Micro Guide Catheters Market – Snapshot
Catheters refer to a device fitted with a thin medical device that is produced from high graded substance. A catheter is placed inside the human body during a surgery and for the purpose of treatment of various illnesses and the entire procedure is known as catheterization. They find utilization for treating illnesses like urology, neurovascular, cardiovascular conditions, and many others. Such extensive use of the product is estimated to support expansion of the global micro guide catheters market in the years to come.
There has been a rise in the patient pool and that is ascribed to the rising geriatric population affected with various lifestyle diseases, such as heart failure and atherosclerosis. This factor is estimated to support development of the global micro guide catheters market in the forthcoming years. In addition, increased affordability and high accessibility to clinics, hospitals and other medical setups is anticipated to draw a large pool of patients. Riding on the back of these factors, the global micro guide catheters market is anticipated to observe high growth in the years to come.
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People with sedentary lifestyle are vulnerable various heart conditions and other lifestyle diseases, which is likely to augur well for the global micro guide catheters market in the years to come. In addition to that, there has been a growing popularity of minimally invasive surgeries. Doctors opt for various methods of operation with the aim of causing minimal damage to the body of the patient, which makes minimally invasive surgeries a popular option. Usually, these surgeries are linked with fewer complications, shorter stay at hospitals, and less of pain. As such, in cardiology and oncology departments, minimally invasive ones are increasingly replacing traditional methods of surgery. Increased popularity of minimally invasive surgeries are estimated to foster growth of the global micro guide catheters market in the near future.
With the ongoing global pandemic, SARS-CoV-2 induced Covid-19, the global micro guide catheters market has suffered a setback, and it is likely to continue until life returns to normalcy following an invention of effective drug and vaccine.
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Global Micro Guide Catheters Market: Snapshot
Players in the global micro guide catheters market are beefing up their product portfolio to serve unmet healthcare needs that helps them sustain competition as well. The staggering pool of patients with vascular diseases have led product manufacturers to boost their R&D capabilities and introduce novel products. This is boosting the micro guide catheters market.
Safety and efficacy features of micro guide catheters account for their extensive use for successful therapeutics and fast recovery from major invasive procedures. Micro guide catheters are thus preferred over diagnostic catheters to pass surgical instruments to reach the lesion site.
However, factors such as limited insurance coverage to use micro guide catheters for therapeutics and high product recalls hampering revenue are holding back the micro guide catheters market’s growth. Considering a number of favorable factors, the global micro guide catheters market is likely to clock a healthy 7.6% CAGR between 2017 and 2024.
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Cardiovascular Segment to Register Leading Growth Rate through 2024
The global market for micro guide catheters is segregated based on product type, indication, end user, and geography. The segments of the market based on product type are over-the-wire and flow-directed. Of the two, over-the-wire segment is anticipated to hold the larger 59.2% share of the overall market by 2024. The flow-directed segment is anticipated to be worth US$98.6 mn by 2024; the growth of this segment is attributed to decreased risk of intracranial hemorrhage and device flexibility due to factors such as lack of wire.
Depending upon indication, cardiovascular, neurovascular, and others are the segments into which the micro guide catheters market is segmented. Out of these, cardiovascular is the most attractive segment that surpasses all in terms of growth rate due to its immense applications and advantages. Rising prevalence of cardiovascular diseases owing to several factors are expected to account for the dominance of cardiovascular segment through 2024.
On the other hand, the neurovascular segment is likely to hold a significant 37.4% share of the market by 2024. Increasing number of brain aneurysms globally are expected to propel the neurovascular segment through the forecast period.
By end user, the key segments into which the micro guide catheters market is divided are hospitals, ambulatory surgery centers, and specialty clinics. The hospitals segment, of them, is predicted to hold 44.2% share of the overall market by 2024. Hospitals is the most attractive segment as they are the facilities and technologies offered are highly appealing to patients. Hospitals are also mostly covered by healthcare insurance furthering the growth of this segment.
Growth of specialty clinics segment is mainly driven by rising popularity of specialty clinics especially in developing countries mainly because of short waiting period and care rendered by experienced consultants.
Powered by U.S., North America to Remain at the Fore
Region-wise, the global micro guide catheters market is classified into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Powered by the U.S., North America is the most attractive market for micro guide catheters. The U.S. spends on healthcare than any other country in the world. Early adoption of advanced medical devices and a state-of-the-art healthcare infrastructure is fuelling the North America micro guide catheters market.
Key companies operating in the global market for micro guide catheters include Cardinal Health, Cook Medical, Asahi Intecc Co. Ltd., Penumbra Inc., Boston Scientific Corporation, Merit Medical Systems Inc., Medtronic plc, Terumo Europe NV, Koninklijke Philips N.V, and Integer Holdings Corporation.
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