The growth of the microcatheters market can be attributed to several factors such as growing target patient population of cardiovascular diseases, neurovascular disorders, and cancer, growing number of Ambulatory Care Centers & Office Based Labs (OBL) and increasing focus on R&D by Key Players. Moreover, improved hospital infrastructure in developed countries, rise in medical tourism and increase in advantages of minimally invasive procedures are expected to drive the microcatheter market during the forecast period. To obtain better insights regarding the market scenario prominent players are increasingly focusing on collaborative initiatives and various product launches. For instance, Merit Medical Systems, Inc. launched Merit Pursue Microcatheter, a small distal microcatheter designed for pushability and trackability through small and tortuous vessels.
Market Industry Reports (MIR) has published a new report titled “Global Microcatheters Market – Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global microcatheters market is estimated to be US$ 222.3 Mn in 2019. It is anticipated to grow at a CAGR of 7.8% from 2019 to 2030.
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Some of the prominent players in the Microcatheters Market include:
ASAHI INTECC CO., LTD., Boston Scientific Corporation, BTG International Ltd., DePuy Synthes (Johnson & Johnson Services, Inc.), Medtronic, Merit Medical Systems, Penumbra, Inc, Stryker, Teleflex Incorporated and Terumo Medical Corporation.
Several countries, namely Brazil, Malaysia, Thailand, Singapore, India and other developing countries have emerged as essential contributors to global medical tourism industry. China and India are lucrative markets and moreover, new product launches & product enhancements are factors that are further driving the microcatheter market in Asia Pacific. Multiple factors have been responsible for attracting patients to tour worldwide for medical treatments. India is one the fastest growing country in the APAC region, owing to medical tourism in this region. India offers wide range of surgeries at low cost compared to US & European Region. Cardiovascular surgeries, Cardiac Bypass, Heart valve replacement & Angioplasty surgeries are most commonly performed surgeries and attract medical tourists. Healthcare facilities in APAC regions are also growing and attracting many market players to launch products for different applications in this region. For instance, Gurbet plans to register SeQure and DraKon microcatheters in next two years in Australia, China, India, Japan, Korea, Singapore and Vietnam. Moreover, new technologically advanced products like steerable microcatheter by Sumitomo Bakelite are under clinical trials in Japan.
Major factors restraining the global microcatheters market are high cost of microcatheters and lack of awareness in the developing nations. With the advancement of the technology, the cost of the microcatheters has also increased. For instance, Progreat Microcatheters cost around US$ 200-300, which is high, considering the average economic class. The pricing is slightly on the higher side for the middle-class people, they might reconsider the usage due to price constraints. Developing nations, such as certain countries in Asia-Pacific, Middle east, and Africa at times do not have access to basic healthcare services.
Research Approach
As a standard protocol at MIR, all research assignments go through the following rigorous processes.
- Secondary Research
- Primary Research
- Market Size Estimation & Forecasting
- Data Validation & Triangulation
- Report Generation
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Table of Contents
- INTRODUCTION
- Market Definition
- Market Classification
- Geographic Scope
- Years Considered for the Study: Historical Years – 2017 & 2018; Base Year – 2019; Forecasted Years – 2020 to 2030
- Currency Used
- RESEARCH METHODOLOGY
- Research Framework
- Data Collection Technique
- Data Sources
- Market Estimation Methodology
- Data Validation and Triangulation
- ABSTRACT OF THE STUDY
- MARKET DYNAMICS ASSESSMENT
- Overview
- Drivers
- Barriers/Challenges
- Opportunities
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