(PharmaNewsWire.Com, June 11, 2020 ) The growth of this market is primarily driven by majorly driven by the growth in the target patient population (suffering from cardiovascular diseases, neurovascular disorders, and cancer), rising adoption of minimally invasive surgical procedures, and the increasing number of microcatheter-assisted clinical research studies.
The global microcatheters market is projected to reach USD 924 Million by 2024 from USD 688 Million in 2018, at a CAGR of 5.0% from 2018 to 2024.
Steerable microcatheter segment is expected to grow at the highest rate during the forecast period
Based on product type, the microcatheters market is segmented into delivery microcatheters, aspiration microcatheters, diagnostic microcatheters, and steerable microcatheters. The steerable microcatheters segment is expected to grow at fastest CAGR during forecast period owing to the growing number of image-guided and minimally invasive medical procedures across major countries, shift from manually operated devices towards robotically operated surgical platforms, rising prevalence of vascular diseases, and the procedural advantages associated with steerable microcatheters.
The liver cancer segment was the largest contributor to the microcatheters market, by cancer type in 2018
Based on cancer type, the microcatheters market is segmented into liver cancer, kidney cancer, lung cancer, bone cancer, and other cancers (includes pediatric cancer, prostate cancer, and breast cancer). The liver cancer segment accounted for the largest share in of the microcatheters market in 2018. The large share of this segment is attributed to factors such as rising cases of liver cancer across the globe and growing initiatives/research activities for developing advanced liver cancer therapies using microcatheters.
Asia Pacific is expected to grow at the highest CAGR in the microcatheters market during the forecast period
North America is expected to account for largest share in the global microcatheters market in 2018. However, APAC is expected to grow at the highest CAGR during the forecast period. Emerging economies in the region such as India, China, and South Korea along with developed markets such as Japan and Australia are offering high-growth opportunities for market players in the field of microcatheters. This can be attributed to factors such as presence of a large patient pool, increasing prevalence & incidence of target diseases, growing healthcare infrastructure in Asian countries, and favorable government initiatives.
Leading Companies
The major players operating in the global microcatheters industry include Boston Scientific Corporation (US), Medtronic Plc (Ireland), Terumo Corporation (Japan), ASAHI INTECC CO., LTD. (Japan), MERIT MEDICAL SYSTEMS, INC. (US), Teleflex Incorporated (US), Johnson and Johnson (US), Stryker Corporation (US), Cook Group Incorporated (US), Cardinal Health, Inc. (US), Becton, Dickinson and Company (US), B. Braun Melsungen AG (Germany), AngioDynamics, Inc. (US), Penumbra (US), and BTG PLC (UK), among others.
An analysis of the market developments between 2015 and 2019 revealed that several growth strategies such as product launches and enhancements, partnerships, collaborations, and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the microcatheters market. Among these business strategies, acquisitions were the most widely adopted growth strategies by market players.
Medtronic Plc (Ireland) is one of the leading player in the microcatheters market. The company has a strong product portfolio for microcatheters and to strengthen its current position in the microcatheters market, Medtronic is focusing on inorganic business growth strategies such as acquisitions and expansions. In line with this strategy, Medtronic acquired Covidien at a value of USD 42.9 billion in 2015 to strengthen its interventional product portfolio. The company is also expanding its R&D capabilities to aid product development and commercialization across major and emerging markets. Medtronic has been investing significantly in strengthening its localized product development capabilities, particularly in emerging markets. It recently established R&D centers in Brazil and South Korea, enhancing its research capabilities and presence in the Asian & Latin American markets respectively.
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