Microcatheter Market Size to Hit US$ 3 billion, globally by
NEWARK, Del, Nov. 06, 2023 (GLOBE NEWSWIRE) — The global microcatheter market is estimated to be US$ 2 billion in 2022 and is projected to reach US$ 2.1 billion by 2023. The market is expected to grow at a rate of 3.6% from 2023 to 2033, indicating a positive trend. The healthcare and computer hardware industries are witnessing a substantial expansion, which calls for an increased demand for microcatheter procedures to adapt to the dynamic global environment. By 2033, the microcatheter market is expected to reach a valuation of US$ 3 billion, further highlighting the potential for growth and development in this sector.
The increasing prevalence of chronic diseases, such as cancer, stroke, and cardiovascular disorders, are significant global health problems. These diseases are often treated with minimally invasive procedures that use microcatheters.
Minimally invasive procedures are becoming increasingly popular among patients and clinicians due to their many advantages. Microcatheters play a vital role in many minimally invasive procedures.
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The global microcatheter market is being driven by a rise in government initiatives to promote better facilities, an increase in strategic collaborations, mergers and acquisitions, a strong product pipeline, and increased microcatheter applications. Nevertheless, the growth of the global microcatheter market is restrained by stringent regulatory requirements and product recalls.
Microcatheters are increasingly utilized in new therapeutic areas, such as neurovascular intervention and oncology. For instance, in neurovascular intervention, microcatheters deliver stents and coils to treat brain aneurysms and other cardiovascular disorders. In oncology, microcatheters are used to provide embolic materials to block blood flow to tumors.
The demand for microcatheters in surgical procedures is being limited due to the increasing awareness of the potential health hazards they pose. Microcatheters are intricate and high-risk due to their small dimensions, making surgical procedures difficult. They are often used in targeted interventions for delicate anatomical structures like blood vessels in the brain or coronary arteries, requiring a high level of precision, which only skilled healthcare professionals possess. The need for experienced professionals in developing and underdeveloped economies is a significant factor that hinders the development of the industry. Additionally, there is an increased risk of accidental dislodgment during surgical interventions, especially when delivering crucial treatments or devices to specific parts of the body.
Market players are heavily investing in developing new and innovative microcatheter products. These new products are designed to improve maneuverability, control, and navigation through complex vasculature.
Key Takeaways from the Microcatheter Market
- The global microcatheter market is estimated to register a CAGR of 3.6% with a valuation of US$ 3.0 billion by 2033.
- The market captured a CAGR of 3.4% in the historical period between 2018 and 2022.
- Japan is anticipated to dominate the global market by registering a 5.0% CAGR during the forecast period.
- With a 4.3% CAGR, the United Kingdom is driving the global market by 2033.
- China is anticipated to secure a CAGR of 4.2% in the global market during the forecast period.
- The United States microcatheter market holds a global market share of 3.8% in 2033.
- As per the research, South Korea acquired a value share of 2.1% in the global microcatheter market in 2033.
“The demand for microcatheters is expected to rise due to the increasing prevalence of chronic diseases, rising demand for minimally invasive procedures, and technological advancements in microcatheter design and development.” – comments Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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Key Strategies in the Microcatheter Market:
Key players in the microcatheter market are investing in research and development to increase their product lines and promote growth. To expand their presence, companies engage in strategic activities like agreements, mergers, and collaborations. One crucial tactic employed by manufacturers is cost-effective production, including local manufacturing. The use of microcatheters offers significant medical benefits, and investment in research and development can improve quality and performance. To remain competitive, manufacturers must prioritize cost-effective solutions.
Recent Developments in the Microcatheter Market
- Merit Medical launched its new Maestro Microcatheter Line in October 2023. The product line includes a longer length for radial embolization procedures, complementing Merit’s radial-first legacy.
- In Oct 2023, Johns Hopkins University and the University of Maryland developed a soft robotic tool for brain surgeries that enhances surgeons’ maneuverability and streamlines the process.
- Acotec Scientific Holdings Ltd. received approval for marketing its Vericor-14 microcatheter in China in May 2023.
Top 10 Key Companies in the Microcatheter Market:
- Cook Group Incorporated
- Medtronic Plc
- Merit Medical Systems, Inc
- Stryker Corporation
- Terumo Corporation
- Boston Scientific Corporation
- Acotec Scientific Holdings Ltd
- Penumbra Inc
- Teleflex Inc
- Asahi Intecc Co., Ltd
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Microcatheter Market Segmentation:
By Product Type:
- Delivery Microcatheters
- Aspiration Microcatheters
- Diagnostic Microcatheters
- Steerable Microcatheters
By End User:
- Hospitals
- Surgical Centers
- Specialty Clinics
- Ambulatory Surgical Centers
By Application:
- Cardiovascular
- Neurovascular
- Peripheral Vascular
- Oncological
- Urological
- Otolaryngological
- Other Application
By Cancer Type:
- Liver Cancer
- Kidney Cancer
- Lung Cancer
- Bone Cancer
- Other Cancer
By Product Design:
- Single-Lumen Microcatheters
- Dual-Lumen Microcatheters
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise slies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News
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