The microcatheters market is expected to exhibit productive growth during the forecast period.
The global microcatheters market is expanding rapidly; it was worth $592.4 million in 2018 and is expected to be worth $904.1 million by 2027. Globally increasing minimally invasive surgical procedures and the high prevalence of cardiovascular disorders (primarily cardiac arrhythmia, congestive heart failure, and cardiac arrest), kidney disorders, and urology disorders have significantly increased the market share in recent years. Partnerships and new product launch in the cardiovascular, urology, and neurovascular indication segments are driving global growth in emerging markets.
Additionally, rising medical tourism for surgery, usage of branded microcatheters with top applications, and an increasing number of hospitals, along with a favorable reimbursement structure, fuel the demand for microcatheters globally. However, the risk of infections, the high cost of branded products, and forceful price competition in the local markets, mainly in the Asia Pacific and Europe, are liable for limiting the overall growth of the microcatheter market.
Market Synopsis
The corporate segment is expected to register higher growth by the end of 2026.
Novel technology assessment in the design of microcatheters, the high prevalence of cardiovascular disorders, and the availability of diagnosis, delivery, aspiration, and steerable microcatheters on a global scale will drive the demand during the forecast period. In addition, improved applications in coated microcatheters, tip technology, and integrated microcatheters are going to spur further revenue growth during the forecast period.
DirexionTM (the first Nitinol Microcatheter with enhanced steerability and control, for example). Additionally, the development of healthier reimbursement models and new technology assessments in microcatheter technology are factors driving the overall growth of the market.
Increasing admissions due to cardiovascular disorders in the hospital segment will witness a significant CAGR.
Rising heart-related disorders, cancer, oncology, cardiovascular, and other chronic diseases are significant factors expected to drive the global microcatheters market. The growing population, combined with rising hospital admissions for image-guided and minimally invasive procedures in major European and Asian countries, is a major factor driving the end-user segment's growth.
In 2018, the hospital segment generated the highest revenue share due to the high volume of surgical and diagnostic procedures performed. Additionally, developments in clinics, ambulatory surgical centers, and other cardiovascular centers have sustained the administration of microcatheters.
Growing population, new product launches, and the presence of top players all contribute to North America's dominance.
In 2018, the U.S. generated the most revenue in the global microcatheters market, which can be attributed to the increasing prevalence of cardiovascular and urology disorders, urinary tract infections, and other neurovascular disorders. Furthermore, growing minimally invasive procedures and the utilization of branded steerable or delivery microcatheters in hospitals and specialty clinics will drive the overall growth of the market.
Major factors include increasing awareness about advanced catheter technology, growing FDA approvals for new products, the growing prevalence of liver and kidney cancer, and the presence of top catheter manufacturers in North America and Western Europe. Nevertheless, in poorer economic nations such as India, China, Brazil, and South Africa, the accessibility of advanced products is limited.
The lack of qualified physicians, the inadequacy of medical treatment, and the high cost of products and procedures are factors limiting the growth of the microcatheter market.
Dominance of multinational manufacturers with strong product portfolios in the developed regions
Major players in the microcatheters market are Medtronic plc., Asahi Intecc USA, Terumo Medical Corporation, Boston Scientific Corporation, Tokai Medical Products, Penumbra, Inc., Cardinal Health, Inc., Becton, Dickinson and Company, AngioDynamics, Inc., BTG PLC, Teleflex Incorporated, Merit Medical Systems, Inc., and others.
Top organizations are implementing growth strategies along with new technology expansion in microcatheter designs, as well as partnerships and acquisitions with medical technology companies. For example, in November 2018, ASAHI INTEC CO., LTD. signed an exclusive agreement with Medtronic plc. to wholly distribute its catheter and neurovascular guidewire products in the U.S. market.
Periods of History and Forecast
This study report includes an analysis of each segment from 2017 to 2027, with 2018 as the base year. The compound annual growth rate (CAGR) for each of the respective segments is estimated for the forecast period from 2019 to 2027.
Report Scope by Segments
Market Segmentation
The current report also includes qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to provide a more comprehensive understanding of the overall microcatheters market.
Additionally, the global report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolios, and business strengths.
Key questions are answered in this report.
What are the current market trends and dynamics in the microcatheter market, and what are the valuable opportunities for emerging players?
What is the market positioning of the major market players?
Which segment accounts for the fastest CAGR during the forecast period?
Which indication holds a larger market share and why?
Are low- and middle-income economies investing in the microcatheter market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and the Middle East and Africa?
Frequently Asked Question:
The market for Microcatheters Market is expected to reach USD$ 904.1 Mn in 2027.
The Microcatheters Market is expected to see significant CAGR growth over the coming years, at 8.4%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
Medical Corporation, Boston Scientific Corporation, Tokai Medical Products, Penumbra, Inc., Cardinal Health, Inc. are some of the major players in the global market.
