Microcatheters Market | Size, Share, and Forecast [2021-2031]
The microcatheters market size in 2021 stood at US$ 913.63 million and is projected to reach US$ 1,758.04 million by 2031 from US$ XX million in 2023. The market is expected to register a CAGR of 5.1% in 2023–2031. The surge in new product approvals, launches, and awareness in field of cardiac microcatheter, and rising demand for minimally invasive procedures are likely to remain key microcatheters market trends.
Microcatheters Market Analysis
The escalating prevalence of cardiovascular illness in the global population, as well as the rising incidence of neurovascular disease, are driving market growth. Moreover, the demand for microcatheters has increased significantly due to the prevalence of coronary artery disease, such as angina pectoris and the rising frequency of sudden cardiac death. Furthermore, government financing to improve the healthcare industry is one of the factors driving the microcatheters market.
Microcatheters Market Overview
Microcatheters are thin-walled, small-diameter delivery devices used in minimally invasive surgical procedures to facilitate vein navigation, access, and targeted therapeutic delivery within the body. Interventional radiologists, neurosurgeons, and cardiologists use microcatheters for diagnostic and therapeutic procedures such as embolization, angiography, thrombectomy, and targeted medication delivery. The widespread use of microcatheters has resulted in substantial advances in medical treatments, including more precise and effective therapy delivery and better patient outcomes.
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Microcatheters Market: Strategic Insights
Market Size Value in US$ 410.0 Million in 2019 Market Size Value by US$ 773.1 Million by 2027 Growth rate CAGR of 8.4% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Microcatheters Market: Strategic Insights
| Market Size Value in | US$ 410.0 Million in 2019 |
| Market Size Value by | US$ 773.1 Million by 2027 |
| Growth rate | CAGR of 8.4% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Microcatheters Market Drivers and Opportunities
Increasing Prevalence of Cardiovascular Diseases to Favor Market Growth
According to the World Health Organization (WHO), cardiovascular diseases are the most prominent cause of morbidity and mortality worldwide. cardiovascular diseases include cerebrovascular disease, coronary heart disease, and rheumatic heart disease. Major lifestyle factors causing cardiovascular diseases and related difficulties are tobacco consumption, unhealthy diet, and physical inactivity, among others. The other risk factors related to cardiovascular diseases are high blood pressure, diabetes, and elevated cholesterol levels. Heart attacks and strokes are mainly caused by fatty deposits that block blood vessels, disrupting blood flow to the heart or brain. According to a report from American Heart Association, in 2020, ~19 million deaths were attributed to cardiovascular diseases globally, which amounted to an increase of 18.7% from 2010. Also, the World Heart Federation predicts more than 23 million cardiovascular diseases -related deaths per year by 2030. Therefore, the high prevalence of cardiovascular diseases is boosting the cardiac microcatheter market.
Government-led Initiatives Regarding Heart Health
The Initiative HEARTS in the Americas is led by the Ministries of Health with the participation of local stakeholders and the technical cooperation of the Pan American Health Organization (PAHO). The initiative is being implemented in 22 countries across the region and in more than 1,400 health centers. By 2025, HEARTS will be the model for cardiovascular risk management, including diabetes, hypertension, and dyslipidemia, in primary health care in the Americas.
Microcatheters Market Report Segmentation Analysis
Key segments that contributed to the derivation of the microcatheters market analysis are indication and end user.
- Based on indication, the microcatheters market is divided into neurovascular, coronary, and general peripheral vascular. The coronary segment held a largest market share in 2023.
- In terms of end user, the market is segmented into hospitals, specialty clinics, and ambulatory surgical centers. The hospitals segment dominated the market in 2023.
Microcatheters Market Share Analysis by Geography
The geographic scope of the microcatheters market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the microcatheters market. The rising prevalence of the cardiovascular diseases, rise in the awareness programs, increasing product launches, and initiatives by the government to control and prevent the prevalence across the region are factors contributing to the dominance of the North America microcatheters market. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Microcatheters Market Report Scope
Microcatheters Market News and Recent Developments
The microcatheters 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 microcatheters:
- Transit Scientific announced FDA 510(k) clearance of its XO Cath microcatheter designed for the precise delivery of a broad range of embolic agents during complex endovascular procedures. The XO Cath microcatheter is designed to deliver new levels of trackability, torque response, and embolic compatibility for improved treatment delivery. (Source: Transit Scientific, Press Release, 2023)
- Merit Medical Systems Inc, a leading global manufacturer and marketer of healthcare technology, announced the expansion of its Maestro Microcatheter product line to now include a new longer length for radial embolization procedures. (Source: Merit Medical Systems, Press Release, 2023)
Microcatheters Market Report Coverage and Deliverables
The “Microcatheters Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- 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
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- 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
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
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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