Press release
Microcatheter Market is expected to reach USD 304.5 Million by 2023 | Key players are Codman Neuro, Boston Scientific Corporation, Biometrics, Medtronic, Merit Medical Systems, Inc., Asahi Intecc USA, Inc., Terumo Medical Corporation.
Microcatheter Market was valued at USD 162.3 million in 2017 and projected to reach USD 304.5 Million by 2023 growing at a CAGR of 7.5% during the forecast period 2018 to 2023.
Microcatheter Market Overview:
Microcatheters, although wide, are often used to describe small diameters and thin-walled catheters, and delivery devices used in minimally invasive applications. These small catheters are ideal for navigating the vast network of tiny veins found in the body. Microcatheters are commonly used in the medical device and healthcare industries.
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Microcatheter Market Growth Drivers and Restraints:
Embolization is a minimally invasive surgery that marks a significant advance in medical technology. Embolization procedures are used in the treatment of cerebral aneurysms and peripheral vascular diseases. The adoption of minimally invasive surgeries has increased dramatically with a number of benefits, including less postoperative pain, less blood loss, less hospitalization and faster recovery. This is likely to boost the microcatheter market during the forecast period. It is expected that the increase in the geriatric population, which is prone to neurovascular and cardiovascular diseases, will boost the microcatheter market.
Technological advances, such as the introduction of the double-guided coaxial catheter used to treat chronic total occlusion (CTO) is the driving force of the market. The advantages of passive support provided by a large guide catheter are combined with the ability to actively engage the smaller catheter in the target vessel. It is likely that these developments add value to microcatheters and attract the global market for microcatheters.
Geographic Insights of Microcatheter Market:
In terms of revenues, the microcatheter market in Asia Pacific is expected to grow at an average annual rate of 7.8% during the period. The increase in the number of product launches is expected to increase the microcatheter market in Asia Pacific. In 2018, ASAHI received Total Chronic Occlusion (CTO) approvals for Corsair Pro Micro catheters and coronary guidelines for the MIRACLEbros, CONFIANZA, FIELDER and Gaia series. According to the World Health Organization, most of the financial burden of health care falls on the governments of countries in the Asia-Pacific region. For example, in China, more than 95% of health care coverage is covered by public insurance plans, which focus on catastrophic illnesses and hospital services.
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Key Market Players of Microcatheter Market:
Codman Neuro, Boston Scientific Corporation, Biometrics, Medtronic, Merit Medical Systems, Inc., Asahi Intecc USA, Inc., Terumo Medical Corporation, Stryker, Tokai Medical Products, Inc., and Penumbra, Inc. are the major players of the market.
Microcatheter Market Key Segmentation:
By End User:
• Hospitals
• Specialized clinics
• Outpatient surgery centers
By Indication:
• Coronary
• Neurovascular
• Peripheral vascular
By Region:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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