The Micro Guide Catheters Market is growing rapidly due to the rapid advancements in medical technology. Over the past few years, the increasing prevalence of chronic diseases such as Cardiovascular, Neurovascular, and Urology diseases among others is creating the demand for micro guide catheters to be used in the treatment and surgeries. Moreover, dropping prices of these catheters alongside the improving economic conditions are escalating the market on the global platform.
Acknowledging the phenomenal accruals, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global micro guide catheters market will touch a phenomenal valuation by 2023, registering approximately 8% CAGR throughout the forecast period (2017-2023).
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Additionally, factors such as favorable reimbursement policies and the augmenting demand for improved and advanced medical devices that can give a better output to foster the growth of the market. Also, factors such as the growing prevalence of cardiovascular and urological diseases fuelled by the heady or sedentary lifestyle are substantiating the market growth, reasoning for an augmented demand for these products.
The increase in chronic diseases is expected to impact the growth of the micro guide catheters market positively. Furthermore, some of the prevalent trends observed during the analysis such as technological advancements, constant investments transpired in research and development and the surge in acquisitions and mergers will provide impetus to the growth of the market.
On the other hand, factors such as risk associated with weakened catheters may obstruct the market growth, causing fractures and increasing the cost of surgery.
Key players leading the global micro guide catheters market include Terumo Europe N.V. (Belgium), Covidien AG (Ireland), LuMend Corporation (US), Boston Scientific Corporation (US), Volcano Corporation (US), Asahi Intecc Company Limited (Thailand), Merit Medical Systems Inc. (US), ACIST Medical Systems (US), Micro Therapeutics Inc. (India), BrosMed Medical, Cordis Corporation (US), Baylis Medical Medtronic (Canada), Diasolve Ltd. (UK), Cook Medical Inc. (US), and Navilyst Medical Inc. (US) among others.
Micro Guide Catheters Market – Segments
For enhanced understanding, the report has been segmented into four key dynamics.
By Type: Flow Directed Micro Guide Catheters and Over the Wire Micro Guide Catheters among others.
By Application: Cardiovascular, Neurovascular, and Urology among others.
By End-User: Hospital and Clinics among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Micro Guide Catheters Market – Geographical Analysis
The North American region, heading with its well-developed healthcare sector accounts for the leading position in the global micro guide catheters market followed by the European and Asia Pacific region, respectively. Simultaneously, factors such as the high volume of medical procedures conducted through catheterization, substantial healthcare expenditure, and a wide uptake of new technologies account for key growth drivers responsible for the market growth in the region.
The US, backed by the huge technological advancements and high per capita healthcare expenditures leads the regional market. Undoubtedly, the availability of technologically advanced medical devices is positively impacting market growth.
The European region owns the next largest share in the global micro guide catheters market, following the North American market closely. Factors propelling the growth of the regional market include the resurging economy that is availing the best possible healthcare & substantially high healthcare expenditures and the government support that encourages manufacturers of micro guide catheters to develop new and better devices.
The Asia Pacific region is emerging as a profitable market for micro guide catheters due to the rapidly improving healthcare infrastructure. Moreover, factors such as the ever-increasing population that is continually dictating the demand for quality healthcare and the spreading awareness towards the availability and benefits of these devices are positively impacting the growth in the regional market. Rapidly developing economies are expected to provide immense opportunities for the growth of microfluidics devices.
Also, the increasing adoption of technologies is positively impacting market growth in the region. Furthermore, rising healthcare concerns and the increasing prevalence of vascular diseases along with the fast-proliferating healthcare sector increases the market size of the micro guide catheters market in the APAC.
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