Micro Guide Catheters Market Is Likely to Clock a Healthy 7.6% CAGR Between 2017 and 2024
Albany, NY -- (SBWire) -- 05/01/2018 --As per the TMR report, the global micro guide catheters market is likely to clock a CAGR of 7.6% for the forecast period between 2017 and 2024. Proliferating at this pace, the market's valuation of US$144.4 mn in 2017 will become US$242.0 mn by 2024-end. Of the two product type segments, namely over-the-wire and flow-directed, the segment of over-the-wire is most attractive and is anticipated to stay this way through 2024. The over-the-wire segment is predicted to be worth US$143.4 mn by 2024. Based on indication, the cardiovascular segment is predicted to hold dominance through 2024. Region-wise, North America is the most lucrative market for micro guide catheters due to early adoption of advanced medical devices.
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One of the leading growth drivers of the global micro guide catheters market is increasing incidence of aneurysm and other vascular diseases. As per the American Heart Association, almost 17.3 million deaths each year are related to cardiovascular diseases, and the count is expected to rise to 23.6 million by 2030. Hence, staggering growth in patient pool that will require micro guide catheters is likely to offer numerous growth opportunities for product manufacturers.
Furthermore, increasing preference for minimally invasive surgeries is another key growth driver of micro guide catheter market. Embolization is a minimally invasive procedure for the treatment of cerebral aneurysms and peripheral vascular diseases that offers advantages of less post-operative pain and faster recovery.
Apart from this, safety and efficacy characteristics of micro guide catheters are furthering their adoption for successful therapeutics and fast recovery of major invasive procedures. At present, physicians prefer guiding catheters in place of diagnostic catheters due to their safety attributes and due to the ability to pass a variety of instruments through the catheter and to reach the lesion site. Additionally, several other devices can be advanced into the artery using a micro guide cathter for disease treatment.
The growing number of geriatrics who are susceptible to vascular diseases is stoking demand for micro guide catheters. As per statistics of the American Heart Association, 85.6 million Americans are detected with some cardiovascular disease, of them, 43.7 million people are above the age of 60 years. Also, rising per capita healthcare expenditure and increasing awareness about newer therapeutics for vascular diseases is acting in favor of this market.
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One of the key factors restraining the growth of micro guide catheters market is limited insurance coverage for micro guide catheters especially in developing nations. Despite medical need for micro guide catheters by a large patient pool, their high prices make them unaffordable by most. Loss of sales due to high volume product recalls are also holding back the market's growth. Product recall of Medtronic in 2016 resulted in considerable revenue loss for the company.
The global micro guide catheters market witnesses the dominance of a handful of companies, namely Boston Scientific Corporation, Medtronic, Cardinal Health, Terumo Corporation, and Merit Medical Systems Inc., states Transparency Market Research (TMR) in a new report. Of them, Boston Scientific Corporation holds clear dominance owing to its strong product portfolio and robust R&D capabilities accounting for an array of pipeline products in micro guide catheters segment. Mergers & acquisitions and collaborations are some key growth strategies adopted by leading players in the micro guide catheters market.
Some other companies in the micro guide catheters market to name are Integer Holdings Corporation, Cook Medical, Asahi Intecc Co. Ltd., Penumbra Inc., and Koninklijke Philips N.V.
At present, vast geographical presence and extensive product portfolio renders stiff competition among prominent players. Threat of new entrants, however, is low due to the capital intensive nature and proprietary rights on technology that are held by topnotch players.
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