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 “North America Microcatheters Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Indication, End User and Country.” The North America microcatheters market is expected to reach US$ 354.21 million by 2027 from US$ 184.49 million in 2019; it is estimated to grow with a CAGR of 8.6% from 2020 to 2027. The report highlights trends prevailing in the North America microcatheters market and the factors driving market along with those that act as hindrances.
The North America 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 American Heart Association (AHA) 2019 statistics, 121.5 million adults in the US (around 50% of the US adult population) suffer from a CVD. Therefore, the significantly rising incidence of CVDs across North America 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 North America, 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 North America microcatheters market.
North America has been recording growing number of COVID-19 confirmed cases since its outbreak. The outbreak has adversely affected the adoption of and demand for neurovascular devices in neurosurgeries/elective surgeries. Several measures are being taken to prevent the spread of the novel coronavirus that causes COVID-19. Also, the rapidly rising number of COVID-19 confirmed cases have resulted in cancellation of doctor's appointment and decreased demand for the elective neurosurgery. In addition, there is a disruption in supply chain due to long period of lockdown. Moreover, the financial crisis among the masses in North America hampers the growth of the microcatheters market in the region.
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 North America. 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, Biomerics LLC, Asahi Intecc USA, Inc., Penumbra, Inc, Stryker Corporation and Teleflex Incorporated are among the leading companies operating in the North America microcatheters market.
The report segments in North Microcatheters Market as follows:
By Indication
- Neurovascular
- Coronary
- General Peripheral Vascular
By End User
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
By Country
- US
- Canada
- Mexico
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