New York, United States, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The Global Microcatheter Market Size is to grow from USD 1.94 Billion in 2022 to USD 2.79 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 3.7% during the forecast period.
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A microcatheter is a small, thin-walled medical device used in minimally invasive procedures to navigate narrow blood vessels or intricate anatomical structures. With diameters typically ranging from 0.016 to 0.035 inches, it enables precise access to remote areas of the body with reduced trauma and increased patient comfort. Medical professionals, such as interventional radiologists, neurosurgeons, and cardiologists, rely on microcatheters for diagnostic and therapeutic interventions, including angiography, embolization, thrombectomy, and targeted drug delivery. The widespread adoption of microcatheters has led to significant advancements in medical treatments, ensuring more accurate and effective delivery of therapies and improved patient outcomes.
Browse key industry insights spread across 200 pages with 150 market data tables and figures & charts from the report on “Global Microcatheter Market Size, Share, and COVID-19 Impact Analysis, By Design (Single Lumen Microcatheter and Dual Lumen Microcatheter), By Product (Delivery Microcatheter, Aspiration Microcatheter, Diagnostic Microcatheter, and Steerable Microcatheter), By Application (Cardiology, Neurology, Peripheral Vascular, Oncology, Urology, Otolaryngology, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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- The dual lumen microcatheter segment is projected to grow at a higher CAGR during the forecast period
Based on the design, the global microcatheter market is segmented into single lumen microcatheter and dual lumen microcatheter. The dual lumen microcatheter segment is projected to experience higher growth due to its numerous advantages and increasing demand in interventional cardiology procedures. This specialized microcatheter offers easy access to procedural sites, enabling efficient navigation through intricate blood vessels. The ability to administer multiple analgesics or drugs simultaneously instead of using multiple perfusions enhances procedural convenience and patient comfort. As healthcare professionals recognize these benefits and seek improved treatment options, the demand for dual lumen microcatheters is expected to surge.
- The aspiration microcatheter segment projected the market over the forecast period.
On the basis of the product, the global microcatheter market is segmented into delivery microcatheter, aspiration microcatheter, diagnostic microcatheter, and steerable microcatheter. The aspiration microcatheter segment has established its dominance and held the largest market share in the microcatheter industry for various compelling reasons. There is a growing demand for the treatment of acute strokes, aneurysms, and peripheral artery diseases, where aspiration microcatheters play a crucial role in precise and effective interventions. These specialized catheters offer quick recanalization, total cessation of blood flow, and prevention of distal embolism during interventional procedures, making them a preferred choice for healthcare professionals.
- The cardiology segment held the largest market over the forecast period.
Based on the application, the global microcatheter market is segmented into cardiology, neurology, peripheral vascular, oncology, urology, otolaryngology, and others. The cardiology segment has emerged as the dominant player, holding the largest market share in the microcatheter industry for several compelling reasons. The high prevalence of cardiovascular diseases worldwide has resulted in a substantial demand for cardiology procedures, where microcatheters play a pivotal role in delivering precise treatments. The increasing adoption of minimally invasive techniques in cardiology, aimed at reducing patient discomfort and recovery time, has fueled the demand for microcatheters. Moreover, the continuous advancements in interventional cardiology, including the development of innovative microcatheter technologies, have further strengthened the segment's position.
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Asia-Pacific is predicted to grow at a higher CAGR of around 3.9% over the projected period
Based on region, the Asia Pacific region is projected to experience the highest compound annual growth rate (CAGR) during the forecast period, driven by several factors. These include a growing aging population, a rise in stress-related cases in countries like Japan, an increasing prevalence of chronic diseases, a large population base, better diagnostic capabilities, and improving patient affordability. Additionally, the presence of promising growth opportunities in developing nations such as Japan, India, and China is expected to further facilitate market expansion in this region.
North America boasts a well-established healthcare infrastructure, which facilitates early adoption and implementation of advanced medical technologies, including microcatheters. The region's large patient population suffering from chronic diseases such as cardiovascular ailments and neurological disorders necessitates the frequent use of microcatheters for minimally invasive interventions.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. The major players in the global microcatheter market include Medtronic PLC, Terumo Corporation, Merit Medical System, Stryker Corporation, Penumbra Inc., Boston Scientific Corporation, Teleflex Inc., Codman Neuro, Asahi Intecc Co. Ltd., Becton Dickinson & Company, Cook Group and others.
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Recent Developments
- In August 2022, Obsidio, Inc. developed the Gel Embolic Material (GEMTM) technology, which is utilized to represent blood veins in the peripheral vasculature and was bought by Boston Scientific Corporation. Boston Scientific Corporation increases its interventional oncology and embolization therapy for illnesses such as cancer, hemorrhages, and other severe maladies.
- In November 2022, Abiomed, a medical device technology firm, and Johnson & Johnson have signed a purchase agreement. This acquisition expands Johnson & Johnson's product offering while helping patients.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global microcatheter market based on the below-mentioned segments:
Microcatheter Market, By Design
- Single Lumen Microcatheter
- Dual Lumen Microcatheter
Microcatheter Market, By Product
- Delivery Microcatheter
- Aspiration Microcatheter
- Diagnostic Microcatheter
- Steerable Microcatheter
Microcatheter Market, By Application
- Cardiology
- Neurology
- Peripheral Vascular
- Oncology
- Urology
- Otolaryngology
- Others
Microcatheter Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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