The catheter is thin tube medical device inserted into the body for diagnosis or treatment and are used in the treatment of diseases like cardiovascular, neurovascular, and urology. The global micro guide catheter market is anticipated to grow at a CAGR of 8 % during the forecast period of 2017 to 2023.
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Growing Number of Medical Procedures Led By Urology Is the Prime Determinant of the Market
The explosive growth of medical procedures led by urology is the prime driver of the market. According to Centres for Disease Control and Prevention, 15 to 25 % of hospitalized patients receive catheters during their hospital stay. Gallbladder diseases affect a large number of people in the world. In the developed world, 10–15% of adults have gallstones. The rising number of rising number of comatose patients and chronic diseases are the demographic drivers of the market. Thus, a large and growing market is easily comprehensible. The rise in risk factors such as increased incidence of cardiovascular and urological diseases and sedentary lifestyle are fueling greater demand.
Technological and Product Development Is Expected To Drive Faster Adoption and Consecutive Market Growth
Technological advancements such as microbial coating catheter will lead to a market premium. Material developments such as silicon catheters also will yield greater growth due to superior properties. Major players are investing in research and innovative product development to improve existing structure and usage of the catheters resulting in three-way and four-way products.
Physical Discomfort and Infection Are the Prime Restraints Which May Hamper the Market Growth
The prime market constraints are discomfort and pain associated with the use of catheters and risk of infections. According to Centres for Disease Control and Prevention among hospitals acquired infections, approximately 75 % are associated with a catheter.
To generate an accurate assessment of the global micro guide catheter market, the report has been segmented by types, application, end users, and regions.
Based on types, the market is segmented into flow directed micro guide catheters and over the wire micro guide catheters.
Based on application, the market is segmented into cardiovascular, neurovascular, urology and other
Based on the end user, the market is segmented into hospital, clinics, and others
Based on regions, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa.
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North America is the top contributor to micro guide catheters owing to excellent reimbursement, the presence of advanced players and massive healthcare expenditure.
Europe accounts for the second largest market share owing to the adoption of new and advanced technologies led by Germany. The UK is expected to be the fastest growing micro guide catheters market in Europe.
The Asia Pacific is expected to be the fastest global market led by China and India owing to increasing prevalence of urologic diseases and rising healthcare expenditure. The Middle East and Africa are supposed to be dominated by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
Some of the significant vendors operating in the market are LuMend Corporation (US), Micro Therapeutics Inc. (India), Terumo Europe N.V. (Belgium), Baylis Medical Medtronic (Canada), Covidien AG (Ireland), Cook Medical Inc. (US), ASAHI INTECC Company Limited (Thailand), Boston Scientific Corporation (US), Volcano Corporation (US), Merit Medical Systems Inc (US), ACIST Medical Systems (US), BrosMed Medical, Cordis Corporation (US), Diasolve Ltd. (UK), Navilyst Medical Inc. (US) and others.
2016 – Becton, Dickinson, and Co. are expected to acquire C. R. Bard Inc. for a massive USD 24 billion in one of the largest merger in medical devices history. This merger is expected to create a monopoly and may harm competition. The alliance, however, will create opportunities for smaller players due to the potential price increase.
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