(PharmaNewsWire.Com, May 20, 2021 ) 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.
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 steerable microcatheter segment to grow at fastest 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.
Neurovascular application segment to register the highest CAGR in the microcatheters market, by application during the forecast period
On the basis of applications, the microcatheters market is segmented into cardiovascular, neurovascular, peripheral vascular, oncological, urological, otolaryngological, and other applications. The neurovascular applications segment is to be the fastest-growing segment during the forecast period. The growth of this segment can be attributed to factors such as the increasing incidence of target neurological conditions, ongoing technological advancements in the field of endovascular microcatheters, and market availability of specialized products.
North America accounted for the largest share of the microcatheters market in 2018
The microcatheters market is segmented into five regional segments, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the microcatheters market owing to factors such as the high number of target procedures performed in the region coupled with presence of large patient pool, presence of a well-established healthcare system, and on-going investments by healthcare institutions.
The major players operating in the microcatheters market are Boston Scientific Corporation (US), Medtronic Plc (Ireland), Terumo Corporation (Japan), ASAHI INTECC CO., LTD. (Japan), and MERIT MEDICAL SYSTEMS, INC. (US). The other prominent players operating in the overall microcatheters market include, 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, Inc (US), and BTG PLC (UK), among others.
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