Albany, NY -- (SBWire) -- 02/20/2019 --Global Micro Guide Catheters Market: Snapshot
Players in the global micro guide catheters market are beefing up their product portfolio to serve unmet healthcare needs that helps them sustain competition as well. The staggering pool of patients with vascular diseases have led product manufacturers to boost their R&D capabilities and introduce novel products. This is boosting the micro guide catheters market.
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Safety and efficacy features of micro guide catheters account for their extensive use for successful therapeutics and fast recovery from major invasive procedures. Micro guide catheters are thus preferred over diagnostic catheters to pass surgical instruments to reach the lesion site.
However, factors such as limited insurance coverage to use micro guide catheters for therapeutics and high product recalls hampering revenue are holding back the micro guide catheters market's growth. Considering a number of favorable factors, the global micro guide catheters market is likely to clock a healthy 7.6% CAGR between 2017 and 2024.
Cardiovascular Segment to Register Leading Growth Rate through 2024
The global market for micro guide catheters is segregated based on product type, indication, end user, and geography. The segments of the market based on product type are over-the-wire and flow-directed. Of the two, over-the-wire segment is anticipated to hold the larger 59.2% share of the overall market by 2024. The flow-directed segment is anticipated to be worth US$98.6 mn by 2024; the growth of this segment is attributed to decreased risk of intracranial hemorrhage and device flexibility due to factors such as lack of wire.
Depending upon indication, cardiovascular, neurovascular, and others are the segments into which the micro guide catheters market is segmented. Out of these, cardiovascular is the most attractive segment that surpasses all in terms of growth rate due to its immense applications and advantages. Rising prevalence of cardiovascular diseases owing to several factors are expected to account for the dominance of cardiovascular segment through 2024.
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On the other hand, the neurovascular segment is likely to hold a significant 37.4% share of the market by 2024. Increasing number of brain aneurysms globally are expected to propel the neurovascular segment through the forecast period.
By end user, the key segments into which the micro guide catheters market is divided are hospitals, ambulatory surgery centers, and specialty clinics. The hospitals segment, of them, is predicted to hold 44.2% share of the overall market by 2024. Hospitals is the most attractive segment as they are the facilities and technologies offered are highly appealing to patients. Hospitals are also mostly covered by healthcare insurance furthering the growth of this segment.
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Growth of specialty clinics segment is mainly driven by rising popularity of specialty clinics especially in developing countries mainly because of short waiting period and care rendered by experienced consultants.
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Micro Guide Catheters Market – Increasing Incidence of Vascular Diseases Stokes Demand of the Market