Microcatheters Market Analysis

Microcatheters Market Analysis

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Based on product, the microcatheters market is bifurcated into delivery microcatheter, diagnostic microcatheter, aspiration microcatheter, and steerable microcatheter. The steerable segment is anticipated to witness the fastest growth at 5.5% CAGR over the projection timeframe. Increasing utilization of steerable microcatheters in cardiovascular angiography is owing to enhanced success rates and reduced procedural time as compared to standard microcatheters. The real-time ability to change the degree of angulation of the tip of the steerable microcatheter has the potential to increase the efficiency of super-selective vessel cannulation.

Further, the continuous development of more effective, user-friendly, and advanced technology-enabled devices that provide several benefits during surgical interventions will boost the segmental adoption rate. Hence, owing to these attributes, the industry is anticipated to witness lucrative growth in the coming years.

Based on design, the microcatheters market is categorized into single lumen microcatheter, and dual lumen microcatheter. The dual lumen microcatheters segment garnered around USD 520.3 million revenue in 2022 and is expected to foresee a healthy growth trend over the analysis timeline. The high revenue growth is owing to numerous advantages, including easy access to the procedural site.

In addition, the significant adoption of dual lumen microcatheters in developing markets, coupled with the rising prevalence of chronic disorders such as neurovascular, oncology, and cardiovascular, among others, will further propel market growth. Hence, all the above-mentioned factors will fuel the dual lumen market over the forecast period.

Based on application, the microcatheters market is categorized into cardiovascular, neurovascular, peripheral vascular, oncology, and others. The cardiovascular segment held major share in the market and accounted for around USD 373 million in 2022. This is primarily attributable to the growing incidence rate of cardiovascular disorders (CVDs) across the world. For instance, as per the World Health Organization (WHO), cardiovascular diseases are the leading cause of death globally and it represents more than 30% of total deaths worldwide. Moreover, unhealthy lifestyles, tobacco consumption, and obesity are other factors that lead to cardiovascular diseases. Thus, the increasing prevalence rate of CVDs around the world will stimulate the segmental progression during the forecast period. Hence, the afore-mentioned pointers are projected to spur the product demand over the forecast period.

The North American region dominated the global microcatheters market and accounted for around USD 311 million in 2022. This high revenue share is owing to the growing prevalence of neurovascular and cardiovascular diseases, along with the increasing number of percutaneous coronary intervention procedures in the region. In addition, the surge in government initiatives, well-established healthcare facilities in the region, and availability and accessibility of technologically advanced products are some of the other attributes that are propelling market growth. Hence, all the above-mentioned factors are driving the minimally invasive procedures across the region will in turn boost the market growth positively.