Report : Microcatheters Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Indication (Neurovascular, Coronary, General Peripheral Vascular); End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers), and Geography
Microcatheters Market: Key Insights
According to our new research study on “Microcatheters Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Indication and End User,” the microcatheters market was valued at US$ 410.0 million in 2019 and is projected to reach US$ 773.1 million by 2027; it is expected to grow at a CAGR of 8.4% during 2020–2027. The market growth is attributed to the escalating cardiovascular disease prevalence, increasing neurovascular disease incidence, and rising elderly population. However, product recall and stringent regulatory requirements, and the lack of expert professionals are the major factors hindering the market growth.
In 2019, North America dominated the microcatheters market with more than one-third revenue share. In addition to the rising prevalence of the cardiovascular diseases, surge in the number of awareness programs, mounting number of product launches, and initiatives by governments to control the prevalence of cardiovascular disease are the key factors contributing to the growth of the market in this region.
Escalating Prevalence of CVDs Fuels Microcatheters Market Growth
According to the World Health Organization (WHO), CVDs are the most prominent cause of morbidity and mortality in the world. The CVDs include cerebrovascular disease, coronary heart disease, rheumatic heart disease, and so on. Tobacco chewing/inhaling/consumption, unhealthy diet, and physical inactivity, which increase the risk of heart attacks and strokes, are the major lifestyle factors causing the CVDs and related difficulties. Moreover, the other risk factors related to CVDs are high blood pressure, diabetes, and elevated cholesterol levels. Heart attacks and strokes are mainly caused by fat depositions blocking blood vessels, thereby disrupting blood flow to heart or brain. Bleeding blood vessels in the brain or bleeding from blood clots may also cause strokes.
As per the WHO data, published in 2017, ~17.9 million people died from CVDs in 2016, which was 31.0% of all the global deaths in that year. Among these, ~85% of death cases were due to heart attack and stroke. According to the European Cardiovascular Disease Statistics 2017, CVDs cause 3.9 million deaths in Europe and more than 1.8 million deaths in the European Union (EU) every year. The CVDs accounts for 45.0% of all deaths in Europe and 37.0% of all deaths in the EU. Further, as per the American Heart Association (AHA) 2019 statistics, 121.5 million adults in the US, i.e., ~50% of the US adult population, suffers from a CVD. Additionally, according to the Journal of the American College of Cardiology, the prevalence of risk factors such as high blood pressure, diabetes, and elevated cholesterol levels is rising in Asian countries. Countries such as Japan, China, and India report high incidence of CVDs. Such escalating incidence of CVDs across the world is propelling the demand for devices required to treat these diseases, including microcatheters.
Microcatheters Market: Segmental Overview
On the basis of indication, the microcatheters market is segmented into neurovascular, coronary, and general peripheral vascular. The coronary segment held largest market share in 2019, and it is anticipated to register the highest CAGR in the market during the forecast period. This category includes a few of the commonly observed heart conditions such as cerebrovascular disease, coronary heart disease, peripheral arterial disease, deep vein thrombosis and pulmonary embolism, and congenital heart disease. The prevalence of cardiovascular diseases in steadily growing across the world, also the number of mortalities caused by the condition are significantly higher.
On the basis of end user, the microcatheters market is segmented into hospitals, clinics, and homecare. The hospitals segment held largest share in 2019, and it is further expected to register fastest CAGR in the market during the forecast period. The usage of microcatheter requires specialized scientific equipment and team of trained staff educated in the problems of modern medical science, and these are found in an organization or an institute such as hospitals. Hospitals serves a significant role by providing extensive range of medical services to the patient population suffering from wide variety of diseases.
Microcatheters Market: Competition Landscape & Key Developments
Boston Scientific Corporation, Teleflex Incorporated, Medtronic, Biomerics, Asahi Intecc USA, Inc, Merit Medical Systems, Inc, Stryker, Terumo Medical Corporation, Tokai Medical Products, and Penumbra are key companies operating in the microcatheters market. The market leaders are continuously looking forward to expanding and diversifying their market presence and reaching out to new customers, thus tapping prevailing business opportunities.
In June 2019, Biomerics LLC opened its new manufacturing facility in Texas. The new facility is engaged in the development and manufacturing of interventional and diagnostic instruments.
In January 2020, Merit Medical Systems Inc. signed a global (excluding Japan) distribution agreement with Sumitomo Bakelite Co., Ltd. for the distribution of its SwiftNINJA steerable microcatheters.
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