Global Microcatheters Market is anticipated to grow at a 7.8% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Global Microcatheters Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global microcatheters market is estimated to be US$ 222.3 Mn in 2019. It is anticipated to grow at a CAGR of 7.8% from 2019 to 2030.
The growth of the microcatheters market can be attributed to several factors such as growing target patient population of cardiovascular diseases, neurovascular disorders, and cancer, growing number of Ambulatory Care Centers & Office Based Labs (OBL) and increasing focus on R&D by Key Players. Moreover, improved hospital infrastructure in developed countries, rise in medical tourism and increase in advantages of minimally invasive procedures are expected to drive the microcatheter market during the forecast period. To obtain better insights regarding the market scenario prominent players are increasingly focusing on collaborative initiatives and various product launches. For instance, Merit Medical Systems, Inc. launched Merit Pursue Microcatheter, a small distal microcatheter designed for pushability and trackability through small and tortuous vessels.
Several countries, namely Brazil, Malaysia, Thailand, Singapore, India and other developing countries have emerged as essential contributors to global medical tourism industry. China and India are lucrative markets and moreover, new product launches & product enhancements are factors that are further driving the microcatheter market in Asia Pacific. Multiple factors have been responsible for attracting patients to tour worldwide for medical treatments. India is one the fastest growing country in the APAC region, owing to medical tourism in this region. India offers wide range of surgeries at low cost compared to US & European Region. Cardiovascular surgeries, Cardiac Bypass, Heart valve replacement & Angioplasty surgeries are most commonly performed surgeries and attract medical tourists. Healthcare facilities in APAC regions are also growing and attracting many market players to launch products for different applications in this region. For instance, Gurbet plans to register SeQure and DraKon microcatheters in next two years in Australia, China, India, Japan, Korea, Singapore and Vietnam. Moreover, new technologically advanced products like steerable microcatheter by Sumitomo Bakelite are under clinical trials in Japan.
Browse key industry insights spread across 220 pages with market data tables & figures & charts from the report, Microcatheters Market is anticipated to grow at a substantial CAGR from 2019 to 2030. in detail along with the table of contents:https://www.marketindustryreports.com/microcatheters-market/101
There has been a marked trend in the adoption of minimally invasive surgeries globally. This growing adoption of minimally invasive surgeries has been fuelled by factors such as benefits of faster recovery, with less pain and fewer complications. Minimally invasive procedures not only have smaller incisions on the skin surface, but also cause lesser postoperative pain. The recovery time is also shorter, with the ability of the patients to return earlier to normal life or normal activity, as compared to conventional open surgery. One of the most common tools for minimally invasive surgery is microcatheter which is a long, thin, and flexible wire. The microcatheter is inserted into the vascular system for diagnosis as well as treatment. Due to rising adoption of minimally invasive surgeries, use of microcatheters is expected to rise further in the coming years.
Major factors restraining the global microcatheters market are high cost of microcatheters and lack of awareness in the developing nations. With the advancement of the technology, the cost of the microcatheters has also increased. For instance, Progreat Microcatheters cost around US$ 200-300, which is high, considering the average economic class. The pricing is slightly on the higher side for the middle-class people, they might reconsider the usage due to price constraints. Developing nations, such as certain countries in Asia-Pacific, Middle east, and Africa at times do not have access to basic healthcare services. According to the International Finance Corporation, healthcare in sub-Saharan Africa remains amongst the worst with few countries able to spend $34 to $40 a year, per year per person that the World Health Organization considers the minimum for basic health care.
Asia Pacific is expected to witness fastest growth during the forecast period. The high growth of this region can be attributed to factors such as presence of large patient pool, increasing healthcare infrastructure in Asian countries, increasing medical tourism and rising prevalence of several diseases. China commanded the largest share in the Asia-Pacific microcatheters market in 2018. There is a large population suffering from CVD, which is contributing to highest CVD death rates in the world, as CVD accounts for 45% of the over deaths in this region. Emerging markets such as India, China, South Korea and Japan are expected to drive the Asia-Pacific microcatheters market during the forecast period.
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.
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