Report : Europe Microcatheters Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Indication (Neurovascular, Coronary, and General Peripheral Vascular) and End User (Hospitals, Specialty Clinics, and Ambulatory Surgical Centers)
The coronary segment by indication is estimated to lead the market growth during the forecast period.
According to The Insight Partners market research study of “Europe Microcatheters Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Indication, End User and Country.” The Europe microcatheters market is expected to reach US$ 193.11 million by 2027 from US$ 107.15 million in 2019; it is estimated to grow at a CAGR of 7.7% from 2020 to 2027. The report highlights trends prevailing in the Europe microcatheters market and the factors driving market along with those that act as hindrances.
The Europe microcatheters market, by indication, 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. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the most prominent cause of morbidity and mortality across the world. The CVDs include cerebrovascular disease, coronary heart disease, rheumatic heart disease, and so on. According to the European Cardiovascular Disease Statistics 2017, CVDs causes 3.9 million deaths and more than 1.8 million deaths in the European Union (EU) every year. Therefore, the significantly rising incidence of CVDs across Europe is likely to propel the demand for devices, such as microcatheters, that are required to treat these diseases. In addition, in the recent years, the prevalence of neurological disorders such as cerebral aneurysm has increased significantly across Europe, which fuelled the demand for microcatheters used in their treatment procedures. Also, the rising geriatric population leads to rise in cardiovascular disease and neurological disease, which is contributing to the growth of the Europe microcatheters market.
The European economy is severely affected due to the exponential growth in the number of COVID-19 confirmed cases in the region. Regulatory bodies in the region are taking preventive measures such as complete quarantine and shutdown of all business operations. In March 2020, the European Medicines Agency established a managing committee to deal with the impact of COVID-19 outbreak on the supply chain of medicines and devices. However, due to the fear of infection in patients as well as doctors, people are refraining from hospitals and planned surgeries. These factors are disrupting the overall manufacturing and marketing of microcatheters, which would restrain the growth of the Europe microcatheters market during the forecast period.
The growth of the market is attributed to some key driving factors such as significantly increasing prevalence of chronic disorders like cardiovascular & neurovascular diseases and rising elderly population across Europe. However, product recall and stringent regulatory requirement and lack of expert professionals are the major factor hindering the market growth.
Boston Scientific Corporation, Medtronic, Merit Medical Systems Inc, Terumo Corporation, Asahi Intecc USA, Inc., Penumbra, Inc, Stryker Corporation and Teleflex Incorporated are among the leading companies operating in the Europe microcatheters market.
The report segments in Europe Microcatheters Market as follows:
By End User