According to Market Research Future (MRFR)’s latest market report, the global micro guide catheter market is projected to grow at a consistent CAGR during the forecast period of 2017 t0 2023. The worldwide increase of incidences of heart diseases and advancements in healthcare have motivated steady demand for catheters and as result, growth for the global market.
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Healthcare devices and instruments are continually being advanced to be more efficient, with market leaders investing large sums in research and development, micro guide catheters have come a long way and continue to have advancing technology used, thus motivating steady growth. The growing use of micro guide catheters in the treatment of cardiovascular diseases is another significant factor affecting positive growth for the global market. Changing lifestyles and urbanization across the globe have led to higher occurrences of cardiovascular diseases which in turn has increased the demand for micro guide catheters.
Micro guide catheters have several advantages over conventional catheters which allow for their use in advanced applications such as an effective treatment for atrial fibrillation. Product recalls, and unfavorable insurance policies in association with the use of micro-guide catheters are expected to challenge the growth of the market. However, it should be noted that the opportunities the market presents are expected to prompt overall growth. Advancements and development of highly efficient catheters have government support which is likely to mitigate the challenges mentioned above. Moreover, stiff competition in the market keeps the technology at a lower cost which drives growth, as affordability is of prime importance in healthcare.
Key players have been profiled in the report for a deeper understanding of the competitive landscape of the global micro guide catheter market including prominent market leaders such as Micro Therapeutics Inc., etc.
The global micro guide catheter market has been segmented on the basis of type, application, end-user, and region. By type, the market has been segmented into flow directed micro guide catheters and over the wire micro guide catheters. By application, the market has been segmented into cardiovascular, neurovascular, urology and other. By end-user, the market has been segmented into hospitals, clinics, and others. By region, the global market has been divided into North America, Europe, the Asia-Pacific and the Middle East & Africa.
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Globally, the North American market segment has the most significant share of more than one-third of the total market due to the presence of several high profile market leaders who are at the forefront of advancements of the new technology used for advanced catheters. Additionally, there is an increased awareness of health and medical devices which have played an important role in the growing demand for the use of micro guide catheters. The region has developed nations such as the U.S and Canada where a prevalence of sedentary life, changing diets and lifestyles in these countries which are largely urban has led to an increase in cardiovascular diseases thus motivating increased demand for the product and growth for the market.
Closely following North America, is Europe due to a similar growth pattern. The presence of several developed countries with well-established healthcare sectors and increased incidences of cardio vascular diseases are key drivers of market growth for the region. Moreover, the government is highly supportive of research activities thus driving product development in the region and as a result, market growth.
Meanwhile, the Asia-Pacific is an emerging market due to the presence of a vast and increasing patient population with increasing occurrences of cardiovascular diseases caused by rapid urbanization in developing nations of the region. A growing focus on healthcare in these countries combined with the presence of prominent medical device manufacturers is expected to drive growth during the assessment period.
Latest Industry News
Biosense Webster, of the Johnson & Johnson family, has successfully used its new QDOT MICRO catheter to treat atrial fibrillation (AF) in its first patient in its study. The study in question aims to evaluate the use of this catheter to deliver short duration ablation for the treatment of paroxysmal AF. QDOT MICRO is and innovative solution which is expected to simplify technique and reduce total ablation time.
Teleflex launched the TrapLiner catheter which has been designed for use in vascular procedures, specifically in Europe. The newly launched catheter works as an alternative to the trapping technique
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