Microcatheters Market by Product (Diagnostics Microcatheters, Delivery Microcatheters, Aspiration Microcatheters and Steerable Microcatheters), By Product Design (Dual-Lumen Microcatheters and Single-Lumen Microcatheters), Application (Oncological Application, Urological Application, Peripheral Vascular Application, Cardiovascular Application and Neurovascular Application), End Users (Ambulatory Care Centers, Hospitals, Surgical Centers, & Specialty Clinics and Office Based Labs (OBL)) - Global Analysis & Forecast 2019-2030
Report ID : 101 | Published Date : May 2019 | Pages : 220 | Region : Global | Report Code : MD-53
Microcatheters Market Overview and Introduction
Global microcatheters market is estimated to be US$ 222.3 Mn in 2019. It is anticipated to grow at a substantial CAGR from 2019 to 2030.
Microcatheters are thin walled, 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. The micro-catheter has various medical applications in oncological, urological, peripheral vascular diseases, cardiovascular, neurovascular among others. The microcatheters is segmented into four product categories i.e. diagnostics microcatheters, delivery microcatheters, aspiration microcatheters and steerable microcatheters. However, microcatheters market is at its developing stage, and is likely to be propelled in coming years, as market players are focusing on developing & launching new technologies in various regions.
The global microcatheters market is driven by incessantly increasing patient pool, upsurge in the adoption of minimally invasive surgeries, increasing focus on R&D by key players and growing number of Ambulatory Care Centres & Office Based Labs (OBL). Moreover, increasing preference of minimally invasive procedures, rise in medical tourism, technological advancements & introduction of new cost effective products have been pivotal in contributing to the extensive growth of the global microcatheters market. However, high cost of microcatheters and lack of awareness in the developing nations is likely to restrain the market to a certain extent.
Microcatheters Market by Product
On the basis of product, the microcatheters market is segmented into diagnostics microcatheters, delivery microcatheters, aspiration microcatheters and steerable microcatheters. The steerable microcatheters segment is expected to grow at the fastest CAGR during forecast period owing to rise in prevalence of cardiovascular diseases, increasing number of minimally invasive medical procedures as well as the procedural advantages associated with steerable microcatheters.
Microcatheters Market by Product Design
On the basis of product design, the market is segmented into dual-lumen microcatheters and single-lumen microcatheters. In terms of market share, the segment of dual-lumen microcatheters is estimated to account for the largest market share, owing to its ability to place as well as exchange guidewires during the surgical procedures. Dual lumen microcatheters are specifically designed to facilitate side branch wiring in cases where the side branch is highly angulated.
Microcatheters Market by Application
Similarly, in terms of application the microcatheters market can be segmented into oncological applications, urological applications, peripheral vascular applications, cardiovascular applications, neurovascular applications and other applications. The segment of neurovascular application is estimated to grow at a robust CAGR during the forecast period. The growth of this segment can be attributed to factors such as the increasing incidence of neurovascular cases across the globe and ongoing technological advancements in the field of endovascular microcatheters among others.
Microcatheters Market by End Users
Based on the end users, the market is segmented into Ambulatory Care Centers, Hospitals, Surgical Centers, & Specialty Clinics and Office Based Labs (OBL). The hospitals, surgical centers, & specialty clinics segment accounted for the largest market share majorly due to the growing number of hospitals and specialty clinics in emerging countries, improvements in reimbursement policies and large amount of diagnostic and surgical procedures in hospital settings. However, OBL is only found in North American region and is expected to grow at healthy CAGR during the forecast period.
Microcatheters Market by Region
The global microcatheters market can be segmented into North America, Europe, Asia Pacific, and Rest of World (ROW). Asia Pacific holds the dominant share of the microcatheters market, followed by North America and Europe. Asia Pacific is expected to witness fastest growth during the forecast period. The high growth of this region can be attributed to increasing adoption of microcatheters in countries such as China and Japan. Presence of large patient pool and rising prevalence of several diseases in this region fosters regional business growth in the forecast period.
Microcatheters Market Prominent Players
The prominent players in the global microcatheters market are ASAHI INTECC CO., LTD., Boston Scientific Corporation, BTG International Ltd., DePuy Synthes (Johnson & Johnson Services, Inc.), Medtronic, Merit Medical Systems, Penumbra, Inc, Stryker, Teleflex Incorporated and Terumo Medical Corporation.