Global Microcatheters Market Awaits Moderate Growth: Projected to touch USD 1057.8 Million, growing at the CAGR of 5.6% by 2027
Published | 30 June 2021
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global microcatheters market was worth USD 715.9 Million in the year 2020. The market is estimated to grow at a CAGR of 5.6%, earning revenue of around USD 1,057.8 Million by the end of 2027. Microcatheters are small, empty tubes that are inserted into blood vessels used in several interventional procedures. Rising prolonged disorders such as cardiovascular disorders, neurovascular disorders, and cancer, coupled with the growing acceptance of minimally invasive procedures are the key factors driving the global microcatheters market. Additionally, the use of technologically advanced products and many government campaigns contribute to the market's growth.
The growing acceptance of invasive surgeries propelling the market forward
Significant acceptance of minimally invasive surgeries is the latest market trend. The reasons contributing to the demand for such surgeries are the benefits of fast recovery with less pain and fewer complications. Minimally invasive techniques, which involve only minor wounds on the skin's surface, cause less post-operative pain, and discomfort. Furthermore, these surgeries allow the patient to recover quickly and return to their normal routine. Microcatheters are tools used for invasive surgeries, especially vascular diseases. The demand for this device is growing worldwide because of its ability to diagnose, direct, and administer embolic agents to specific areas with minimally invasive procedures.
Rising cardiovascular diseases boosting the market growth
The growing prevalence of cardiovascular diseases also contributes to the growth of the microcatheters market. Unhealthy lifestyles such as smoking or consuming excessive fast food, or hypertension caused by stress and anxiety are the major factors that cause heart disease and strokes. Cardiovascular diseases are among the top ten foremost causes of death across the world. It distresses more people than any other disease. Microcatheters are frequently employed in neurovascular and cardiovascular surgical operations as these catheters enable doctors to navigate the complex network of blood vessels that make up the human body.
High cost of treatment and less awareness among people impeding market growth
Medical treatment with microcatheters for surgical or diagnostic procedures is expensive and out of reach for many individuals in developing countries, particularly the middle class. Furthermore, many individuals are unaware that the equipment can be used for minimally invasive surgeries, limiting the market growth. Furthermore, many developing countries, such as those in Asia-Pacific, Africa, and the Middle East, do not have easy access to healthcare services.
Impact of COVID-19 in the industry
The COVID-19-induced pandemic has had a negative impact on the global microcatheters market. Due to the pandemic, there is a substantial risk of infection, particularly during any surgical procedure among hospitalized patients. This is the primary reason why surgeons around the world have postponed the most drastic surgical procedures. Hospitals are already overburdened with sick patients. Additionally, a shortage of qualified medical staff is another key reason for not favoring any diagnostic test or surgical operation. Medical care facilities, on the other hand, are returning to normal in countries where the number of COVID-19 cases is decreasing. Furthermore, several government efforts and alliances are assisting in the provision of clinical emergency care to patients with cardiovascular disorders.
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The steerable segment occupies the largest share of the global microcatheters market
Based on type, the global microcatheters market is divided into Delivery, Diagnosis, Aspiration, and Steerable segment. Among these, the steerable microcatheters segment is predicted to grow with the maximum CAGR during the forecast period. The procedural advantages of steerable microcatheters are the primary reason behind the growth of this segment. Furthermore, an increasing number of image-guided and minimally invasive medical procedures across economies are the additional reasons contributing to the growth of this segment. Also, the growing acceptance of robotically operated surgical procedures and rising incidences of vascular diseases are helping in the growth of the steerable section.
North America is expected to witness significant growth in the market during the forecast period
Based on region, the global microcatheters market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among all, North America holds the largest market share. The increasing prevalence of cardiovascular diseases, coupled with high per capita healthcare spending, and the availability of better and more advanced healthcare facilities in North America have caused consumers to spend more on healthcare, thereby contributing to the growth of this region.
However, the Asia Pacific is also likely to grow at the highest CAGR during the forecast period. Rising economies in the APAC region, such as India, China, and advanced markets of Japan and Australia offer high growth chances for companies in microcatheters.
Leading Players Gaining Competitive Edge over Emerging Players
The leading players in the global microcatheters market are Boston Scientific Corporation, Codman Neuro, Medtronic, Biometrics, Asahi Intecc USA, Inc., Merit Medical Systems, Inc., Stryker, Terumo Medical Corporation, Tokai Medical Products, Inc., and Penumbra, Inc. and other key manufacturers.
The key players are embracing consistent growth strategies to expand their product offerings, and strengthen their geographical reach besides surging customer base to capture the large market share. Additionally, many leading players are struggling to bring more technologically advanced instruments to the market to stay ahead of the pack. However, strict regulatory practices, product recalls, and a lack of skilled medical professionals act as an essential restraint to the global microcatheters market.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global microcatheters market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global microcatheters market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Global Microcatheters Market, By Type (Delivery, Diagnosis, Aspiration, Steerable), Design (Single, Dual Lumen), Application (Cardiovascular, Neurovascular, Peripheral Vascular, Oncology, Urology), End-User (Hospital, Specialty Clinics), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) Trend Analysis, Competitive Market Share & Forecast, 2021-2027
Publish Date: June 2021
The delivery devices majorly used in minimally invasive applications are called microcatheters. These devices are used majorly in both the medical device and healthcare industries. Micro-catheters are utilized to reach the body's tiny, microscopic blood vessels.
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