The market is estimated to grow with a CAGR of 5.5% from 2021 to 2028.
Micro Catheter and Micro Guidewire Market: Insight
According to our new research study on “Micro Catheters and Micro Guidewires Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by product, indication, end-user,” the market is expected to reach US$ 1,954.92 million in 2028 from US$ 1,342.51 million in 2021. The market is estimated to grow with a CAGR of 5.5% from 2021 to 2028. Microcatheters are thin walled, small diameter catheter and delivery devices usually used in minimally invasive surgeries. These small catheters are ideal for navigating the vast network of tine veins found within the body. These devices are also used for the safe and smooth delivery of therapeutic as well as diagnostic agents. The devices are used extensively in vascular aneurysm embolization procedures.
The scope of the micro catheters and micro guidewires market includes product type, indication, end user, and region. Based on region, the micro catheters and micro guidewires market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the micro catheters and micro guidewires market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world. It also includes COVID–19 impact analysis across the regions.
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Micro Catheter and Micro Guidewire Market Comparative Landscape and Key Development
Cardinal Health Inc, Medtronic, BD, Stryker Corporation, Boston Scientific Corporation, B. Braun Melsungen AG, Terumo Corporation, Teleflex Incorporated, Cook Medical LLC, and Tokai Medical Products, Inc are among the leading companies operating in the Micro Catheters and Micro Guidewires market. The companies are adopting inorganic and organic growth strategies to expand their global footprints and product portfolio to meet the rising demands for the Micro Catheters and Micro Guidewires. For instance, in May 2019, Medtronic Launches Telescope Guide Extension Catheter. Telescope features design innovations to enable smooth delivery of coronary stents and balloons to support complex coronary cases.
Surging Incidence of Neurovascular Diseases
The neurovascular system is highly dependent on the continuous supply of oxygen and nutrients, which is supplied by arteries and veins. The supply of oxygen and nutrients to the brain is essential for its working; therefore, any defect in the system can impair the function and it may quickly become a life-threatening factor.
A few common neurovascular conditions, diseases, or disorders are ischemic stroke, hemorrhage stroke, brain aneurysm, vascular malformation, and brain tumors. During recent years, the prevalence of neurological disorders has increased significantly. For instance, cerebral aneurysm is one of the neurovascular diseases. The incidence of this disease is rising significantly worldwide. Therefore, its prevalence has increased tremendously across the globe. Nearly, 30,000 people in the US suffer from brain aneurysm rupture every year. A brain aneurysm ruptures every 18 minutes. The annual rate of brain rupture in the country is close to 8–10 per 100,000 people. Thus, the rising prevalence of cerebral aneurysms fuels the growth of the micro catheters and micro guidewires market.
Micro Catheter and Micro Guidewire Market: Segmental Overview
The growth of micro catheters product type segment is prominently attributed to growing number of product launches and approvals. For instance, in January 2018, Guerbet LLC USA’s SeQure and DraKon microcatheters received U.S. Food and Drug Administration (FDA) clearance for the application of infusion media into all peripheral of contrast vessels and drug infusion in intra-arterial therapy and infusion of embolic materials. Also, the same devices got CE approval in April 2019. In addition, the companies are actively focusing on establishment of partnerships and collaborations to develop new products, which will ultimately drive the market growth. For instance, in March 2021, Varian Medicals invested in Israel-based company Bend It for the development of advanced steerable microcatheters. Such developments are likely to have positive impact on the market growth.
Based on end user, the micro catheters and micro guidewires market is segmented into hospitals, specialty clinics, and ambulatory surgical centers. The hospitals segment held the largest share of the market in 2020 and is estimated to register the highest CAGR of 6.1% in the market during the forecast period.
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