Microcatheter Market will Likely to Expand at a Steady CAGR of 7.5% by 2026
Global Microcatheter Market – Snapshot
Microcatheters, although a broad term, is often used to describe thin wall, small diameter catheter and delivery devices that are utilized in minimally invasive applications. These small catheters are ideal for navigating the vast network of tiny veins found within the body. Micro-catheters are commonly found throughout the medical device and healthcare industries. The global microcatheter market was valued at US$ 162.3 Mn in 2017 and is anticipated to reach nearly US$ 304.5 Mn by 2026, expanding at a CAGR of around 7.5% from 2018 to 2026. Rise in adoption of minimally invasive procedures, technological advancements, and increase in target patient population are likely to fuel the global microcatheter market from 2018 to 2026.
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Surge in government initiatives to promote better facilities, increase in strategic collaborations along with mergers and acquisitions, strong product pipeline, and increasing applications of microcatheters drive the global microcatheter market. However, stringent regulatory requirements and product recall are major factors restraining the global microcatheter market.
The global microcatheter market can be segmented based on indication, end-user, and geography. In terms of indication, the global microcatheter market can be classified into coronary, neurovascular, and general peripheral vascular. Based on end-user, the global microcatheter market can be segregated into hospitals, specialty clinics, and ambulatory surgery centers. In terms of geography, the global microcatheter market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Based on indication, the coronary segment dominates the global microcatheter market. Rise in prevalence of cardiovascular diseases due to changing lifestyles such as consumption of alcohol, smoking, work pressure, and obesity drives the segment. According to WHO report (2017), cardiovascular diseases (CVDs) accounts for 17.7 million deaths each year, 31% of all global deaths. Increase in incidence rate of cerebral aneurysm is expected to boost the neurovascular segment during the forecast period.
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In terms of end-user, the hospital segment dominates the global microcatheter market. According to the American Hospital Association, in the U.S., in 2016, there are 5,534 registered hospitals. Increase in number of hospitals, improvements in reimbursement policies, and increase in incidences of cardiovascular diseases are expected to drive the global microcatheter market. The specialty clinics segment is likely to create opportunities in Asia Pacific. Increase in health care infrastructure in emerging countries and rise in technological advancements are expected to drive the microcatheters market during the forecast period
North America accounted for 39.1% share of the market in 2017. Increasing prevalence of cardiovascular diseases as well as high per capita health care expenditure and availability of better and advanced health care facilities have resulted in people spending more on health care. Increasing number of angiography and PCI procedures and expansion of the health care industry are likely to fuel the microcatheter market in Europe during the forecast period. China and India are lucrative markets and also product launches are factors driving the microcatheter market in Asia Pacific. In 2018, ASAHI received chronic total occlusion (CTO) approvals for Corsair Pro Micro catheters and its Coronary Guide Wires to the include MIRACLEbros series, CONFIANZA series, FIELDER series, and Gaia series. Latin America and Middle East & Africa are expected to hold a significant share of the global microcatheter market during the forecast period. The Government of Brazil has introduced certain policies that allow foreign doctors from the U.S., the U.K., and other parts of the world to participate and improve health care services and practices in the country. The business council of Saudi Arabia provides support for partner identification, logistics, and market insights for better penetration into the market for new or private players in order to reduce the demand-supply gap in health care services.
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