- Summary
- Table Of Content
- Methodology
Microcatheter Market Introduction :
Consegic Business Intelligence analyzes that the microcatheter market size is growing with a CAGR of 5.1% during the forecast period (2023-2031), and the market is projected to be valued at USD 1,259.78 Million by 2031 and USD 845.53 Million in 2023 from USD 809.36 Million in 2022.
Microcatheter Market Definition & Overview:
A microcatheter is a small diameter tube, through which medicine can be delivered and is widely incorporated in minimally invasive procedures. They are ideal for navigating through arteries and utilized for percutaneous coronary and neurovascular interventions. It is a long, thin, flexible tube that is used in minimally invasive medical procedures. It is typically made of a material such as plastic or metal and has a lumen (inner opening) that is small enough to accommodate a guidewire or other medical device. Based on the analysis, owing to the small build and diameter of the product, it is ideal for navigating through complex vasculatures in the human body. These products are widely used for cross lesions, accessing digital anatomy, and performing complex endovascular procedures. They have angled tips and lubricious coating for easy penetration and deliverability.
Microcatheter Market Insights :
Microcatheter Market Dynamics - (DRO) :
Key Drivers :
Increasing chronic diseases is boosting the market growth
Microcatheters are thin, flexible tubes that are used in a variety of medical procedures. The increasing prevalence of chronic diseases such as neurovascular disorders, cardiovascular disorders, and cancer is boosting the demand of the market. They are useful in reaching the most complex veins and thus are ideal for different medical treatments. They are used in percutaneous coronary intervention (PCI) to open blocked coronary arteries. As per the analysis, this is a minimally invasive procedure that can help to improve blood flow to the heart and reduce the risk of heart attack. Thus, owing to increasing chronic disorders globally due to multiple aforementioned factors, are influencing the market.
Rising adoption of minimally invasive procedures is propelling the market
Microcatheters enable physicians and doctors to perform different complex interventions through minimally invasive techniques. Different advancement and revolutions in medical procedures and techniques is boosting the market. It is useful for navigating through anatomical structures with efficiency and precision. Also, demand for less invasive procedures which are ideal for faster recovery time and reducing patient trauma is driving the expansion of the market. Hence, due to enhanced patient experience and improved procedural outcomes, there is a growing demand for minimally invasive procedures, leading to further trends in the market. Furthermore, according to the analysis, certain advantages of minimally invasive procedures such as short hospital stays, reduced trauma, and fast recovery, among others are driving the demand for the microcatheter industry. Hence, due to the aforementioned benefits of minimally invasive procedures, there is increasing microcatheter market demand.
Key Restraints :
High cost of microcatheters is hampering the market
Microcatheters are very expensive, as they have advanced technology and costly manufacturing processes involved. Also, specialized materials used for manufacturing the product are expensive, leading to the high cost of these instruments. Hence, due to the high cost of the products, there is a lower adoption rate in many nations, especially in underdeveloped countries where there are limited healthcare budgets. Thus, as per the analysis, different manufacturers are finding ways to minimize the cost across the value chain so that products can be offered in the market at competitive rates. Hence, due to the aforementioned reasons, the cost considerations are impacting the adoption rate of the product in different nations, and thus hampering the market.
Future Opportunities :
Technological advancement in the products serves as the biggest opportunity for market
Growing advancements in catheter products by various manufacturers in the market to improve catheter design, flexibility, materials, and trackability are expected to create lucrative opportunities and trends in the coming years. Moreover, as per the analysis different technological advancements in products such as catheter navigation systems, robotics, and advanced materials are driving the market. Also, advancements in the products involving CMOS circuitry, pressure sensors, and others are acting as catalysts for microcatheter market growth.
Hence, different product advancement by the key players in the market is expected to drive the microcatheter market growth during the forecast period. For instance, in April 2019, Medtronic Plc, one of the global leaders in medical technology, services, and solutions, launched Phenom 21 Catheter, a 160cm length microcatheter for the delivery of all sizes of Solitaire X, a device that mechanically removes blood clots from blocked vessels in the brain. Hence, due to different technological advancements in the instrument, the requirement of the market is expected to create lucrative microcatheter market opportunities and trends in the forecast period.
Microcatheter Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 | USD 1,259.78 Million |
| CAGR (2023-2031) | 5.1% |
| By Type | Delivery Microcatheters, Diagnosis Microcatheters, Aspiration Microcatheters, and Steerable Microcatheters |
| By Product Type | Single-Lumen Microcatheters and Dual-Lumen Microcatheters |
| by Application | Cardiovascular, Peripheral Vascular, Urology, Oncology, Otolaryngology, and Others |
| By End User | Hospitals and Clinics, Ambulatory Surgical Centers, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
| Key Players | Medtronic Plc, Merit Medical, Surmodics, Inc., Terumo Corporation, Stryker Corporation, Penumbra Inc., Boston Scientific Corporation, Teleflex Inc., Johnson and Johnson, and Cardinal Health, Inc. |
Microcatheter Market Segmental Analysis :
Based on the Type :
The type segment is categorized into delivery, diagnosis, aspiration, and steerable. In 2022, the aspiration segment accounted for the highest market share in the market. This product is widely used for the treatment of aneurysms, acute strokes, peripheral artery diseases, and others. Also, certain features of the product such as total cessation of blood flow, prevention of distal embolism during interventional procedures, and quick recanalization are driving major requirement for aspiration microcatheters. Hence, due to the aforementioned benefits, the segment is experiencing significant trends in the market.
Moreover, the steerable segment is expected to grow at the fastest CAGR over the forecast period in the market. This type is much simpler to use and has shorter procedure times. Also, the product offers flexibility in changing the shape and angle of the tip when it is inserted inside a patient. Furthermore, the increasing number of image-guided and minimally invasive medical procedures, coupled with the high adoption of robotically operated surgical platforms is driving the development of the segment. Hence, due to the aforementioned factors, the segment is growing positively in the market.
Based on the Product Type :
The product type segment is categorized into single-lumen and dual-lumen. In 2022, the dual-lumen segment accounted for the highest market and is expected to grow at the fastest CAGR over the forecast period in the market due to the wide usage of the product. The rising number of open-heart surgeries owing to an increase in disorders such as cancer, angina, diabetes, heart attacks, and others are driving major requirement for dual lumen. Also, the product is widely preferred for interventional cardiology procedures and mitigates the need for multiple infusions. Furthermore, based on the analysis, the increasing prevalence of chronic diseases is leading to further requirement for this instrument. For instance, according to a report by the World Health Organization, in 2022, noncommunicable diseases kill 41 million people each year, equivalent to 74% of all deaths globally. Cardiovascular diseases account for most NCD deaths, or 17.9 million people annually, followed by cancer and chronic respiratory diseases. Hence, due to increasing chronic illness and disorders, the segment is witnessing significant trends in the microcatheter market.
Based on the Application :
The application segment is categorized into cardiovascular, peripheral vascular, urology, oncology, otolaryngology, and others. In 2022, the cardiovascular segment accounted for the highest revenue in the market. This is owing to the increasing prevalence of chronic heart diseases such as angina, heart attack, hypertension, myocardial infarction, and others. Unhealthy lifestyle preferences coupled with a lack of physical activity, obesity, and high blood pressure are driving increasing requirement for cardiovascular applications. For instance, according to a recent report by the Centers for Disease Control and Prevention, in 2023, one person dies every 33 seconds in the U.S. from cardiovascular disease. The report also mentions about 695,000 people in the U.S. died from heart disease in 2021. Hence, increasing concerns of cardiovascular diseases is driving segmental trends.
Moreover, the peripheral vascular segment is expected to grow at the fastest CAGR over the forecast period in the market. It is largely utilized for treating different strokes and neurovascular disorders. Increasing cases of hypertension, cigarette smoking, diabetes, and others are the major causes of stroke. For instance, according to a report by the World Health Organization in 2023, around 15 million people worldwide suffer a stroke annually, out of which 5 million people die. Hence, increasing cerebrovascular diseases is leading to major requirement for these instruments are influencing the microcatheter market trends.
Based on the End-User :
The end user segment is categorized into hospitals and clinics, ambulatory surgical centers, and others. In 2022, the hospitals and clinics segment accounted for the highest microcatheter market share of 52.05% and is expected to grow at the fastest CAGR over the forecast period in the market. The increasing number of patient admissions coupled with well-resourced diagnostic rooms is driving the development of hospitals and clinics. Also, improvement in reimbursement policies in the hospitals is acting as catalysts for higher requirement for this segment. The increasing number of hospitals coupled with well trained and experienced physicians in the segment is driving more use of these catheters in the hospitals and clinics. For instance, according to a report by Invest India in 2021, the hospital industry in India, which was valued at USD 61.79 billion in FY17, is expected to reach around USD 132 billion by the end of 2023, growing at a CAGR of 16%-17%. Hence, increasing healthcare expenditure is leading to rising demand for hospitals and clinics, further driving the segment trends.
Based on the Region :
The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
In 2022, North America accounted for the highest market share at 39.50%, valued at USD 319.70 million in 2022 and USD 334.41 million in 2023, it is expected to reach USD 499.63 Million in 2031. In North America, the U.S. accounted for the highest market share of 65.15% during the base year 2022. Based on the microcatheter market analysis, this is due to the presence of established healthcare facilities and key players in the region. The high number of surgical procedures involving this instrument in the region is boosting further demand of the market in North America. Furthermore, the rising prevalence of cardiovascular diseases and high per capita health expenditure is driving the market growth in the region.
Moreover, Asia Pacific is expected to witness significant growth over the forecast period, growing at a CAGR of 5.8% during 2023-2031. This is due to the growing aging population coupled with an increase in the number of people suffering from chronic disorders and heart diseases in the region. Also, improving the quality of diagnostics and growing advancements in healthcare facilities is driving market growth further in Asia Pacific. Hence due to the aforementioned factors, the microcatheter market is growing significantly in the region.
Top Key Players & Market Share Insights:
The global microcatheter market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market revenue through mergers, acquisitions, and partnerships. The key players in the market include-
- Medtronic Plc
- Merit Medical
- Teleflex Inc.
- Johnson and Johnson
- Cardinal Health, Inc.
- Surmodics, Inc.
- Terumo Corporation
- Stryker Corporation
- Penumbra Inc.
- Boston Scientific Corporation
Recent Industry Developments :
- In April 2019, Medtronic Plc launched a new product named Phenom 21 Catheter, a 160cm length microcatheter. Medtronic continues to deliver technological innovations to advance stroke treatment, as stroke is the second leading cause of death.
- In March 2023, Merit Medical, one of the leading global manufacturers of healthcare technology, launched new sizes of advanced articulating microcatheter SwiftNINJA steerable microcatheter. The product is expected to pave the way for better embolization care.
Key Questions Answered in the Report
What was the market size of the microcatheter industry in 2022? +
In 2022, the market size of microcatheter was USD 809.36 million.
What will be the potential market valuation for the microcatheter industry by 2031? +
In 2031, the market size of microcatheter will be expected to reach USD 1,259.78 million.
What are the key factors driving the growth of the microcatheter market? +
The rising adoption of minimally invasive procedures is fueling market growth at the global level.
What is the dominating segment in the microcatheter market by end user? +
In 2022, the hospitals and clinics segment accounted for the highest market share of 52.05% in the overall microcatheter market.
Based on current market trends and future predictions, which geographical region is the dominating region in the microcatheter market? +
North America accounted for the highest market share in the overall microcatheter market.
