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I AgreeAnalysis of Coronary Microcatheters market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global coronary microcatheters market is valued at US$ 206.2 million in 2022 and is forecasted to expand at a CAGR of 7.5% to reach US$ 424.2 million by the end of 2032.
Demand for coronary microcatheters directly depends on the prevalence of coronary artery diseases (CAD) across the globe, and North America is expected to be a favorable market for manufacturers.
Report Attributes |
Details |
---|---|
Coronary Microcatheters Market Size (2021A) |
US$ 192.9 Million |
Estimated Market Value (2022E) |
US$ 206.2 Million |
Forecasted Market Value (2032F) |
US$ 424.2 Million |
Global Market Growth Rate (2022-2032) |
7.5% CAGR |
North America Market Share (2021) |
~ 32% |
Europe Market Growth Rate (2022-2032) |
~ 6.5% CAGR |
United States Market Growth Rate (2022-2032) |
~ 7.2% CAGR |
Market Share of Top 5 Companies |
~ 18.3% |
Key Companies Profiled |
|
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The high prevalence of cardiovascular diseases among the global population is owing to changing lifestyles and eating habits. Demand for coronary microcatheters has observed a substantial increase owing to the growing incidence of coronary artery diseases (CAD) such as angina pectoris and the increasing incidence of abrupt cardiac deaths. Additionally, investments and technological advancements in minimally-invasive procedures have created a growth path for microcatheters across the world.
These factors have amplified the sales of coronary microcatheters during the historical period (2017-2021) at a compound annual growth rate of 5.8%.
Manufacturers are constantly bringing innovations into the market, such as the introduction of different tip types. These innovations will give traction to market growth during the forecast period. Also, government funding for the improvisation of the healthcare sector is one of the driving factors for the coronary microcatheters market.
Fact.MR says that the global coronary microcatheters market will reach a valuation of US$ 424.2 million by 2032, expanding at a CAGR of 7.5% over the next ten years.
Over the 2017-2021 historical period, the global coronary microcatheters market registered a CAGR of 5.8%, and according to Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 7.5% CAGR between 2022 and 2032.
Market share analysis of coronary microcatheters based on product type and region. Under the product type segment, single-lumen microcatheters lead with 53.5% market share in 2022.
“High Incidence of Cardiovascular Diseases across the Globe Will Uplift Market Growth’’
The world is facing a high prevalence of cardiovascular diseases due to unhealthy diets and varying lifestyles among the population. Cardiovascular diseases are a prominent cause of death around the globe. Among them, coronary artery disease (CAD) is the leading cause of death among the U.S. population.
Hence, rising cases of cardiovascular diseases across the globe will generate high demand for coronary microcatheters for better treatment and diagnosis purposes.
“Benefits of Microcatheters in Complex Cardiovascular Surgeries”
This publication states that percutaneous coronary intervention (PCI) typically needs microcatheters. Multivessel disease, convoluted coronary architecture, calcified and ostial lesions, and left main stem stenosis are more common in older people. However, because calcified lesions make preparing the target vessel, lesion access, and lesion challenging, doctors have been hesitant to send older patients for PCI procedures. In this scenario, microcatheters play a crucial role to treat such complicated coronary surgeries.
Due to considerable vascular angulation and calcification, investigations have demonstrated that microcatheters perform well in the treatment of calcified lesions in otherwise challenging procedures. A majority of fibrotic and severely calcified stenoses are now more amenable to treatment because of steerable coronary microcatheters.
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“Stringent Regulations leading to Product Approval Delays”
The novel innovation comes with some advantages as well as risks; hence, government authorities such as the FDA are concerned regarding the safety of all medical devices. Due to stringent regulations by government bodies, manufacturers of coronary microcatheters are facing problems in gaining approvals for their innovative products.
Additionally, manufacturers need to take approval from FDA’s Emergency Use Authorization (EUA) and the CE Mark for manufacturing and using innovative coronary microcatheters.
The U.S. market is anticipated to expand at a CAGR of 7.2% during the forecast period. The U.S. observes several research collaborations among manufacturers as well as license agreements for various healthcare products. Huge technological advancements in the United States provide an opportunity for manufacturers to bring in innovative products for the diagnosis of cardiovascular diseases.
Also, cardiovascular disease is the leading cause of death among the U.S. population. The country has observed rising cases of cardiovascular diseases over the historical years. For example, in 2017, roughly 18.2 million individuals suffered from various cardiovascular diseases of age beyond 20 years among the U.S. population.
APAC accounted for more than 30% share of the global coronary microcatheters market at the end of 2021. Growing population, changing lifestyles, and erratic eating habits in East Asia and South Asia and the ASEAN region are anticipated to increase the prevalence of cardiovascular diseases. As a result, APAC will become an opportunistic regional market for industry players.
Additionally, rising per capita healthcare spending in countries such as China, Japan, and India is expected to be a promising factor for coronary microcatheters market growth. Furthermore, increasing government spending as well as initiatives will support market growth in China.
The coronary microcatheters market, under product type, is categorized into single-lumen, duel-lumen, and guide extension. Amongst them, single-lumen coronary microcatheters held the largest market share of 53.6% in 2021 and the segment is expected to exhibit a CAGR of 7% during the forecast years of 2022-2032.
Single-lumen coronary microcatheters are ordinary microcatheters used to provide backing to allow the placement of guidewires in a vessel. The dominance of single-lumen coronary microcatheters is because of their ease of handling and allowance of reshaping and exchange of wirer without misplacing the vessel entry.
Additionally, single-lumen microcatheters are chosen over wire balloon catheters owing to their ability to provide precise visualization of their tip location with the obtainability of a marker at the tip.
In terms of end user, the market is segmented into hospitals, ambulatory surgical centers, cardiac catheterization laboratories, and specialty clinics. Among them, hospitals account for a majority of the share in the global market and the segment is projected to hold 81.3% share of the market by 2032.
The reason behind this high dominance is the rising healthcare infrastructure and facilities across the world. Also, the availability of healthcare specialists helps increase the trust in hospital services among the population. Most cardiovascular surgeries are done in hospitals, due to which it is a favorable end-user segment for the sales of coronary microcatheters.
Prominent coronary microcatheter manufacturers are Boston Scientific Corporation, Teleflex Corporation, ASAHI INTECC USA, INC., Medtronic, Terumo Corporation, KANEKA CORPORATION, CookMerit Medical Systems, Merit Medical Systems, Nipro Corporation, OrbusNeich Medical Company Limited, Baylis Medical Company, Inc, Interventional Medical, Device Solutions (IMDS), Reflow Medical, Inc., Shanghai Kindly Medical Instruments Co, Ltd, ACIST Medical Systems, Inc, iVascular S.L.U., and Acrostak Int. Distr. Sàrl.
Leading suppliers of coronary microcatheters are focusing on their diversification of product portfolios, for which, they are making huge investments in research and development. Apart from this organic strategy, companies are also adopting inorganic growth tactics such as acquisitions, mergers, and collaborations to drive global expansion.
Fact.MR has provided detailed information about the price points of key manufacturers of coronary microcatheters positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
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Sales of coronary microcatheters are anticipated to reach US$ 424.2 million by 2032.
Single-lumen coronary microcatheters account for over 53.5% share of the global coronary microcatheters market.
From 2017 to 2021, worldwide sales of coronary microcatheters increased at 5.8% CAGR.
The North American coronary microcatheters market accounts for 32.2% market share in 2022.
The global coronary microcatheters market stands at US$ 206.2 million in 2022.