Microcatheters Market Statistics, Growth Drivers

Microcatheters Market Research, 2031

The global microcatheters market size was valued at $748.9 million in 2021, and is projected to reach $1.2 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031. The microcatheter market has witnessed growth, owing to increase in geriatric population that are prone to chronic heart disease, cancer and rise in prevalence of cardiovascular diseases such as aneurysms, heart attack, increase in a case of plaque blocks a blood vessel, a re-narrowing of the artery, and an infection of the vessel coronary block artery, heart attack, atherosclerosis disease, ischemic stroke, aneurysm, tumors, blood clot in brain, hypertension, myocardial infarction, arrythmia, increases in blockages of blood vessel in heart, brain, kidney and liver and rise in demand for minimally invasive procedure for the diagnosis of diseases. Hence, such all the factors boost the growth of microcatheters industry.

Microcatheters Market

Microcatheters is a small diameter medical equipment and has broad application in delivering therapeutics & diagnostic agent, used for withdrawing thrombus, fluid, tissues from the vessels. Microcatheters are used for guidewire support, exchanges, to access distal anatomy, cross lesions, deliver therapeutic embolic, inject contrast media and perform other procedures in complex endovascular procedures. Microcatheters is widely used with minimal invasive procedures such as angiography, angioplasty, minimal interventional radiology, embolization, ablation, and percutaneous coronary intervention.

For instance, according to health hearty 2020 report, the incident rate of heart attacks per 10,000 people was around 190 in people who are over 85 years of age, around 117 for those between 75-84 years of age. For instance, according to the National Center for Health Statistics, every year, more than 795,000 people in the U.S. have a stroke. In addition, according to the Center for Disease Control and Prevention, approximately 87% of all strokes reported are ischemic stroke.

For instance, according to Center for Cancer Control and Information Services, a part of National Cancer Center, Japan, approximately 1,012,000 cases of cancer were noticed in 2020. In which, prostate was the most common cancer site (16%) for males, followed by stomach cancer (16%), Colon/rectum cancer (15%), lung cancer (15%), and liver cancer (5%). Furthermore, most common cancer site for females was breastï¼ˆ21%), followed by colon/rectum cancer (16%), lung cancer (10%), stomach cancer (10%), and uterus cancer (7%). Each year, approximately 4,00,000 children develop cancer. Overall, cancer incidence rates or rates of new cancers continue to rise slightly in women and children.

However, the sales of microcatheters have witnessed hindrances, owing to lack of skilled professionals for minimal invasive procedure in emerging and less developed countries, high cost of microcatheters are the key factors restraining the market. Due to these factors, the sales of premium microcatheters are minimum. Conversely, the introduction of new microcatheters into developing nations is anticipated to offer remunerative opportunities for the expansion of the global market during the forecast period

Furthermore, the healthcare business in developing nations is predicted to grow significantly as a result of various reasons, including increased investment in both the public and private sectors, rise in chronic diseases, surge in number of diabetes cases, and population expansion. Furthermore, an increase in healthcare spending is expected to promote the expansion of the healthcare business, which, in turn, is expected to fuel product demand of microcatheters.

Impact of Covid-19 on Microcatheters Market

The COVID-19 outbreak is anticipated to have a negative impact on the microcatheters market as huge number of medical colleges and hospitals across the globe were reconstructed to increase hospital capacity for patients diagnosed with COVID-19. Discovery and development of microcatheters is slowing down during pandemic but did not stop. Surgeries of heart and cancer patients were postponed and home care setting was preferred. Nonessential surgical procedures took a potential backlog, owing to rapidly rising COVID-19 cases; only elective emergency surgeries were performed.

In addition, consumers focused only on highly essential products such as foods & beverages. However, with relaxation in lockdowns and decline in COVID-19 cases, companies have re-started their processes to meet the demand of products. In addition, the COVID-19 pandemic led to rise in awareness regarding physical, mental, and emotional health. This, in turn, has increased adoption of health care products such as microcatheters. However, owing to the introduction of various COVID-19 vaccination, people can readily reach out to hospital for diagnosis of diseases due to which surge in the demand of microcatheters for the diagnosis and treatment of diseases is expected. Furthermore, postponed surgeries are now being performed that also increases demand of microcatheters and drives the growth of microcatheters industry.

MICROCATHETER MARKET SEGMENTATION

The microcatheters market is segmented on the basis of product type, application, design, end user, and region. On the basis of product type, the market is classified into delivery microcatheter, aspiration microcatheter, diagnostic microcatheter, and steerable microcatheter. By application, the market is segregated into cardiovascular, neurovascular, peripheral vascular, urology, otolaryngology, and others. By product design, it is fragmented into single lumen microcatheter, and dual lumen microcatheter. Depending on end user, it is fragmented into hospitals and clinics, and ambulatory surgical centers.

Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).

Segment Review

On the basis of product type, the aspiration microcatheter segment was the highest revenue contributor to the microcatheters market size in 2021, owing to surge cases of blood clot in lung, pulmonary thromboendarterectomy. The rise in prevalence of lung cancer is also increase the demand of aspiration microcatheters in market that led to microcatheters market growth.