Global Microcatheter Market to surpass $2.85 billion by 2031, growing at a CAGR of 4.1%, says Coherent Market Insights

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Jul 22, 2024, 11:23 ET

BURLINGAME, Calif., July 22, 2024 /PRNewswire/ -- The global Microcatheter Market is projected to grow from USD 2.06 billion in 2023 to USD 2.85 billion by 2031, with a compound annual growth rate (CAGR) of 4.1% from 2024 to 2031, as per a recent report by Coherent Market Insights. Modern microcatheters feature advanced designs that allow for improved trackability and deliverability. Some microcatheters are equipped with imaging modalities like optical coherence tomography for better navigation. There have also been innovations in microcatheter material and coatings to improve pushability, torque control and coat biocompatibility. The ongoing technological developments are expanding the applications of microcatheters, thereby augmenting market growth.

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Market Dynamics:

The growth of global microcatheter market is primarily driven by increasing prevalence of cardiovascular diseases across the globe. According to World Health Organization (WHO), cardiovascular diseases (CVDs) are the number one cause of death globally, taking an estimated 17.9 million lives each year. Approximately 2 out of 3 CVD deaths are due to heart attack and stroke. Microcatheters are extensively used in treating CVDs conditions such as coronary artery disease, heart attack, stroke, hypertension etc.

Global Microcatheter Market Report Coverage

Report Coverage	Details
Market Revenue in 2023	$2.06 billion
Estimated Value by 2031	$2.85 billion
Growth Rate	Poised to grow at a CAGR of 4.1%
Historical Data	2019–2023
Forecast Period	2024–2031
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Product Design, By Product, By Application, By End User
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Growth Drivers	• Increasing number of minimally invasive surgeries • Technological advancements in microcatheters • Increasing prevalence of cardiovascular diseases
Restraints & Challenges	• Risk of infection associated with microcatheters • Vulnerability to product recalls

Another key factor fueling the market growth includes rising demand for minimally invasive procedures over traditional surgical methods. Microcatheters allows physicians to access vessels and cavities in a minimally invasive manner thereby reducing procedural complications, hospital stay and quick recovery.

Market Trends:

Growing adoption of coflex microcatheter is one of the major trends in the microcatheter market. Coflex microcatheter offers superior softness, trackability and placement capabilities. It provides anatomically adaptive shape that facilitates navigation through tortuous anatomy.

Rising demand for ultrasound microcatheters is another key trend being witnessed in the market. Ultrasound microcatheters combines intravascular ultrasound (IVUS) and high-resolution OCT to provide real-time, high-resolution images of vascular structures. It aids physicians in optimal diagnosis and treatment of vessels.

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The rising prevalence of chronic diseases such as cardiovascular diseases, neurological disorders, and cancer has increased the demand for minimally invasive surgical procedures globally. Microcatheters play a vital role in various interventional procedures such as angioplasty, balloon occlusion, embolization, and coil placement. They aid in accurate delivery of therapeutic agents, devices, and fluids to target sites during these procedures. The increasing adoption of interventional treatment options over conventional open surgeries due to benefits such as lesser pain, scarring, recovery time, and risk of infection is driving the demand for microcatheters.

Leading players in the microcatheter market are focusing on developing advanced product designs with improved features to increase efficiency and clinical outcomes. Some of the key ongoing developments include microcatheters integrated with drug delivery mechanisms, imaging guidance, and navigation capabilities. Microcatheters equipped with drug infusion ports, balloon expandable stents, and image-guided navigation aid physicians in precise delivery of therapy at target sites. The introduction of steerable, aspiration, and diagnostic microcatheters has also expanded the applications of these devices. Continuous technological innovations are expected to boost the adoption of microcatheters.

Key Market Takeaways

The global microcatheter market is anticipated to witness a CAGR of 4.1% during the forecast period 2024-2031, owing to the rising incidence of chronic diseases and advancing interventional treatment options.

On the basis of product design, the dual lumen microcatheter segment is expected to hold a dominant position, owing to benefits such as simultaneous delivery of fluids and agents.

On the basis of product, the delivery microcatheter segment is expected to hold a dominant position over the forecast period, supported by extensive use of these devices in interventional procedures.

On the basis of application, the cardiology segment is expected to hold a dominant position over the forecast period, due to the increasing percutaneous and minimally invasive procedures for heart diseases. On the basis of end user, the hospitals & clinics segment is expected to hold a dominant position, due to availability of advanced healthcare infrastructure and facilities.

On the basis of region, North America is expected to hold a dominant position over the forecast period, due to higher adoption of advanced interventional treatments and growing healthcare expenditure.

Key players operating in the microcatheter market include Medtronic PLC, Terumo Corporation, Merit Medical Systems, Stryker Corporation, Penumbra Inc., Boston Scientific Corporation, and Teleflex Inc.

Recent Developments:

In November 2023, Transit Scientific, announced the FDA clearance of its mictocatheter designed for precise delivery of a broad range of embolic agents.

In March 2023, Merit Medical System, announced the launch of its SwiftNINJA Steerable Microcatheter product line.

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Detailed Segmentation:

By Product Design:

- Single Lumen Microcatheter
- Dual Lumen Microcatheter

By Product:

- Delivery Microcatheter
- Aspiration Microcatheter
- Diagnostic Microcatheter
- Steerable Microcatheter

By Application:

- Cardiology
- Neurology
- Peripheral Vascular
- Oncology
- Urology
- Otolaryngology
- Others

By End User:

- Hospitals & Clinics
- Ambulatory Surgical Centers

By Region:

North America:

U.S.
Canada

Latin America:

Brazil
Argentina
Mexico
Rest of Latin America

Europe:

Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe

Asia Pacific:

China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific

Middle East:

GCC Countries
Israel
Rest of Middle East

Africa:

South Africa
North Africa
Central Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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