New York, US, July 16, 2021 (GLOBE NEWSWIRE) -- Microcatheters Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Microcatheters Market Information by Design, Product, Application, End User, and Region - Forecast till 2027”, the market is estimated to reach USD 2,412.0 million by 2027 registering a CAGR of 4.1%.
Market Scope:
Microcatheters are thin-walled, small-diameter catheters used in minimally invasive operations, and are perfect for negotiating the human body's enormous network of tiny veins. The majority of these procedures are used in neurovascular and cardiovascular applications. They are most typically employed in specific applications where a normal catheter would not be able to penetrate the anatomy.
Market Drives
The global microcatheters market is being driven by factors such as an increase in the prevalence of chronic diseases, such as neurovascular and cardiovascular disorders, increased adoption of minimally invasive procedures, and the development of new diagnostic centres and hospitals in emerging economies. Minimally invasive surgery is becoming more popular as a result of its benefits over traditional open operations, which include smaller and fewer scars, less discomfort, shorter hospital stays and recovery periods, lower costs, and overall better outcomes. A catheter is one of the most popular equipment used in minimally invasive surgery. Microcatheters are in high demand all around the world as a result of this. In the last decade, technological breakthroughs in catheter design have resulted in increased long-term efficiency, lower infection rates, and less catheter malfunction. Because of the increased R&D in catheters, these catheters have experienced several improvements.
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Competitive Landscape:
- Medtronic (Ireland)
- Boston Scientific (US)
- Terumo Medical Corporation (US)
- Teleflex Inc. (US
- Merit Medical Systems Inc. (US)
- Guerbet (France)
- Cook Medical (US)
- Acandis GmbH (Germany)
- Acrostak (Switzerland) Stryker Corporation (US)
- Asahi Intecc (Japan)
- Lepu Medical Technology Company (China)
- Cerus Endovascular Ltd (US)
Market Restraints:
Microcatheters are typically safe to use, although they can come with some hazards. Microcatheter use in surgery has been linked to complications such as bleeding and infection risk. The microcatheter's substance may also induce allergic responses. These dangers are impeding the growth of the global microcatheter market. Manufacturers are currently concentrating their efforts on developing the most modern microcatheters that pose the least amount of risk during use.
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COVID-19 Analysis
The pandemic of COVID-19 has had a substantial influence on the amount of surgical procedures undertaken. It has also resulted in workforce and staffing concerns, perioperative practise modifications, and the risk of viral transmission intraoperatively. To free up staff and resources for COVID-19 patients, many countries around the world made the difficult decision to suspend all non-emergency surgical procedures. At least 28 million elective operations were reportedly cancelled during the first wave of COVID-19. This reduced the need for microcatheters, which are utilised in a variety of surgical operations.
Microcatheter manufacturers' activities were similarly impacted by the COVID-19 outbreak. The supply chain and industrial facilities suffered as a result of the lockdowns. This put downward pressure on microcatheter demand and manufacturing. It also had an impact on medical device imports and exports.
Market Segmentation
Design, product, application, and end use are the four segments that make up the worldwide microcatheters market.
The market has been divided into single and double lumens by design. In 2020, the double lumen segment is likely to account for a significant portion of the market. The double lumen has a number of benefits, including quick access to the procedure site. In the forecasted time period, rising demand for dual lumen microcatheter interventional cardiology treatments will boost market growth.
The global microcatheters market has been divided into five categories based on application type: cardiovascular, neurovascular, peripheral vascular, oncology, and urology. Due to the rise in the frequency of chronic diseases such as cardiovascular ailments around the world, the cardiology section held the biggest segment share in 2020.
The microcatheters market is divided into three categories based on the end user: hospitals, specialist clinics, and ambulatory surgery centres. Because of the rising prevalence of target diseases and the numerous surgical and diagnostic procedures conducted across various institutions, hospitals maintained the biggest market share in 2020.
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Regional Insights:
Because of the availability and accessibility of technologically advanced devices, the rising number of percutaneous coronary intervention operations, and favourable government initiatives, North America dominated the microcatheter market in 2020. In addition, chronic illnesses such as neurovascular, peripheral vascular, cancer, and cardiovascular are becoming more common in the region, fueling market expansion.
Due to the presence of a large patient pool, increasing prevalence and incidence of target diseases, and growing healthcare infrastructure in Asian countries, Asia-Pacific is expected to be the fastest-growing regional market for microcatheters. In addition, rising healthcare spending and positive government actions to develop the healthcare infrastructure are driving the microcatheter industry.
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