BURLINGAME, Calif.,
July 22, 2024 /PRNewswire/ -- The
global Microcatheter Market is projected to grow from
USD 2.06 billion in 2023 to
USD 2.85 billion by 2031, with a
compound annual growth rate (CAGR) of 4.1% from 2024 to 2031, as
per a recent report by Coherent Market Insights. Modern
microcatheters feature advanced designs that allow for improved
trackability and deliverability. Some microcatheters are equipped
with imaging modalities like optical coherence tomography for
better navigation. There have also been innovations in
microcatheter material and coatings to improve pushability, torque
control and coat biocompatibility. The ongoing technological
developments are expanding the applications of microcatheters,
thereby augmenting market growth.
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Market Dynamics:
The growth of global microcatheter market is primarily driven by
increasing prevalence of cardiovascular diseases across the globe.
According to World Health Organization (WHO), cardiovascular
diseases (CVDs) are the number one cause of death globally, taking
an estimated 17.9 million lives each year. Approximately 2 out of 3
CVD deaths are due to heart attack and stroke. Microcatheters are
extensively used in treating CVDs conditions such as coronary
artery disease, heart attack, stroke, hypertension etc.
Global Microcatheter Market Report Coverage
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$2.06
billion
|
Estimated Value by
2031
|
$2.85
billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 4.1%
|
Historical
Data
|
2019–2023
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Product Design, By
Product, By Application, By End User
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Growth
Drivers
|
• Increasing number of
minimally invasive surgeries
• Technological
advancements in microcatheters
• Increasing prevalence
of cardiovascular diseases
|
Restraints &
Challenges
|
• Risk of infection
associated with microcatheters
• Vulnerability to
product recalls
|
Another key factor fueling the market growth includes rising demand
for minimally invasive procedures over traditional surgical
methods. Microcatheters allows physicians to access vessels and
cavities in a minimally invasive manner thereby reducing procedural
complications, hospital stay and quick recovery.
Market Trends:
Growing adoption of coflex microcatheter is one of the major
trends in the microcatheter market. Coflex microcatheter offers
superior softness, trackability and placement capabilities. It
provides anatomically adaptive shape that facilitates navigation
through tortuous anatomy.
Rising demand for ultrasound microcatheters is another key trend
being witnessed in the market. Ultrasound microcatheters combines
intravascular ultrasound (IVUS) and high-resolution OCT to provide
real-time, high-resolution images of vascular structures. It aids
physicians in optimal diagnosis and treatment of vessels.
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The rising prevalence of chronic diseases such as cardiovascular
diseases, neurological disorders, and cancer has increased the
demand for minimally invasive surgical procedures globally.
Microcatheters play a vital role in various interventional
procedures such as angioplasty, balloon occlusion, embolization,
and coil placement. They aid in accurate delivery of therapeutic
agents, devices, and fluids to target sites during these
procedures. The increasing adoption of interventional treatment
options over conventional open surgeries due to benefits such as
lesser pain, scarring, recovery time, and risk of infection is
driving the demand for microcatheters.
Leading players in the microcatheter market are focusing on
developing advanced product designs with improved features to
increase efficiency and clinical outcomes. Some of the key ongoing
developments include microcatheters integrated with drug delivery
mechanisms, imaging guidance, and navigation capabilities.
Microcatheters equipped with drug infusion ports, balloon
expandable stents, and image-guided navigation aid physicians in
precise delivery of therapy at target sites. The introduction of
steerable, aspiration, and diagnostic microcatheters has also
expanded the applications of these devices. Continuous
technological innovations are expected to boost the adoption of
microcatheters.
Key Market Takeaways
The global microcatheter market is anticipated to witness a CAGR
of 4.1% during the forecast period 2024-2031, owing to the rising
incidence of chronic diseases and advancing interventional
treatment options.
On the basis of product design, the dual lumen microcatheter
segment is expected to hold a dominant position, owing to benefits
such as simultaneous delivery of fluids and agents.
On the basis of product, the delivery microcatheter segment is
expected to hold a dominant position over the forecast period,
supported by extensive use of these devices in interventional
procedures.
On the basis of application, the cardiology segment is expected
to hold a dominant position over the forecast period, due to the
increasing percutaneous and minimally invasive procedures for heart
diseases. On the basis of end user, the hospitals & clinics
segment is expected to hold a dominant position, due to
availability of advanced healthcare infrastructure and
facilities.
On the basis of region, North
America is expected to hold a dominant position over the
forecast period, due to higher adoption of advanced interventional
treatments and growing healthcare expenditure.
Key players operating in the microcatheter market include
Medtronic PLC, Terumo Corporation, Merit Medical Systems, Stryker
Corporation, Penumbra Inc., Boston Scientific Corporation, and
Teleflex Inc.
Recent Developments:
In November 2023, Transit
Scientific, announced the FDA clearance of its mictocatheter
designed for precise delivery of a broad range of embolic
agents.
In March 2023, Merit Medical
System, announced the launch of its SwiftNINJA Steerable
Microcatheter product line.
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Detailed Segmentation:
By Product Design:
-
- Single Lumen Microcatheter
- Dual Lumen Microcatheter
By Product:
-
- Delivery Microcatheter
- Aspiration Microcatheter
- Diagnostic Microcatheter
- Steerable Microcatheter
By Application:
-
- Cardiology
- Neurology
- Peripheral Vascular
- Oncology
- Urology
- Otolaryngology
- Others
By End User:
-
- Hospitals & Clinics
- Ambulatory Surgical Centers
By Region:
North America:
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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