catheters and guidewires market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global cardiac catheters and guidewires market report would provide approximately 69 tables, 70 figures, and 195 pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies