Percutaneous Coronary Intervention Guidance Devices Market to Grow at a CAGR of 6.1% from 2022 to 2031: TMR Study

PRESS RELEASE

Published March 10, 2023

WILMINGTON, DE / ACCESSWIRE / March 10, 2023 / Extensive adoption of guide catheters in percutaneous coronary intervention has created significant revenue opportunities for medical device companies in the global Percutaneous Coronary Intervention Guidance Devices Market. Increase in R&D of coronary guidewires and catheters is likely to improve patient outcomes and broaden the market outlook. The market value is projected to exceed US$ 23.5 Bn by the end of 2031.

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Rise in prevalence of coronary artery disease, especially in the elderly, is fueling technological advancements in guidewires and catheters. New catheter designs and novel stenting technologies are being utilized in PCI, leading to better surgical outcomes in patients with chronic symptomatic coronary artery disease. For instance, utilization of bioresorbable scaffolds is expected to increase in percutaneous coronary interventions.

Medtech companies in the percutaneous coronary intervention guidance devices industry strive to develop and commercialize vascular closure devices that can reduce complications in PCI procedures especially among patients with a significant risk profile. These initiatives are likely to open up new opportunities for market players.

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Key Findings of Study

Substantial Demand for Guide Catheters: There has been a rapid increase in usage of catheter-based procedures to treat coronary heart diseases in patients worldwide. Extensive utilization of guidewires in percutaneous coronary intervention has boosted the Percutaneous Coronary Intervention Guidance Devices Market size. Adoption of advanced guide catheters in modern angioplasty procedures has propelled revenue growth for companies in the overall coronary intervention guidance devices market. The guide catheter segment held the leading market share in 2021.
Design and Technology Advancements in PCI to Offer Attractive Opportunities: Advancement in technologies in catheterization are benefitting patients who undergo percutaneous coronary interventions. Usage of artificial intelligence (AI) has proved helpful to predict complications in percutaneous coronary interventions, for instance, application of current AI methods to obtain three-dimensional coronary anatomy reconstruction, which enable interventional cardiologists to plan PCI strategies accordingly. Increase in adoption of these technologies is poised to accelerate the Percutaneous Coronary Intervention Guidance Devices Market development. Need for minimally invasive procedures to treat ischemic heart disease is expected to fuel R&D activities in PCI guidance devices.

Key Drivers

Rapidly increasing healthcare spending to manage cardiovascular disease in developing countries is a key trend expected to bolster the Percutaneous Coronary Intervention Guidance Devices Market
Surge in prevalence of cardiovascular disease and high health burden of coronary artery disease are likely to drive product demand in the market
Significant utilization of new imaging techniques such as those used in coronary angiogram and adoption of advanced catheter navigation strategies in procedures used to treat coronary artery disease have opened new avenues for market growth

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Regional Growth Dynamics

North America held leading share in the Percutaneous Coronary Intervention Guidance Devices Market in 2021. The region is projected to account for significant market share during the forecast period. Presence of advanced healthcare infrastructure and rapid adoption of advanced technologies for minimally invasive cardiovascular procedures are expected to propel the market. Presence of several large medical device manufacturers in North America and favorable reimbursement framework for patients undergoing percutaneous coronary interventions are likely to fuel market expansion in the next few years.
The market in Asia Pacific is anticipated to witness considerable revenue growth in the next few years. Surge in demand for advanced medical technology to manage cardiovascular disease in the elderly population and awareness about effectiveness of PCI procedures to treat coronary artery diseases are likely to create lucrative opportunities for companies in the regional market.

Competition Landscape

Market research found that mergers and acquisitions, strategic collaborations, and product launches are key competitive strategies adopted by leading players in the Percutaneous Coronary Intervention Guidance Devices Market to consolidate their positions.

Prominent companies in the market are

Boston Scientific Corporation,
Johnson and Johnson Services,
Abbott,
Terumo Corporation,
Biosensors International Group,
Medtronic,
B. Braun SE,
Cordis,
Conmed Corporation,
Emirates Health Services,
Meril Life Sciences, and Koninklijke Philips N.V.

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Percutaneous Coronary Intervention Guidance Devices Market Segmentation

Product

Percutaneous Sheath Introducers
Guide Catheters
Guidewires
Others

Indication

Myocardial Infarction
Acute Coronary Syndrome
Others

End-user

Hospitals
Ambulatory Surgical Centers
Others

Regions Covered

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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