SELBYVILLE, Del., April 21, 2021 /PRNewswire/ -- According to the latest report "Microcatheter Market by Product (Delivery Microcatheters, Diagnostic Microcatheters, Aspiration Microcatheters, Steerable Microcatheters), Design (Single Lumen Microcatheters, Dual Lumen Microcatheters), Application (Cardiovascular, Neurovascular, Peripheral Vascular, Oncology), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of microcatheters will cross $1.3 billion by 2027.
The growing focus of key industry players in introducing innovative and technologically advanced product offerings is playing a vital role in the market growth. The surging number of microcatheter-related studies and research is another factor fostering the market expansion. Preference for minimally invasive procedures, supportive government initiatives and demand for advanced microcatheters majorly in cardiovascular and neurovascular domains will augment the market value.
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As the adoption and demand for microcatheters is increasing majorly, companies and research organizations have conducted numerous studies related to microcatheters in the last few years. A number of studies are underway, focusing on various outcomes such as risk of distal embolization associated with microcatheter navigation across the clot, relationship between the microcatheter's shape and stability and other microcatheter related infections in a patient's body. Similarly, in a 2019 study approved by the Institutional Review Board (IRB), it was concluded that use of a steerable microcatheter provides an easier and quicker target vessel selection with lesser procedure time in a complex vessel anatomy. Thus, more and more studies are being conducted to offer advanced and affordable product offerings.
The steerable microcatheter market is anticipated to observe an 8% growth rate till 2027, owing to the technological advancement and a suitable alternative to standard microcatheters. For instance, during a complex vessel anatomy, the conventional microcatheters are used with a guiding wire as they have fixed shapes which cannot be changed, whereas steerable microcatheters provide a simpler and faster target vessel selection with shorter procedure times. Moreover, use of such microcatheters in treatment of vascular disorders is supporting the industry growth.
The dual lumen microcatheter market accounted for USD 424 million in 2020. Dual lumen microcatheters enables placement & exchange of guidewires and also assist in avoiding the tangling of guidewires. Additionally, the increasing prevalence of chronic diseases in developing countries have seen a rise in acceptance of minimally invasive procedures that requires dual lumen microcatheters for the support in complex anatomy.
The neurovascular application in the microcatheter market is estimated to attain a CAGR of 8% through 2027. The rising cases of heart attacks around the world is among the major factors supporting the market progression. As per the World Health Organization (WHO), cerebrovascular accidents (stroke) is the second leading cause of death globally. In addition, a significant amount of all strokes (around 60-80%) are ischemic. All these factors coupled with growing incidences of diabetes and hypertension will contribute to the segment growth.
The India microcatheter market size was over USD 25 million in 2020. Rising government initiatives, growing awareness regarding minimally invasive surgeries for cardiovascular-related diseases has propelled the industry expansion. For example, government launched the India Hypertension Management Initiative (IHMI) in collaboration with the Department of Health Research (DHR) and the Indian Council of Medical Research ICMR). This initiative will further strengthen government's National Program for Control of Cancer, Diabetes, Cardiovascular Diseases and Stroke (NPCDCS). All such initiatives and supportive government policies coupled with growing awareness regarding health safety will spur the demand for minimally invasive procedures that in turn will impel the market growth in the country.
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Some of the major companies operating in the microcatheter market include Terumo Medical Corporation, Stryker, Medtronic, Boston Scientific Corporation, Teleflex Inc., Penumbra Inc., and Merit Medical System among others. Focus on technological advancements introduction of new products is among the strategies adopted by industry leaders. Partnership with other leading players to enhance the company's product offerings is also boosting the market share.
Table of Contents (ToC) of the report:
Chapter 3 Microcatheter Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027 (USD Million)
3.3 Industry impact factors
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By design
3.4.3 By application
3.5 COVID-19 impact analysis
3.6 Porter's analysis
3.7 Competitive landscape, 2020
3.7.1 Competitive matrix analysis, 2020
3.8 PESTEL analysis
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Microcatheter Market Growth Predicted at 7.9% Through 2027: GMI
Major microcatheter market players include Terumo Medical Corporation, Stryker, Medtronic, Boston Scientific Corporation, Teleflex Inc., Penumbra Inc., and Merit Medical System.
SOURCE Global Market Insights Inc.