Coronary Microcatheters Market
Coronary Microcatheters Market by Product (Single-lumen, Dual-lumen, Guide Extension Coronary Microcatheters), by Tip (Steerable, Angled, Straight Tip Coronary Microcatheters), by Material (Stainless Steel, Tungsten-braided Shaft), by End-User & by Region - Global Insights to 2031
Coronary Microcatheters Market Outlook
As per coronary microcatheters industry analysis by Fact.MR, market revenue totalled US$ 179 Mn in 2020, and is expected to reach US$ 363 Mn by 2031 accelerating at a CAGR of 6.7%.
According to the analysis, global demand for coronary microcatheters enjoyed year-on-year (YoY) growth of 6% in 2021. North America and Europe have high shares in the global market, i.e. 31% and 28%, respectively. Single-lumen microcatheters are highly sought-after, and their demand is set to increase at a CAGR of 6.4% over the decade.
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Key Market Insights Covered in Coronary Microcatheters Industry Survey:
- Market Estimates and Forecasts 2016-2031
- Key Drivers and Restraints Impacting Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Demand for Coronary Microcatheters and How to Navigate
- Recommendation on Key Winning Strategies
Demand Analysis of Coronary Microcatheters from 2016-2020 Vs Market Outlook for 2021-2031
According to Fact MR, a market research and competitive intelligence provider, value of the global coronary microcatheters market was US$ 179 Mn in 2020. Sales of coronary microcatheters for cardiac applications is growing rapidly due to increasing prevalence of coronary artery diseases (CAD) such as unstable angina and rising incidence of sudden cardiac death.
Medical professionals and researchers are using different tip types in operational processes, such as steerable, angled tip, and straight tip, according to the need of the hour. Key players are primarily focusing on collaborations with other brands to improve their position in the market.
- For instance, in February 2021, Terumo Corporation collaborated with Health Outcomes Sciences, Inc., which helped the company deliver personalized, predictive insights at point-of-care that improves the overall outcome in treatment.
Various innovative products are being launched by key players to improve treatment processes.
- In August, 2020, Medtronic launched the Telescope Guide Extension Catheter. This surgical catheter is specifically used for providing extra support and access to distal lesions. It has also helped in delivering coronary stents, balloons, and other interventional devices meant for angioplasty procedures.
Developmental stages of advanced coronary microcatheters require huge capital expenditure. With rise in the number of new entrants in the market, overall research & development expenses are projected to rise exponentially, along with collaborations and licensing agreements with several research institutes.
Fact MR expects the coronary microcatheters market to rise at 6.7% CAGR from 2021 to 2031. Demand is growing significantly due to rapid adoption of new technologies for the treatment of coronary heart diseases.
How is High Prevalence of Cardiovascular Diseases Shaping Demand for Coronary Microcatheters?
Cardiovascular diseases are the leading cause of deaths across the world. Both, developed and developing countries face this problem due to changing lifestyles.
For instance, in 2019, according to WHO, approximately 17.9 million deaths were recorded due to cardiovascular diseases, i.e., around 32% of total deaths worldwide. Thus, growing incidence of cardiovascular diseases across the world will create demand for better diagnostics and treatment options, thus driving sales of coronary microcatheters as well.
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What are the Key Opportunities Awaiting Manufacturers of Coronary Microcatheters?
In the case of coronary microcatheters, increasing production base across low-cost manufacturing clusters such as India, China, South Africa, and other Asian countries is expected to aid market growth. Key players are focusing on developing cost-effective products to target more number of patients. As such, various emerging market players are mainly involved in developing cost-effective products.
What is Adversely Affecting Sales of Coronary Microcatheters?
Stringent regulations make it difficult for manufacturers to gain approvals from regulatory bodies such as FDA for their innovations and products. For the use of coronary microcatheters, it is important to gain approval from different authoring committees.
For manufacturing and using a novel coronary microcatheter, it is mandatory to gain approval from the FDA's Emergency Use Authorization (EUA) and the CE Mark. These strict regulations hamper market growth to some extent due to longer approval time.
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Will the U.S. Remain a Lucrative Market for Coronary Microcatheter Suppliers?
The U.S. holds 91% share of the coronary microcatheters market in North America. The U.S. see a lot of research collaborations and license agreements for healthcare products. Rising technological advancements give an opportunity to manufacturers to innovative products for the diagnosis of blood-related diseases such as blood cancer and anaemia.
Also, prevalence of cardiovascular diseases has increased manifold in the country over the last few years. For instance, in 2017, according to CDC, approximately 18.2 million people suffered from cardiovascular diseases of age above 20 years in the U.S.
Why Does Brazil Lead the Latin America Market for Coronary Microcatheters?
The Brazil market accounts for over 40% market share of Latin America. Technological advancements in the country have played a vital role in growing the market.
For instance, development of portable and compact cardiological devices such as electrocardiogram (ECG) has enhance the market stance, which bodes well for the years ahead.
What are Single-lumen Coronary Microcatheters Highly Sought-after?
Single-lumen microcatheters are projected to witness higher growth potential over the coming years. The segment is likely to experience a high CAGR of 6.4%, with revenue totalling US$ 96.5 Mn in 2020.
Coronary microcatheters are widely used by cardiologists for patients suffering from cardiovascular diseases because they facilitate the injection of liquid embolic solvents in an appropriate manner.
Will Popularity of Straight Tip Coronary Microcatheters Continue Rising?
In 2020, straight tip coronary microcatheters dominated the market with a share of 54.5%, and a similar trend is projected for the forecast period as well. This is due to the innovative nature of straight tips that offer speed, control, and delivery in a highly effective manner.
Also, demand for steerable coronary microcatheters is set to have a decent outlook for the years ahead. Steerable microcatheters for percutaneous coronary intervention has been seeing a gradual rise over the years.
What is the Scope of Growth for Cardiac Catheterization Laboratories?
Despite hospitals currently leading the market, cardiac catheterization laboratories have a significant growth opportunity as far as coronary microcatheters are concerned, and the segment is expected to surge at 8.4% CAGR over the next ten years.
What is the Impact of the COVID-19 Crisis on Coronary Microcatheter Demand?
The COVID-19 pandemic has negatively impacted demand for diagnosis coronary microcatheters. This was mainly due to large-scale closures and shutdowns, restrictions on travel, and a halt in the treatment of other diseases due to the priority shifting towards COVID-19.
Also, several international production and manufacturing businesses were affected significantly and this had a direct impact on coronary microcatheter manufacturing. But slowly, with passing time and decreasing rates of positive cases of COVID-19, the market is regaining its position and stabilizing.
Top coronary microcatheter manufacturers are primarily aiming to carry out strategic acquisitions, collaborations, and launch innovative products. Strategic steps such as acquisitions help companies in expanding their reach in the market in terms of both, product portfolio and geography.
- In 2019, Boston Scientific Corporation acquired BTG plc. This expanded Boston Scientific’s product offerings for minimally invasive procedures.
- In 2019, Merit Medical Systems, Inc. acquired Brightwater Medical, Inc. to can bring the ConvertX® system into its medical device portfolio.
- In February, 2020, Teleflex Medical OEM acquired HPC Medical Products (HPC), a leading company of medical tubing and wire components, to strengthen its catheter capabilities.
Coronary Microcatheter Market Report Scope
Historical Data Available for
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Coronary Microcatheters Categorization as Per Industry Research
- Single-lumen Coronary Microcatheters
- Dual-lumen Coronary Microcatheters
- Guide Extension Coronary Microcatheters
By Tip Type
- Steerable Coronary Microcatheters
- Angled Tip Coronary Microcatheters
- Straight Tip Coronary Microcatheters
- Stainless Steel Coronary Microcatheters
- Stainless Steel+ Polytetrafluoroethylene – PTFE Coronary Microcatheters
- Tungsten-braided Shaft Coronary Microcatheters
- Platinum/Tungsten Coil Coronary Microcatheters
- Coronary Microcatheters for Hospitals
- Coronary Microcatheters for Ambulatory Surgical Centers
- Coronary Microcatheters for Cardiac Catheterization Laboratories
- Coronary Microcatheters for Specialty Clinics
- FAQs -
Revenue from the global coronary microcatheters market is valued at around US$ 190 Mn at present.
As per Fact.MR’s projections, demand for delivery coronary microcatheters is expected to reach a value of US$ 363.4 Mn by the end of 2031, with sales revenue expected to register a CAGR of 6.7%.
From 2016-2020, sales of coronary microcatheters registered CAGR of 5.4%, mainly due to rising incidence of cardiovascular diseases across the world.
The market is benefitting from increasing demand for minimally invasive surgeries and the collaborative approach taken by both, service providers and manufacturers.
The U.S., China, U.K., Germany, and France are expected to drive most of the demand for coronary microcatheters over the coming years.
North America is one of the dominant regions for coronary microcatheter production and sales. The U.S. is expected to account for 92.5% share of the North American market by 2031.
Demand for coronary microcatheters is anticipated to rise at around 5% CAGR in the Latin American region through 2031.
Hospitals remain the leading end users and are expected to hold a share of 74%, due to the presence of technologically advanced equipment and more number of patients admitted to hospitals.