[189+ Pages Report] According to Facts and Factors' most recent research and survey study, the global microcatheters market was valued at roughly USD 760 Million in 2020 and is forecasted to reach USD 1,800 Million by the end of 2026, increasing at an extraordinary CAGR of roughly 8.2% between 2021 and 2026.
Global Microcatheters Market: Overview
Microcatheters are varied small-diameters catheters that are utilized in minimally invasive procedures and are used as delivering devices. These smaller catheters are pivotal in navigating the human anatomy and the vast network of tiny veins. They are around 0.7 – 1.3 mm in diameter and their main functionality includes providing guidewire support, access distant anatomy, deliver therapeutic consumables, and inject other forms of contrast media for further medical operations. Microcatheters are often coated with a coating of highly viscous material and are fitted with integrated steering capabilities for easy navigation under the most extreme conditions.
Global Microcatheters Market: Growth Factors
The global microcatheters market is strongly driven by forces guided by a rise in increasing chronic disorders among the advanced population related to cardiovascular, neurovascular, and cancerous conditions coupled with the rising adoption of minimally invasive procedures. Additional factors that can be credited to the drastic rise in microcatheters are advancements in technology along with increased government incentives. Moreover, a rapid change in the sedimentary lifestyle pertains to an increase in habits such as smoking cigarettes, hypertension, and obesity-related disorders will further boost the growth of the microcatheters market to a significant rate.
Advancements in technology such as the rise of use for steerable microcatheters will further augment the market development. Advanced features in the latest iteration of microcatheters such as a reduced failure rate, decrease in procedural time and the real-time ability to change the degree of angulation will open opportunities for the microcatheter market to flourish during the forecast period. Additionally, collaborative efforts from the global organizations and improved medical infrastructure are expected to push the market of microcatheters towards a ballooned state during the forecast.
Global Microcatheters Market: Segmentation
The global microcatheters market can be segmented on the basis of type, design, end-user, applications, and regions. The global microcatheters market can be broken down into single lumen and dual-lumen microcatheter on the basis of design. The dual lumen microcatheters are expected to witness the highest market share during the forecast period. The latter segment recouped around 70% of the market share during the last iteration of the forecast. The dominant position by the segment can be attributed to the numerous advantages it offers over its counterpart such as easy access to the mentioned site, the ability to tune more than one analgesic infusion during the procedure, and the preferred device to be used for a variety of interventional cardiology procedures. The global microcatheters market can be disintegrated into delivery, aspiration, diagnostic, and steerable microcatheter on the basis of type. Aspiration microcatheters are expected to dominate the market during the forecast period owing to an increased demand for acute stroke, aneurysms, and peripheral artery-based disorders. Aspiration-based microcatheters also offer additional feasibility such as rapid recanalization, total stoppage of blood flow, and improved preventative abilities for embolism-like conditions during operations. The global microcatheters market can be broken down into cardiology, neurology, peripheral vascular, oncology, urology, otolaryngology, and others. The cardiology segment is expected to dominate the market in terms of revenue during the forecast period owing to the worldwide trend of increase of cardiovascular-related disorders and conditions. However, the neurology segment will witness the fastest growing CAGR owing to the second and third most cause of disability-related conditions. Based on the end-user, the market is categorized into Hospitals, Surgical Centers, Specialty Clinics, and ambulatory care centers. The hospital category accounted for the largest market share due to the rise in the number of hospitals and specialty clinics in developing nations; the growing prevalence of target diseases, and also a surge in the performance of surgical and diagnostic procedures across these facilities.
Global Microcatheters Market: Regional Analysis
North America is expected to recoup the largest market share during the forecast period with more than 30% of total revenue accumulated by the latter region. Factors pertaining to the significant market growth in the region can be credited to factors pertaining to well-established healthcare facilities, increasing government incentives, increased awareness within consumers about the health benefits of microcatheters, increased chronic disorders, and a widened stance of heart diseases and disorders within the region. The region of Asia-Pacific is expected to witness the fastest growing CAGR within the forecast period owing to a growing aging population and a significant rise of the advanced population suffering from similar disorders from emerging economies such as Japan, China, and India coupled with factors pointing to the improved diagnostic capabilities and growing patient spending.
Global Microcatheters Market: Competitive Players
The key participants in the global microcatheters market are Medtronic Plc., Terumo Corporation, Merit Medical Systems, Stryker Corporation, Penumbra, Inc., Boston Scientific Corporation, Teleflex, Inc., ASAHU INTECC CO. LTD., Cook Group International, Becton, Dickinson and Company, AngioDynamics, Inc., and B. Braun Melsungen, among others.
Global Microcatheters Market: By Design Segment Analysis
Global Microcatheters Market: By Type Segment Analysis
Global Microcatheters Market: By End-User Segment Analysis
Global Microcatheters Market: By Application Segment Analysis
Global Microcatheters Market: By Regional Segment Analysis
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