Microcatheters Market Opportunities in High Growth Economies Reviewed by Value and Volume to 2027

The microcatheters market was valued at US$ 410.0 million in 2019 and is projected to reach US$ 773.1 million by 2027; it is expected to grow at a CAGR of 8.4% during 2020–2027.

Microcatheters are delivery devices used majorly in minimally invasive applications. These small catheters are considered idyllic for traversing the vast system of tiny veins encompassing the body. Microcatheters are used massively in both medical device and healthcare industries. They are generally used in procedures that require ultra-thin device for mapping, delivery or diagnostic application. The increasing prevalence of cardiovascular diseases, surging incidences of neurovascular diseases, and rising of elderly population fuel the market growth. However, product recalls and stringent regulatory requirement, and lack of expert professionals hinder the growth of the microcatheters market.

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Based on product, the microcatheters market is segmented into neurovascular, coronary, and general peripheral vascular. The coronary segment held the largest share of the market in 2019, and the same segment is anticipated to register the highest CAGR in the market during the forecast period. Many companies are developing microcatheters for cardiovascular diseases. For instance, in 2020, ACIST Medical Systems, Inc—a Bracco Group Company announced the global launch of its ACIST Navvus II Rapid Exchange FFR (Fractional Flow Reserve) MicroCatheter. It is the second-generation microcatheter for use with its ACIST RXi Rapid Exchange FFR System.

Cardiovascular diseases (CVDs) are the most prominent cause of morbidity and mortality across the world. The CVDs may include cerebrovascular disease, coronary heart disease, rheumatic heart disease, and so on. Tobacco chewing/inhaling/consumption, unhealthy diet and obesity, rising alcohol consumption, and physical inactivity, which increase the risk of heart attacks and strokes, are among the major lifestyle factors leading to the CVDs and related difficulties. Also, the other risk factors that may lead to cardiovascular diseases are high blood pressure, diabetes, hypertension, and increased cholesterol levels. CVDs are among the top ten leading causes of death across the world, it affects more people than any other disease. According to the World Health Organization (WHO), cardiovascular diseases are number one cause of the death across the world.

As per WHO data, published in 2017, ~17.9 million people died from CVDs in 2016, which was 31.0% of all the global deaths in that year. Among these death cases, ~85% were due to heart attack and stroke. Heart attacks and strokes are mainly cause due to fatty deposits that block the blood vessels and prevent blood from flowing to the heart or brain. Strokes are also caused due to bleeding from a blood vessel in the brain or from blood clots. The significantly rising incidence of CVDs across the world are likely to increase the demand for cardiovascular devices, which would propel the growth of the microcatheter market during the forecast years

Boston Scientific Corporation, Teleflex Incorporated, Medtronic, Biomerics, Asahi Intecc USA, Inc, Merit Medical Systems, Inc, Stryker, Terumo Medical Corporation, Tokai Medical Products, and Penumbra are key companies operating in the microcatheters market. The market leaders are continuously looking forward to expanding and diversifying their market presence and reaching out to new customers, thus tapping prevailing business opportunities.

In 2019, North America dominated the microcatheters market with more than one-third revenue share. In addition to the rising prevalence of the cardiovascular diseases, surge in the number of awareness programs, mounting number of product launches, and initiatives by governments to control the prevalence of cardiovascular disease are the key factors contributing to the growth of the market in this region.

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This release was published on openPR.