The latest market report published by Credence Research, Inc. “Microcatheters Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the microcatheters market was valued at US$ 592.4 Mn in 2018 and expected to reach US$ 904.1 Mn by 2027 at a CAGR of 4.8% during the forecast period from 2019 to 2027.
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The global microcatheters market is growing significantly from 2019 to 2027 accredited to an increase in the prevalence of cardiovascular, neurovascular, peripheral vascular, oncology, and urology related disorders along with rising minimally invasive procedures globally. Groundbreaking technology progression in catheter technology, the upsurge in manufacturing and demand for advanced microcatheters is driving the market growth on a global scale.
Invention of top quality microcatheters with increased cost in the cardiovascular segment is also a major factor driving the overall growth. For e.g. top brands include Direxion™, Progreat® – Microcatheter, SuperCross™ Microcatheters and others. Development of microcatheter devices for diagnosis, steerable, aspiration, and delivery, is gaining traction during the forecast period along with the rising number of minimally invasive surgeries. Other major factors driving the market growth include increasing hospitalizations, growing ambulatory care centers & rising consumption of microcatheters for minimally invasive procedures.
Top manufactures are focusing on the captivating advantage of catheter coating and its miniaturization technology. Growing number of partnerships, acquisitions, strategic agreements by top private players will drive the market growth in the U.S. market. For instance, In Feb 2017, in the U.S. market Merit Medical Systems, Inc. (USA) acquired new products from Catheter Connections, Inc. and Argon Medical Devices, Inc.
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However, the high cost of branded products, burden of cardiovascular diseases with less treatment options in the Asia Pacific and African nations, less awareness, and intense competition in the emerging nations with less technology expansion are factors limiting the growth of the microcatheters market on a global scale.
Key Market Movements:
• Globally, the microcatheters market remains to show a lucrative growth with a CAGR of 4.8% for the period from 2019 to 2027
• New technology assessment in the coating and catheter tip technology will further enhance the demand on a global scale
• Asia Pacific market will grow significantly due to its improved healthcare infrastructure, large patient pool and enhanced technology expansion in countries such as China, India, Singapore, Malaysia and others
• Increasing number of hospitals and clinics, adoption of branded microcatheters, and increasing healthcare expenditure in the emerging nations will drive the overall microcatheter market growth
• Major players in this vertical 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
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