Wilmington, Delaware, United States, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The microcatheter market size stood at US$ 799.7 million in 2022. A CAGR of 5.3% is predicted from 2023 to 2031, reaching US$ 1.3 billion by 2031. Precision during treatments could be increased by integrating microcatheters with cutting-edge imaging technology like augmented reality or artificial intelligence.
Real-time imaging guidance can lower the risks of specific procedures and improve catheter placement efficiency. Future microcatheter solutions might become more individualized and patient-specific. Customizing these devices to each patient's unique anatomy and conditions may enhance treatment results and lower the risk of problems.
A wider number of medical specializations are anticipated to use microcatheters in the future. The range of applications for microcatheters may increase as technology develops and new procedures and interventions that profit from minimally invasive approaches appear. Technological developments in robotics and telemedicine may impact the methods used in microcatheter treatments.
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Interventions that are autonomous or robot-assisted may grow increasingly prevalent, enabling specialists to carry out operations from a distance. As more biocompatible materials are developed and used, the likelihood of negative reactions will decline, and microcatheters' safety records will be enhanced.
The medical device industry is expanding due to investments in hospitals, other outpatient clinics, and healthcare infrastructure. These expenditures foster an atmosphere favorable to the uptake of cutting-edge medical devices like microcatheters. Approvals from regulatory bodies for new and improved microcatheter products enable market expansion. Companies whose goods receive regulatory approval can bring innovations to the market and meet the evolving needs of medical professionals.
Key Findings of the Market Report
- The hospital segment is projected to drive demand for microcatheters.
- Based on the indication, the neurovascular segment is expected to drive demand for microcatheters in the market.
- In 2022, North America dominated the global microcatheter market.
- Drugs are delivered to their target areas with the help of microcatheters, which are widely used in the oncology and neurology sectors.
Global Microcatheter Market: Growth Drivers
- Heart-related conditions, like peripheral arterial disease and coronary artery disease, are very common. Microcatheters are an essential component of minimally invasive procedures that are frequently required due to the rising occurrence of these illnesses. The preference for minimally invasive procedures has increased due to advancements in medical technology. Several interventional professions, such as cardiology, neurology, and radiology, frequently employ microcatheters to carry out treatments with fewer incisions and less harm to the patient.
- Several illnesses, such as cardiovascular disorders, are more common among the elderly population. The need for medical devices, such as microcatheters, increases with population aging. Continuous microcatheter design, materials, and technology improvements lead to increased safety, efficacy, and performance. Advancements improve the capabilities of microcatheters in a range of medical operations in guidewire technology, catheter materials, and imaging modalities.
- The advantages of employing microcatheters in specific operations are becoming more widely known among medical practitioners. Microcatheters are, therefore, being used more and more in clinical practice.
Global Microcatheter Market: Regional Landscape
- Microcatheters are expected to be in high demand in North America. Cardiovascular therapies such as stenting, embolization, and angioplasty use microcatheters considerably. The demand for these procedures has been fueled by the prevalence of cardiovascular illnesses in North America, which has led to the rise of the market. Microcatheters are essential in neurovascular procedures, such as managing aneurysms and stroke. The need for microcatheters has been bolstered by the rise in neurological illnesses and the use of less invasive procedures in neurosurgery.
- The number of minimally invasive procedures performed has increased in North America. Microcatheters are growing in popularity because they allow physicians to perform complex treatments with fewer incisions, less injury to the patient, and faster recovery times.
- Ongoing advancements in materials science, microcatheter design, and imaging technologies enhance microcatheter performance, flexibility, and navigation capabilities. These developments enable the application of microcatheters in various medical specialties.
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Global Microcatheter Market: Key Players
Research and development initiatives by leading microcatheter manufacturers aim to implement new technologies and enhance their product portfolio. They are launching new microcatheters to deliver precise drugs and improve medical imaging. Government approvals enable major players in the industry to capture lucrative microcatheter markets.
- Boston Scientific Corporation
- Integra LifeSciences
- Medtronic
- Biometrics Ltd
- Asahi Intecc USA Inc.
- Merit Medical Systems
- Stryker
- Terumo Medical Corporation
- Tokai Medical Products Inc.
- Penumbra Inc.
Key Developments
- In November 2023, Utah-based Transit Scientific received FDA clearance of its microcatheter for precisely delivering embolic agents, designed to deliver a wide variety of embolic agents.
- In December 2023, Terumo Medical Corporation officially launched its AZUR HydroPack Peripheral Coil System in the United States. The AZUR HydroPack Peripheral Coil System provides a range of benefits, including enhanced stability and precision. Radiologists and vascular surgeons benefit from its versatility and efficiency in ensuring patients' best possible outcomes. Different from other packing coils, it features a state-of-the-art design and is compatible with all microcatheters.
Global Microcatheter Market: Segmentation
By Indication
- Coronary
- Neurovascular
- General Peripheral Vascular
By End User
- Hospitals
- Specialty Clinics
- Ambulatory Surgery Centers
- Home Care Settings
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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