Microcatheter Market worth over $1.3bn by 2027
Published Date: April 20, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Microcatheter Market size is set to surpass USD 1.3 billion by 2027, according to a new research report by Global Market Insights, Inc.
Increasing number of chronic diseases such as cancer, cardiovascular and neurovascular disorders coupled with rising aging population will augment the demand for microcatheters globally. Key players in the industry are focusing on collaborative initiatives and several product launches. Technological advancements in microcatheters such as the double coaxial guiding technique that is used in the treatment of chronic total occlusion (CTO) will further foster the market growth. Growing adoption of minimally invasive surgeries will upsurge the use of microcatheters that will in turn boost the market expansion. Additionally, benefits such as passive support and longer injection duration than conventional microcatheters will accelerate the market value.
Growing trend of minimally invasive surgical procedures will spur the microcatheter market progression
Increasing number of minimally invasive surgeries around the world and rising awareness among consumers regarding these procedures is the primary factor fueling the industry growth. Minimally invasive surgeries offer various benefits such as less pain, shorter hospital stays, speedy recovery, and fewer chance of bleeding and infection. Microcatheter is one of the most widely used tool during the minimally invasive surgeries and is used to diagnose and treat the vascular abnormalities. Microcatheter has the potential to perambulate through the complex neurovascular and cardiovascular pathways.
Rising preference for aspiration microcatheters in strokes will impel the market demand
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The aspiration microcatheter market segment held more than 17% of the market share in 2020 led by increasing demand for aspiration microcatheters in the treatment of peripheral artery diseases, aneurysms, and acute strokes. Furthermore, numerous benefits offered by these microcatheters including termination of blood flow, preventing distal embolism during the interventional procedure and rapid recanalization will enhance the product usage. These are also used to remove debris or clear the blocked vessels.
Browse key industry insights spread across 200 pages with 182 market data tables & 16 figures & charts from the report, “Microcatheter Market Size By Product (Delivery Microcatheters, Diagnostic Microcatheters, Aspiration Microcatheters, Steerable Microcatheters), By Design (Single Lumen Microcatheters, Dual Lumen Microcatheters), By Application (Cardiovascular, Neurovascular, Peripheral Vascular, Oncology), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increased preference of single lumen microcatheters in interventional cardiology procedures will fuel the industry expansion
The single lumen microcatheters accounted for around USD 327 million in 2020. Various benefits offered by the single lumen microcatheters includes more flexibility and less dense nature. Moreover, the single lumen microcatheter support in complex anatomy and offers collateral access in chronic total occlusion procedures.
Growing incidences of cardiovascular related ailment will propel the microcatheter market growth
The cardiovascular segment exceeded USD 304 million in 2020 due to the growing incidence of cardiovascular diseases (CVDs) across the world. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death globally and it represents more than 30% of all global deaths. In addition, unhealthy lifestyle, tobacco consumption, obesity are other certain factors that further results in CVDs. Thus, increasing incidences of CVDs around the world will augment the segment progression during the forecast period.
Rising demand for advanced products will drive the industry revenue
The Germany microcatheter market held the majority of revenue share in the Europe region and accounted for USD 54 million in 2020. Rising healthcare spending for promoting acceptance of high-quality advanced products to provide better facilities to the citizens will contribute in the market expansion. Various local and global players are launching new products in the country. For instance, in January 2021, Baylis Medical in collaboration with Japan Lifeline (JLL) launched the JLL 2-French electrophysiology microcatheter in Germany. The launch of this product will provide the smallest diagnostic microcatheter in region to enable physicians to reach the previously inaccessible areas of the heart for procedure mapping.
Key players are adopting various business strategies to capture a significant market share
Penumbra Inc., Merit Medical System, Boston Scientific Corporation, Teleflex Inc., Terumo Medical Corporation, Stryker, and Medtronic among others are some of the major companies operating in the market. Market leaders are involved in partnerships, agreement and acquisition to gain an edge over their competitors.