Global Microcatheters Market Size Expands at CAGR of 6.32% to Cross USD 1.3 Billion by 2030

Published | 06 February 2024

Global Microcatheters Market is flourishing because of a growing focus on the treatment and management of the rising prevalence of cardiovascular diseases and increasing adoption of minimally invasive procedures.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Microcatheters Market size at USD 874.21 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Microcatheters Market size to expand at a CAGR of 6.32% reaching a value of USD 1,342.57 million by 2030. The growing incidence of several chronic illnesses, such as cardiovascular disorders, and the growing use of minimally invasive operations are significant growth drivers for the Global Microcatheters Market. Furthermore, it is projected that rising healthcare costs and technical developments in microcatheter technology will boost the global microcatheters market during the forecast period.

Opportunity: Launch of technologically advanced microcatheters

The growth of the Global Microcatheters Market is expected to be driven by the large investments made by various industry players in R&D activities to present innovations and expand their applications. For example, Acotec Scientific Holdings, a China-based medical device manufacturer, was approved to market its microcatheter, Vericor-14 in China. In another instance, Reflow Medical Inc., a medical device developer based in the United States, received FDA commercial clearance for its coreCatheters, a complete line of microcatheters.

Impact of Escalating Geopolitical Tensions on Global Microcatheters Market

The escalating geopolitical tensions negatively impacted the growth of the Global Microcatheters Market. For instance, Ukraine is a lucrative medical tourism hub for many foreigners, with an advanced healthcare system, competitive pricing, and a wide range of surgical procedures. However, the country's healthcare system was thrown off balance by Russia's invasion of Ukraine. The lack of resources and medical personnel resulted in the immediate suspension of all elective and non-emergency surgeries and treatments. The medical industry faced severe difficulties as a result of the supply chain interruptions, which also affected the demand for microcatheters in the country. The conflict also caused a lack of funding, which impeded medical research and technical advancement and slowed down the expansion of the Microcatheters Market.

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Global Microcatheters Market

Segmental Coverage

Global Microcatheters Market – By Application

Based on application, the Global Microcatheters Market is segmented into cardiovascular, neurovascular, peripheral vascular, urology, otolaryngology, and others. The cardiovascular segment holds the largest share of the Global Microcatheters Market. Approximately 80 million women and 110 million men worldwide suffer from coronary heart diseases. Microcatheters are gaining significant traction in the market owing to their increasing use for minimally invasive surgeries. The cardiologist performs an angioplasty by using a catheter to guide a tiny balloon into the artery and inflate it to expand and enhance blood flow in a clogged artery.

Global Microcatheters Market – By Region

The in-depth research report on the Global Microcatheters Market covers the market in a number of major countries across five major regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa. North America dominates the Global Microcatheters Market owing to its advanced healthcare system and increasing prevalence of chronic diseases. According to the New York State Department of Health, the most prevalent kind of heart disease, coronary heart disease (CHD), claims the lives of over 375,476 individuals annually. Approximately 805,000 Americans suffer from a heart attack annually. As a result, the demand for minimally invasive procedures is increasing in the United States, driving the Microcatheters Market in the North America region.

Competitive Landscape

Major players operating in the Global Microcatheters Market include Asahi Intecc USA, INC., Stryker, Cook Group Incorporated, Terumo Medical Corporation, Boston Scientific Corporation, Medtronic Plc, Merit Medical Systems, Guerbet, Biomerics, and ENKI. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Global Microcatheters Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Microcatheters Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Microcatheters Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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