The growth of the market is primarily driven by factors such as growth in the target patient population, rising adoption of minimally invasive surgical procedures, and the increasing number of microcatheter-assisted clinical research studies.
Microcatheters Market Growth :-
The global microcatheters market is projected to reach USD 924 Million by 2024 from USD 688 Million in 2018. The market is expected to grow at a CAGR of 5.0% from 2018 to 2024.
Microcatheters Market – Product :-
Based on product type, the market is segmented into delivery microcatheters, aspiration microcatheters, diagnostic microcatheters, and steerable microcatheters. The steerable microcatheters segment is expected to grow at the highest CAGR during the forecast period (2018-2024). The high growth of this segment is attributed to the growing number of image-guided and minimally invasive medical procedures across major countries, shift from manually operated devices towards robotically operated surgical platforms, rising prevalence of vascular diseases, and the procedural advantages associated with steerable microcatheters.
Based on product design, the market is segmented into single-lumen and dual-lumen microcatheters. The single-lumen microcatheters segment is expected to dominate the microcatheters market in 2018. This segment is also projected to grow at a higher CAGR during the forecast period. Factors such as wide availability of these products across major healthcare markets, increasing number of target medical procedures, and operational advantages offered by single-lumen products are expected to drive the growth of this market segment in the coming years.
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Microcatheters Market – Application :-
The market, by application, is segmented into cardiovascular, neurovascular, peripheral vascular, oncological, urological, otolaryngologic, and other applications. The cardiovascular applications segment is estimated to command the largest share of the microcatheters market in 2018. This is mainly due to the significant market availability of microcatheters for cardiology applications, the procedural benefits offered by microcatheters during critical cardiac surgeries, and the increasing prevalence of coronary heart diseases across the globe.
Microcatheters Market – End User :-
The market has been segmented into ambulatory care centers and hospitals, surgical centers, & specialty clinics. The hospitals, surgical centers, & specialty clinics segment is expected to dominate the market in 2018. The large share of this segment is attributed to the growing number of hospitals and specialty clinics in emerging countries; increasing prevalence of target diseases; and the growing number of cardiovascular, neurological, and oncological procedures.
Microcatheters Market – Geographical Region :-
The market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the microcatheters market in 2018, followed by Europe. The large share of North American microcatheters market is mainly due to the high number of cardiovascular, neurovascular, and other target procedures performed in the region. The large patient pool, presence of a well-established healthcare system, and on-going investments by hospitals to upgrade their operating rooms are other factors contributing to the large share of this regional market.
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