SAN FRANCISCO, Aug. 5, 2020 /PRNewswire/ -- The global microcatheter market size is anticipated to reach USD 2.48 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.8% over the forecast period. Growing prevalence of chronic disorders and increasing demand for minimally invasive procedures are driving the market.
Increase in the incidence of chronic disorders in several countries is anticipated to impact the market growth over the forecast period. For instance, as per the facts published by WHO in 2018, every year 41 million deaths (71%) are reported due to chronic disorders and it is the leading cause of mortality and disability globally. Thus, increasing number of patients suffering from chronic disorders is significantly driving the market.
Key suggestions from the report:
- By product design, the dual lumen segment dominated the market in 2019 and is expected to witness the highest growth during the forecast period as it is widely used for interventional cardiology procedures and it acts like a two microcatheter at a time
- Based on product, the aspiration segment dominated the market in 2019 owing to its increasing adoption in the minimally invasive surgeries and it is widely utilized for the removal of thrombus from the blocked vessels
- On the basis of application, cardiology dominated the market in 2019 owing to increasing number of cardiovascular disorders globally. In addition, benefits offered by the microcatheters during critical cardiac surgeries is the major factor fueling the segment growth
- North America dominated the market in 2019 owing to greater incidence rate of stroke and cancer and increasing government initiatives.
Read 170 page research report with ToC on "Microcatheter Market Size, Share & Trends Analysis Report By Product Design (Single Lumen, Dual Lumen), By Product (Aspiration, Delivery, Diagnostic, Steerable), By Application, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/microcatheters-market
In addition, technological advancements in the treatment of heart diseases and strokes are expediting overall market growth. For instance, development of steerable microcatheters, which offer an alternative approach to traditional microcatheters and can articulate up to 180 degrees in opposing directions, has fueled the market growth.
Furthermore, increasing awareness about chronic conditions such as heart disease and strokes has resulted in the early diagnosis and treatment of disease. Globally, several initiatives have been introduced by the governments of various nations to improve public awareness. For instance, WHO has launched the "Global action plan for the prevention and control of NCDs 2013 - 2020" nationwide for the prevention and management of chronic disorders.
Grand View Research has segmented the global microcatheters market on the basis of product design, product, application, and region:
- Microcatheters Product Design Outlook (Revenue, USD Million, 2016 - 2027)
- Single Lumen
- Dual Lumen
- Microcatheters Product Outlook (Revenue, USD Million, 2016 - 2027)
- Microcatheters Application Outlook (Revenue, USD Million, 2016 - 2027)
- Peripheral Vascular
- Microcatheters Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- List of Key Players of Microcatheter Market
- Medtronic Plc
- Terumo Corporation
- Merit Medical System
- Stryker Corporation
- Penumbra Inc.
- Boston Scientific Corporation
- Teleflex Inc.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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