USD 860 Million
Report ID:
SQMIG35A2967 |
Region:
Global |
Published Date: November, 2024
Pages:
206
|Tables:
94
|Figures:
66
Global Microcatheters Market was valued at USD 860 Million in 2022 and is expected to rise from USD 908.16 Million in 2023 to USD 1404.34 Million by 2031, at a CAGR of 5.60% during the forecast period (2024–2031).
The surging prevalence of cardiovascular disorders and neurovascular diseases around the world is projected to primarily augment the sales of microcatheters going forward. Growing popularity of minimally invasive surgeries and advancements in catheter development technologies are also expected to foster new market growth opportunities in the future. High investments in the development of microcatheter design will also boost microcatheters demand over the coming years. Rapidly expanding senescent population base around the world is also predicted to bolster sales of microcatheters in the long run. Moreover, an increased use of embolization procedures for the treatment of multiple disorders is also expected to favor market development through 2031. On the contrary, dearth of skilled professionals to manage the use of microcatheters, high costs of microcatheters, and limited reimbursement are projected to slow down market growth potential.
Global Market Size
USD 860 Million
Largest Segment
Hospitals
Fastest Growth
Cardiovascular
Growth Rate
5.60%
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Global Microcatheters Market is segmented by Product, Product Design, Application, end user and region. Based on Product, the market is segmented into Delivery, Diagnostic, Aspiration, Steerable. Based on Product Design, the market is segmented into Single, Dual. Based on Application, the market is segmented Cardiovascular, Neurovascular, Peripheral Vascular, Oncology, Otolaryngology, and Others. Based on end user, the market is segmented into automotive, consumer electronics, healthcare, agriculture, manufacturing, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Application
Cardiology is projected to account for a prominent share of the global microcatheters market. Rising use of microcatheters in different types of cardiovascular treatment procedures is projected to help this segment maintain its high market share. High incidence of cardiovascular disorders due to poor lifestyle and eating habits is also expected to further cement the dominance of this segment going forward.
Meanwhile, the demand for microcatheters neurology applications is projected to increase at a robust pace. Rising awareness regarding neurological disorders and growing emphasis on treatment of the same are slated to create new opportunities for microcatheters companies in the future. Increasing geriatric population and growing incidence of diabetes are also helping this segment generate new opportunities for suppliers of microcatheters.
Analysis by Product Design
Microcatheters based on the dual lumen design are estimated to account for a major chunk of the global market share. Ease of access to the site of treatment and high preference for this design by surgeons and medical professionals are key factors that are helping this segment maintain its dominance. Dual lumen microcatheters are extensively used in different types of surgeries, which also further helps market growth via this segment going forward.
On the other hand, single lumen microcatheters account for the second-highest share of the global market. Rising popularity of minimally invasive surgical procedures and high use of single lumen microcatheters in the same is projected to help boost market growth in the future. Microcatheters with single lumen design are preferrable used in angioplasty and embolization procedures, and both of these procedures are increasing in volume around the world.
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North America is estimated to spearhead the global microcatheters demand outlook across the study period. The presence of a developed healthcare infrastructure, rising surgical procedure volumes, and high healthcare expenditure allow this region to hold a dominant stance. Growing aging population has helped the United States become the most opportune market in North America. Canada is also expected to provide good growth opportunities for microcatheters companies. Rising preference for minimally invasive surgeries in this region will also boost sales of microcatheters going forward.
Rapidly expanding senescent population and growing investments in healthcare infrastructure development are projected to make the Asia Pacific region the fastest growing one in the world. The surge in prevalence of cardiovascular disorders, rising availability of advanced microcatheters, and increasing healthcare spending potential of patients are also expected to uplift the demand for microcatheters in this region. India, China, and Japan are slated to be the most rewarding markets for microcatheters providers in this region.
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Drivers
Demand for Minimally Invasive Procedures
High Incidence of Cardiovascular and Neurovascular Disorders
Restraints
Risks and Complications in Procedures
Dearth of Skilled Professionals
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Microcatheter manufacturers should focus on simplifying the use of their products to address the dearth of skilled medical professionals. Microcatheters companies can also work with healthcare insurance providers and healthcare companies to improve the reimbursement scenario for their offerings. Targeting developing countries will also be a major strategy for all microcatheters providers in the long run.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing geriatric population and high incidence of cardiovascular disorders around the world are projected to primarily augment the demand for microcatheters over the coming years. However, limited reimbursement and dearth of skilled professionals is estimated to slow down sales of microcatheters. The presence of a developed healthcare infrastructure and rising demand for minimally invasive procedures will help North America maintain its dominant market share. Exploring the use of microcatheters in oncology could offer some highly rewarding opportunities for microcatheters market players in the long run.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 860 Million |
Market size value in 2031 | USD 1404.34 Million |
Growth Rate | 5.60% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Microcatheters Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Microcatheters Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Microcatheters Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Microcatheters Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35A2967
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