Microcatheter Market to Hit US$ 1,259.78 Million By 2031 | Research By Consegic Business Intelligence
Consegic Business Intelligence analyzes that the microcatheter market is growing with a healthy CAGR of 5.1% during the forecast period (2023-2031), boosted by the rising adoption of minimally invasive procedures, and major participants includes are Medtronic Plc, Merit Medical, Surmodics, Inc., Terumo Corporation, Stryker Corporation, Penumbra
New York, Oct. 08, 2023 (GLOBE NEWSWIRE) — The global Microcatheter Market is expected to witness significant growth at a CAGR of 5.1% during the forecast period of 2023-2031. Factors such as increasing chronic diseases and rising adoption of minimally invasive procedures are accelerating the demand for microcatheter, which, in turn, is boosting the market growth. In addition, technological advancement in the products will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the microcatheter market is poised for strong expansion and is expected to reach USD 1,259.78 million by 2031 and USD 845.53 Million in 2023. The market, which was valued at USD 809.36 Million in 2022, is predicted to grow at a compound annual growth rate of 5.1% during the period 2023-2031. The report highlights the growing healthcare expenditure, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market’s competitive landscape, market segmentation, regional outlook, and emerging technologies in the Microcatheter market.
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Microcatheters are a valuable tool in minimally invasive medical procedures. They allow healthcare professionals to access and treat areas of the body that would otherwise be difficult or impossible to reach. As technology advances, new and innovative uses for microcatheters are being developed. A microcatheter is a small-diameter medical equipment used in withdrawing thrombus, fluid, and tissues from the vessels. They are also used to deliver therapeutic embolic, inject contrast media, act as guidewire support, and perform different complex endovascular procedures. Moreover, microcatheters are used for navigating through tiny veins in the human body. They are widely used across the medical device and healthcare industry. Furthermore, microcatheters are majorly used to treat various cardiovascular conditions and navigate the complex anatomy of the heart and blood vessels.
Global Microcatheter Market: Report Attributes
|Report Attributes||Report Details|
|Market Size in 2031 (USD Million)||USD 1,259.78 Million|
|By Type||Delivery Microcatheters, Diagnosis Microcatheters, Aspiration Microcatheters, and Steerable Microcatheters|
|By Product Type||Single-Lumen Microcatheters and Dual-Lumen Microcatheters|
|by Application||Cardiovascular, Peripheral Vascular, Urology, Oncology, Otolaryngology, and Others|
|By End User||Hospitals and Clinics, Ambulatory Surgical Centers, and Others|
|By Region||North America, Asia-Pacific, Latin America, Europe, Middle East & Africa|
|Key Players||Medtronic Plc, Merit Medical, Surmodics, Inc., Terumo Corporation, Stryker Corporation, Penumbra Inc., Boston Scientific Corporation, Teleflex Inc., Johnson and Johnson, and Cardinal Health, Inc.|
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Global Microcatheter Market Segmentation Details:
Based on Type, the aspiration microcatheters segment contributed the largest shares to the market growth in 2022. This product is widely used for the treatment of aneurysms, acute strokes, peripheral artery diseases, and others. Also, certain features of the product such as total cessation of blood flow, prevention of distal embolism during interventional procedures, and quick recanalization are driving major demand for aspiration microcatheters. Hence, due to the aforementioned benefits, the segment aspiration microcatheters is experiencing significant growth in the microcatheter market.
Based on Product Type, the dual-lumen microcatheters segment contributed the largest shares to the market growth in 2022. The rising number of open-heart surgeries owing to an increase in disorders such as cancer, angina, diabetes, heart attacks, and others are driving major demand for dual lumen microcatheters. Also, the product is widely preferred for interventional cardiology procedures and mitigates the need for multiple infusions. Furthermore, the increasing prevalence of chronic diseases is leading to further demand for dual-lumen microcatheters.
Based on Application, the cardiovascular segment contributed the largest shares to the market growth in 2022. This is owing to the increasing prevalence of chronic heart diseases such as angina, heart attack, hypertension, myocardial infarction, and others. Unhealthy lifestyle preferences coupled with a lack of physical activity, obesity, and high blood pressure are driving increasing demand for cardiovascular applications.
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Based on End User, the hospitals and clinics segment contributed the largest shares of 52.05% to the market growth in 2022. The increasing number of patient admissions coupled with well resourced diagnostic rooms is driving the growth of hospitals and clinics. Also, improvement in reimbursement policies in the hospitals is acting as catalysts for higher demand for this segment.
Based on Region, in the year 2022, North America accounted for the largest share contribution of 39.50% to the market growth. This is due to the presence of established healthcare facilities and key players of the market operating in the region. The high number of surgical procedures involving microcatheter in the region is boosting further demand in the market in North America.
Medtronic Plc, Merit Medical, and Surmodics, Inc. are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of microcatheters. Further, the microcatheter market is expected to grow steadily due to the advancement of healthcare facilities, especially in the regions such as the Asia Pacific, and North America are estimated to boost the market statistics in the coming years. Additionally, the technological advancement in the products is expected to increase the competition in the industry.
- In April 2023, Surmodics, Inc., one of the leading providers of medical devices, announced the first patient use of their product, sublime radial access microcatheter, designed for the periphery. The sublime portfolio includes the industry’s first suite of 0.014”, 0.018”, and 0.035” high-performance peripheral microcatheters.
- In March 2023, Merit Medical announced the expansion of its SwiftNINJA Steerable Microcatheter product line. The 180-degree articulating microcatheter is designed to provide access to challenging peripheral and coronary vasculature without the use of a guide wire.
Key Market Takeaways
- North America accounted for the highest market share at 39.50% valued at USD 319.70 million in 2022 and USD 334.41 million in 2023 and is expected to reach USD 499.63 million in 2031. Moreover, in North America, the U.S. accounted for the highest market share of 65.15% during the base year of 2022.
- Based on type, the aspiration microcatheters segment accounted for the highest share contribution to the microcatheter market statistics in 2022.
- Based on product type, the dual-lumen microcatheters segment accounted for the highest share contribution to the microcatheter market statistics in 2022.
- Based on application, the cardiovascular segment accounted for the highest share contribution to the microcatheter market statistics in 2022.
- Based on end user, the hospitals and clinics segment accounted for the highest share contribution of 52.05% to the microcatheter market statistics in 2022.
- Asia Pacific is expected to boost the market demand for microcatheters due to the growing aging population coupled with an increase in the number of people suffering from chronic disorders and heart diseases in the region. Also, improving the quality of diagnostics and growing advancements in healthcare facilities is driving microcatheter market growth further in Asia Pacific.
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List of Major Global Microcatheter Market:
- Medtronic Plc
- Merit Medical
- Surmodics, Inc.
- Terumo Corporation
- Stryker Corporation
- Penumbra Inc.
- Boston Scientific Corporation
- Teleflex Inc.
- Johnson and Johnson
- Cardinal Health, Inc.
Global Microcatheter Market Segmentation:
- By Type
- Delivery Microcatheters
- Diagnosis Microcatheters
- Aspiration Microcatheters
- Steerable Microcatheters
- By Product Type
- Single-Lumen Microcatheters
- Dual-Lumen Microcatheters
- By Application
- Peripheral Vascular
- By End User
- Hospitals and Clinics
- Ambulatory Surgical Centers
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Frequently Asked Questions in the Microcatheter Market Report
- What was the market size of the microcatheter industry in 2022?
- In 2022, the market size of microcatheter was USD 809.36 million.
- What will be the potential market valuation for the microcatheter industry by 2031?
- In 2031, the market size of microcatheter will be expected to reach USD 1,259.78 million.
- What are the key factors restraining the growth of the microcatheter market?
- High cost of microcatheters is restraining the market growth at the global level.
- What is the dominating segment in the microcatheter market by end user?
- In 2022, the hospitals and clinics segment accounted for the highest market share of 52.05% in the overall microcatheter market.
- Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the microcatheter market?
- Asia Pacific region is growing at the fastest CAGR over the forecast period in the microcatheter market.
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