“Global Steerable Sheaths Market to reach a market value of USD 1.2 Billion by 2031 growing at a CAGR of 7.0%”
The Global Steerable Sheaths Market size is expected to reach $1.2 billion by 2031, rising at a market growth of 7.0% CAGR during the forecast period.
Europe is known for its advanced healthcare infrastructure and a strong emphasis on innovation. Technological advancements in the design and functionality of steerable sheaths have made them more precise, efficient, and safer for various medical procedures. Thus, the Europe region acquired 31.4% revenue share in the market 2023. This has contributed to the increasing adoption of this among European healthcare professionals. Therefore, these aspects can assist in the expansion of the segment.
These are utilized in neurovascular interventions aimed at treating ischemic and hemorrhagic strokes. These procedures often involve using catheters and guidewires to access and navigate the intricate vascular network of the brain.
Additionally, as per the World Health Organization, every year, an estimated 17 million people globally die of cardiovascular diseases (CVD). Moreover, according to the Saudi Arabia government, over 30% of Saudi Arabia’s adult population (18 years and older) were at risk of developing CVD in 2022.
However, developing innovative steerable sheaths requires extensive research to explore new technologies, materials, and design concepts. This initial phase involves investing in research teams, laboratory facilities, and prototyping equipment. Hence, these aspects can limit the expansion of the market.
Capital expenditures on medical devices and equipment, including steerable sheaths, were deferred or scaled back as healthcare organizations focused on addressing immediate needs and financial constraints. The shift in healthcare spending priorities further dampened demand for steerable sheaths during the pandemic. Thus, the COVID-19 pandemic had a negative impact on the steerable sheaths market.
Based on type, the market is bifurcated into single-use steerable sheaths and reprocessed steerable sheaths. The single-use steerable sheaths segment held 89.2% revenue share.in the steerable sheaths market in 2023. Single-use steerable sheaths offer cost-efficiency and operational benefits compared to reusable sheath systems.
On the basis of application, the market is divided into electrophysiology (EP) procedures, interventional cardiology procedures, and peripheral vascular procedures, and others. In 2023, the interventional cardiology procedures segment witnessed 27.3% revenue share in the market. Cardiovascular diseases (CVDs) remain a leading cause of morbidity and mortality globally, driving the demand for interventional cardiology procedures.
Based on end-use, the market is divided into hospitals & clinics and ambulatory surgical centers. The hospitals and clinics segment recorded 72.6% revenue share in the market in 2023. Hospitals and clinics are increasingly adopting minimally invasive procedures as preferred treatment modalities due to their numerous advantages, including reduced recovery times, shorter hospital stays, and lower procedural risks than traditional open surgeries.
Free Valuable Insights: Global Steerable Sheaths Market size to reach USD 1.2 Billion by 2031
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2023, the Europe segment acquired 31.4% revenue share in the market. Europe is known for its advanced healthcare infrastructure and a strong emphasis on innovation. Technological advancements in the design and functionality of steerable sheaths have made them more precise, efficient, and safer for various medical procedures.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 718.6 Million |
| Market size forecast in 2031 | USD 1.2 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 7.0% from 2024 to 2031 |
| Number of Pages | 227 |
| Number of Tables | 340 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, End-use, Region |
| Country scope |
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| Companies Included | Medtronic PLC, Stryker Corporation, Boston Scientific Corporation, Abbott Laboratories, Teleflex Incorporated, Integer Holdings Corporation, Merit Medical Systems, Inc., AngioDynamics, Inc., Johnson & Johnson, Obex Medical |
By Type
By Application
By End-use
By Geography
This Market size is expected to reach $1.2 billion by 2031.
Advancements in minimally invasive procedures are driving the Market in coming years, however, High development costs and investment requirements restraints the growth of the Market.
Medtronic PLC, Stryker Corporation, Boston Scientific Corporation, Abbott Laboratories, Teleflex Incorporated, Integer Holdings Corporation, Merit Medical Systems, Inc., AngioDynamics, Inc., Johnson & Johnson, Obex Medical
The expected CAGR of this Market is 7.0% from 2024 to 2031.
The Electrophysiology (EP) Procedures segment is leading the Market by Application in 2023; thereby, achieving a market value of $418.7 million by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $418.9 million by 2031.
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