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 “Asia Pacific Microcatheters Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Indication, End User and Country.” The Asia Pacific microcatheters market is expected to reach US$ 166.98 million by 2027 from US$ 85.05 million in 2019; it is estimated to grow at a CAGR of 8.9% from 2020 to 2027. The report highlights trends prevailing in the Asia Pacific microcatheters market and the factors driving market along with those that act as hindrances.
The Asia Pacific 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. 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. Therefore, the significantly rising incidence of CVDs across Asia Pacific 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 Asia Pacific, 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 Asia Pacific microcatheters market.
Countries in Asia Pacific are facing challenges due to increasing incidence of COVID-19. The outbreak has restricted supply chain operations. Moreover, low-income countries are facing additional challenges due to the shortage of healthcare infrastructure and decreasing demand for neurovascular devices due to surging COVID-19 cases. Restrictive measures like complete lockdown by several countries are restricting supply chain and the availability of medical devices in these countries. Hence, obstructions in business activities such as the imposition of complete lockdown hamper the adoption of various technologically advanced healthcare systems, including microcatheters.
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 Asia Pacific. 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, Tokai Medical Products, Inc. Asahi Intecc USA, Inc., Penumbra, Inc, Stryker Corporation and Teleflex Incorporated are among the leading companies operating in the Asia Pacific microcatheters market.
The report segments in Asia Pacific Microcatheters Market as follows:
By Indication
- Neurovascular
- Coronary
- General Peripheral Vascular
By End User
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
By Country
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
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