Press release
Micro Guide Catheters Market to Reach US$242.0 mn by the end of 2024
The demand flow in the global micro guide catheter market is expected to increase over the coming years, owing to the growing scope of business generated by the larger players through successful venturing and formations of partnerships with other catheter manufacturing companies for the launch of new products. Micro guide catheters are available in a variety of tips, each of which can provide a greater scope of options to physicians when choosing the appropriate tip for specific treatment procedures. The selection of micro guide catheters often depends on the type and severity of the disease. The growth rate of this market is also attributed to factors including the increasing geriatric population, negative lifestyle changes, early adoption of advanced treatment procedures, and an increasing number of embolization procedures. Technological advancements, research and development in the medical device sector are also driving factors for the global micro guide catheters market.
The global micro guide catheter market is projected to expand at a CAGR of 7.5% from 2016 to 2024, and is expected to reach US$242.0 mn by the end of 2024.
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Asia Pacific Continues to Show High Promise in Demand for Micro Guide Catheters
North America dominated the global micro guide catheters market, with a market share of over 38.8%, in 2015. This region’s leading share is attributed to the faster rate of technological advancements, the increasing geriatric population in the region, and the high prevalence of cardiovascular diseases. According to American Heart Association, cardiovascular disease is the leading global cause of death, accounting for 17.3 mn deaths per year and the number is expected to grow to more than 23.6 mn by 2030. These factors will fuel the demand for micro guide catheters in North America over the coming years. Europe accounted for a share of over 28.1% in 2015, owing to its exceptionally high volume of elderly patients. The prevalence of cardiovascular disease is also very high in key European countries. Germany for example, has one of the greater death rates caused by heart disease, higher than the U.S.
The Asia Pacific market for micro guide catheters is expected to expand at a an exceptionally fast CAGR from 2016 to 2024, due to rapid population growth, increasingly favorable healthcare insurance, and a growing awareness among people regarding available treatment options. Japan is already showing high acceptance rate of advanced technologies from the global micro guide catheters market. Long life expectancy and low healthcare cost will fuel the Japan micro guide catheter market.
Over-the-wire Instruments Grab Top Spot in terms of Demand
The over-the-wire micro guide catheter segment was the leading product type in the global micro guide catheters market for 2015 in terms of demand volume and revenue generations scope. It is expected to continue dominating the market from 2016 to 2024, owing to a faster rate of adoption of advanced technology and greater product stability. The over-the-wire catheter segment is followed by flow-directed catheters in terms of demand volume. The flexibility and low risk of hemorrhage will drive the growth rate of flow-directed micro guide catheters over the coming years. In terms of diseases, the cardiovascular disease segment accounts for leading share in demand due to an increasing number of cardiac surgeries, the increasing intake of alcohol and nicotine, and the growing levels of obesity. In terms of end users, this market is likely to continue being led by the hospital sector, which is expected to be growing at a CAGR of 7.4% from 2016 to 2024. Factors such as increasing insurance coverage, developed healthcare infrastructure and technologically advanced therapeutic procedures will add value to the hospital segment globally.
Leading players in the global micro guide catheters market so far, have included Cardinal Health, Asahi Intecc Co., Ltd, Cook Medical, Boston Scientific Corporation, Penumbra, Inc., Merit Medical Systems, Inc., Terumo Europe NV, Medtronic Plc, Integer Holdings Corporation, and Koninklijke Philips N.V.
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