The Micro Catheter and Micro Guidewires market size is projected to reach US$ 2.37 billion by 2031 from US$ 1.48 billion in 2023. The market is expected to register a CAGR of 6.11% in 2023–2031. Key factors that are driving growth of the market are significantly increasing prevalence of cardiovascular diseases and increasing incidences of neurovascular diseases. However, the lack of expert professionals is anticipated to deter market growth.
Micro Catheter and Micro Guidewires Market Analysis
Micro catheter is small-diameter catheter, preferably used during minimally invasive surgeries. Micro catheters are small, with diameter range of 0.70 to 1.30 mm. On similar lines, micro-guidewires are also used during diagnostic as well as therapeutic procedures. The devices have various applications in catheterization. Moreover, the devices are also utilized during cardiovascular and neurovascular surgeries.
Micro Catheter and Micro Guidewires Market Overview
Among the most prevalent CVDs are aortic aneurysms, heart failure, stroke, rheumatic heart disease, and peripheral artery disease. A few major contributing factors to the rising prevalence of CVDs worldwide include the adoption of poor diets, tobacco use, sedentary lifestyles, and drunkenness. The World Health Organization (WHO) states that cardiovascular diseases (CVDs) are the leading cause of death worldwide. Additionally, the Centers for Disease Control and Prevention (CDC) projected that, in the US, cardiovascular diseases (CVDs) account for one death every 36 seconds on average in 2020. Furthermore, the nation reports an estimated 850,000 incidents of heart attacks annually, per the same study.
Furthermore, 121.5 million adults in the US—roughly half of the adult population in the US—struggle with cardiovascular diseases (CVDs), according to American Heart Association (AHA) 2019 estimates. In addition, 0.6 million fatalities in the UK were attributed to cardiovascular diseases (CVDs), as per research released by the British Heart Association in 2020. The same study also indicated that the country's total mortality from CVDs was primarily attributable to chronic rheumatic heart disease and diseases of the circulatory system. The European Cardiovascular Disease Statistics 2019 report that over 1.8 million fatalities in the European Union (EU) and 3.9 million deaths in Europe are attributed to cardiovascular diseases (CVDs) annually. Additionally, a 2020 study that was published in the Journal of Lancet Public Health estimates that CVDs account for almost 4.0 million deaths in China annually. The rising global prevalence of CVDs significantly increases the number of cardiac operations performed. For example, a 2020 study by the Society of Thoracic Surgeons (STS) found that TAVR surgeries are significantly increasing in the United States.
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Micro Catheter and Micro Guidewires Market: Strategic Insights
Market Size Value in US$ 1,342.51 Million in 2021 Market Size Value by US$ 1,954.92 Million by 2028 Growth rate CAGR of 5.5% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Micro Catheter and Micro Guidewires Market: Strategic Insights
| Market Size Value in | US$ 1,342.51 Million in 2021 |
| Market Size Value by | US$ 1,954.92 Million by 2028 |
| Growth rate | CAGR of 5.5% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Micro Catheter and Micro Guidewires Market Drivers and Opportunities
Increasing Incidence of Neurovascular Diseases Boosting Demand for Micro Catheter and Micro Guidewires
The constant flow of nutrients and oxygen, provided by arteries and veins, is vital to the neurovascular system. Any flaw in the system can hinder the brain's ability to operate and might potentially be fatal because the brain depends on oxygen and nutrients to function. Brain tumors, ischemic stroke, hemorrhagic stroke, brain aneurysms, and vascular malformations are a few common neurovascular illnesses, diseases, or disorders.
The prevalence of neurological illnesses has dramatically increased in recent years. One example of a neurovascular disease is cerebral aneurysm. Globally, this condition is becoming far more common. As a result, its prevalence has sharply increased worldwide. Every year in the United States, brain aneurysm rupture affects around 30,000 people. Every eighteen minutes, a brain aneurysm ruptures. In the nation, there are roughly 8–10 cases of brain rupture for every 100,000 persons annually. Thus, the market for microcatheters and microguidewires is growing as a result of the increased incidence of cerebral aneurysms.
Growing Number of Product Approvals and Launches – An Opportunity in Micro Catheter and Micro Guidewires Market
Micro catheter and micro guidewire demand is increasing as a result of new devices' expanded functionality and technological advancements. The CE approved Transit Scientific's XO CrossQ Microcatheter platform in March 2021. Better functioning is provided by the innovative non-tapered design of the new microcatheter. Better torque responsiveness, trackability, and additional pushability levels are also provided by the new platform during a surgical process. Moreover, Baylis Medical declared in January 2021 that the JLL electrophysiological microcatheter would be available in the European market. With the advent of the catheter, doctors can now access difficult-to-reach places within the heart. Additionally, Insight Lifetech's TruePhysio Rapid Exchange FFR microcatheter was granted CE clearance in June 2020. For precise treatments, the recently introduced catheter works with any 0.014" guidewire. Additionally, Sniper K-tip microcatheter under sniper balloon occlusion microcatheter was introduced by Embolx, Inc. in May 2019. This recently released microcatheter is specifically made for the process of arterial embolization. Additionally, the FDA approved Scientia Vascular's Zoom Wire 14 guidewire in August 2020. The novel gadget has the ability to enter the nervous system during ischemic and hemorrhagic strokes, as well as other related vascular procedures. Therefore, throughout the forecast period, the increasing number of product releases and approvals is anticipated to present profitable prospects for the growth of the micro catheter and micro guidewires market.
Micro Catheter and Micro Guidewires Market Report Segmentation Analysis
Key segments that contributed to the derivation of the micro catheter and micro guidewires market analysis are type, indication, end user, and geography
- Based on type, the micro catheter and micro guidewires market is divided into micro catheters and micro guidewires. The micro catheters segment held a higher market share in 2023.
- Based on indication, the market is segmented into urology, otolaryngology, oncology, others.
- Based on end user, the market is segmented into hospitals, specialty clinics, ambulatory surgical centers.
Micro Catheter and Micro Guidewires Market Share Analysis by Geography
The geographic scope of the micro catheter and micro guidewires market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
The North America micro catheter and micro guidewires market is segmented into the US, Canada, and Mexico.
The nation's market for microcatheters and microguidewires is anticipated to increase significantly as a result of the growing incidence of cardiac disorders. According to the "Heart Disease and Stroke Statistics 2019" published by the American Heart Association, 121.5 million adult Americans have a cardiovascular disease, and 805,000 Americans experience a heart attack annually. Furthermore, the CDC estimates that 795,000 Americans get a cerebrovascular stroke annually. Patients now pay higher treatment costs as a result. It is projected that the combined direct and indirect costs of all cardiovascular illnesses and stroke will exceed US$ 329.7 billion. This amount includes lost productivity as well as medical expenses.
Furthermore, the top five causes of death in the nation are heart disease and stroke, respectively. Although it can be effectively treated, hypertension is a significant risk factor for heart disease and stroke and has a high cost in terms of lives lost and health consequences. Statistics from the Centers for Disease Control and Prevention indicate that 75 million persons in the United States had high blood pressure in 2018. It is anticipated that the prevalence will rise in the near future, which would likely lead to an increase in cardiovascular occurrences. Additionally, the US is one of the most technologically advanced nations, offering a wide range of medical device technology. The nation also actively engages in medical device research and development.
For instance, Guerbet LLC USA introduced two innovative microcatheters for tumor and vascular aneurysm embolization operations, SeOure and DraKon, in May 2018. The FDA granted Surmodics 510(k) clearance in January 2018 for its Telemark.014-inch coronary support microcatheter. The XO Cross Microcatheter platform for guidewire support, exchange, and contrast media injection in the peripheral vasculature was just approved by the FDA and given to Transit Scientific in May 2020. By2028, the US market for microcatheters and microguidewires is anticipated to have grown thanks in part to the growing use of sophisticated catheters and guidewires. Cardiovascular Systems, Inc., for example, announced the first use of their OrbusNeich Teleport microcatheter in December 2018. The apparatus is specifically designed to fulfil the surgical requirements for peripheral and coronary procedures.
Micro Catheter and Micro Guidewires Market Report Scope
Micro Catheter and Micro Guidewires Market News and Recent Developments
The micro catheter and micro guidewires market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In February 2024, BIOTRONIK launched the Micro Rx™ catheter, designed to streamline guidewire support during percutaneous coronary interventions (PCI) procedures. Launch by BIOTRONIK and manufactured by IMDS, this innovative device marks a significant addition to the company's product portfolio of interventional solutions in the United States. (Source: BIOTRONIK Press Release)
Micro Catheter and Micro Guidewires Market Report Coverage and Deliverables
The “Micro Catheter and Micro Guidewires Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- Micro Catheter and Micro Guidewires Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Micro Catheter and Micro Guidewires Market trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Micro Catheter and Micro Guidewires market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Micro Catheter and Micro Guidewires Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type ; Indication ; End User ; and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America region dominated the micro catheter and micro guidewires market in 2023
Key factors that are driving growth of the market are significantly increasing prevalence of cardiovascular diseases
Rising demand for minimally invasive procedures activities are the current trend witnessed in the target market.
Cardinal Health Inc., Medtronic, BD, Stryker Corporation, Boston Scientific Corporation, B. Braun Melsungen AG, Terumo Corporation, Teleflex Incorporated, Cook Medical LLC, and Tokai Medical Products, Inc.
The market is expected to register a CAGR of 6.11% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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