Micro Guide Catheters Market is Expected Cultivate at 7.5% CAGR from 2016 to 2024
As stated by Transparency Market Research, the competitive edge in the global micro guide catheters market is expected to remain fairly sharp over the coming years, due to the presence of a large number of globally prominent players in all key geographies of the market. The threat of new entrants on the other hand is likely to remain very low due to the cost and proprietary nature of technology that key players already hold. The global micro guide catheter market is projected to expand at a CAGR of 7.5% from 2016 to 2024 to reach US$242.0 mn by the end of 2024. The market was also calculated to reach US$136.3 mn at the end of 2016.
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Vascular Disease Count on the Rise, Pushes Developments in Micro Guide Catheters
“One of the leading factors currently working in favor of the global micro guide catheters market is the growing number of people falling prey to aneurysms or other types of vascular diseases. The America Heart Association, for instance, had stated that each year, close to 17.3 mn people die due to cardiovascular diseases. This number is expected to increase further to 23.6 mn per year by the end of 2030. This staggeringly growing patient pool is the primary target for the players in the global micro guide catheters market, thereby spurring several of them into advancing their products at a much faster rate,” states a TMR analyst.
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The global micro guide catheters market is also being driven by the growing adoption rates of minimally invasive tools. The increasing geriatric demographic is a prime cause of the growing demand for pain-free and minimally invasive surgical options. The proliferation of these technologies into the global micro guide catheters market has allowed players to significantly boost their demand volumes over the recent years. The global micro guide catheters market is also being driven by the increasing expenditure on the healthcare industry, especially in developing economies. This is encouraging globally prominent players to enter these regions and ramp up the provision of quality products.
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Product Recalls and Lack of Insurance Coverage Plague Global Micro Guide Catheters Market
One of the two top factors restraining the global micro guide catheters market today is the overall lack of reimbursement policies surrounding the use of these devices. This problem is especially prominent in developing economies, where a large percentage of the patient pool eligible for these products cannot afford them on their own. This was already witnessed earlier, when the sales figures of Terumo Corporation went down in Japan after several changes in the government’s reimbursement policies removed their micro guide catheters products from coverage. The global micro guide catheters market is also being held back by the growing loss of sales due to a high volume of product recalls that were recently made. The recall in 2016 was a shock to Medtronic as well as consumers, considerably reducing the level of trust and sales for the company.
“While the current scope of applications in the global micro guide catheters market can be limiting the players in terms of overall demand, the market’s future seems very bright in this aspect. This applies especially to micro guide catheters that are generating a sizeable interest in several expansive applications, such as in cancer and in peripheral vascular diseases,” adds the analyst.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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