Microcatheters Market – Global Outlook & Forecast 2021-2031

Microcatheters Market by Design [Single Lumen and Dual Lumen], Type [Delivery Microcatheters, Diagnosis Microcatheters, Aspiration Microcatheters and Steerable Microcatheters], Application [Cardiovascular, Oncological, Neurovascular and Urological], End User [Hospitals and Ambulatory Care Centers] – Global Analysis & Forecast 2021-2031

Clairvoyance Research conducted an in-depth market analysis study of the global microcatheters market. According to the study, the market was valued at ~US$ 243 million in 2020. The market is expected to witness a CAGR of ~8% from 2021 to 2031. 

Rising prevalence of cardiovascular diseases, cancer & neurovascular disorders, technological advancements, rising demand for minimally invasive surgeries and increasing investment for R&D activities to launch technologically advanced microcatheters are some of the pivotal factors propelling the growth of the microcatheters market. However, challenges in microcatheter development are likely to hinder the growth of the market to a certain extent.

With an aim to fast-track the development of microcatheters and to meet the needs of the healthcare sector, several initiatives such as providing necessary funding, grants, permissions, clearances & approvals have been instigated by various organizations and government agencies across the world. For instance, in Mar 2021, Transit Scientific received CE Mark approval in the European Union for its non-tapered metal alloy XO CrossÒ Microcatheter platform.

With the rising incidence of targeted diseases such as cardiovascular diseases, neurovascular diseases, cancer and urological diseases, the demand for interventional procedures across the globe has increased gradually. Interventional procedures are growing rapidly and are becoming more specialized in diverse areas of care. Interventional procedures provide minimally invasive therapies that give patients an alternative to open surgery with the goal of improved outcomes and reduced hospitalization and recovery. As microcatheter are widely being used in these procedures, increase in prevalence of targeted diseases and demand of interventional procedures is expected to boost the growth of the market.

In order stay competitive in the market, several prominent players are trying to develop and market advanced microcatheters that can meet the demanding needs of physicians and healthcare providers around the world. They are progressively implementing several strategies such as investing in technologically advanced products, resorting to acquisitions and/or collaborative initiatives with several organizations, research centers & companies for R&D activities. For instance, March 2021, Varian announced a new investment in Bend It Technologies Ltd., a medical device company developing the Bendit® steerable microcatheters for use by interventionalists performing minimally-invasive peripheral vascular procedures. They can be used to deliver diagnostic, embolic, or therapeutical materials into the vasculature.

However, challenges in microcatheter development may hamper the growth of market to a certain extent. The microcatheter development process is a complex process compared to the manufacturing processes of other devices. This is mainly due to the smaller outside diameters (ODs) and inside diameters (IDs) required by micro-catheters. The smaller IDs and ODs reduce the overall wall thickness of the device, which makes it challenging to achieve the pushability, trackability, and torqueability specifications required for the different applications. Designing and manufacturing an ultra-thin wall micro-catheter that meets the demands of the neurovascular and cardiovascular market is considered to be a challenging task that needs people with expertise and experience in the field.

The Asia Pacific region is expected to be the fastest growing microcatheters market. Factors such as developing healthcare infrastructure, rising prevalence of cardiovascular diseases, neurovascular diseases, cancer and urological diseases coupled with rising interventional procedures, and rising demand for minimally invasive surgeries can be attributed to the growth of the market. Countries such as India, China, Japan in the APAC region, are projected to offer significant growth opportunities owing to growing geriatric population and presence of large patient pool in the region.

The microcatheters market is marked by presence of prominent players such Medtronic, Terumo Medical Corporation, Teleflex Incorporated, Stryker, BD, Boston Scientific Corporation, B. Braun Melsungen AG, Penumbra, Inc., Merit Medical Systems and Johnson & Johnson Medical. Other players operating in the market are ASAHI INTECC CO., LTD., Cook Medical, Cardinal Health, AngioDynamics, among others.

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