Microcatheters Market : Growth in the Target Patient Population
The global microcatheters market is projected to reach USD 924 Million by 2024 from USD 688 Million in 2018, at a CAGR of 5.0% from 2018 to 2024. The growth of this market is primarily driven by majorly driven by the growth in the target patient population (suffering from cardiovascular diseases, neurovascular disorders, and cancer), rising adoption of minimally invasive surgical procedures, and the increasing number of microcatheter-assisted clinical research studies.
The steerable microcatheters segment is expected to grow at fastest CAGR during forecast period owing 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 cancer type, the microcatheters market is segmented into liver cancer, kidney cancer, lung cancer, bone cancer, and other cancers (includes pediatric cancer, prostate cancer, and breast cancer). The liver cancer segment accounted for the largest share in of the microcatheters market in 2018. The large share of this segment is attributed to factors such as rising cases of liver cancer across the globe and growing initiatives/research activities for developing advanced liver cancer therapies using microcatheters.
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Based on end users, the microcatheters market is segmented into hospitals, surgical centers, & specialty clinics; and ambulatory care centers. In 2018, the hospitals, surgical centers, & specialty clinics segment accounted for the largest market share majorly due to the growing number of hospitals and specialty clinics in emerging countries; increasing prevalence of target diseases; and large number of surgical and diagnostic procedures performed across these facilities.
Key Market Players
The major players operating in the global microcatheters industry include Boston Scientific Corporation (US), Medtronic Plc (Ireland), Terumo Corporation (Japan), ASAHI INTECC CO., LTD. (Japan), MERIT MEDICAL SYSTEMS, INC. (US), Teleflex Incorporated (US), Johnson and Johnson (US), Stryker Corporation (US), Cook Group Incorporated (US), Cardinal Health, Inc. (US), Becton, Dickinson and Company (US), B. Braun Melsungen AG (Germany), AngioDynamics, Inc. (US), Penumbra (US), and BTG PLC (UK), among others.