According to market research report, "Microcatheters Market by Type (Delivery, Diagnosis, Aspiration, Steerable), Design (Single, Dual Lumen), Application (Cardiovascular, Neurovascular, Peripheral Vascular, Oncology, Urology), End-User (Hospital, Specialty Clinics) - Global Forecasts to 2024", The microcatheters market is projected to reach USD 924 Million by 2024 from USD 688 Million in 2018, at a CAGR of 5.0%.
Growing target patient population of cardiovascular diseases, neurovascular disorders, and cancer; rising adoption of minimally invasive surgical procedures (which utilizes microcatheters); and the increasing number of microcatheter-assisted clinical research studies are the major factors driving the growth of this market.
The steerable microcatheters segment is expected to grow at fastest CAGR during forecast period owing to the growing number of image-guided and minimally invasive medical procedures across major countries, shift from manually operated devices towards robotically operated surgical platforms, rising prevalence of vascular diseases, and the procedural advantages associated with steerable microcatheters.
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The neurovascular applications segment is to be the fastest-growing segment during the forecast period. The growth of this segment can be attributed to factors such as the increasing incidence of target neurological conditions, ongoing technological advancements in the field of endovascular microcatheters, and market availability of specialized products.
The liver cancer segment accounted for the largest share in of the microcatheters market in 2018. The large share of this segment is attributed to factors such as rising cases of liver cancer across the globe and growing initiatives/research activities for developing advanced liver cancer therapies using microcatheters.
Emerging economies in the region such as India, China, and South Korea along with developed markets such as Japan and Australia are offering high-growth opportunities for market players in the field of microcatheters. This can be attributed to factors such as presence of a large patient pool, increasing prevalence & incidence of target diseases, growing healthcare infrastructure in Asian countries, and favorable government initiatives.
The major players operating in the microcatheters market are Boston Scientific Corporation (US), Medtronic Plc (Ireland), Terumo Corporation (Japan), ASAHI INTECC CO., LTD. (Japan), and MERIT MEDICAL SYSTEMS, INC. (US). The other prominent players operating in the overall microcatheters market include, Teleflex Incorporated (US), Johnson and Johnson (US), Stryker Corporation (US), Cook Group Incorporated (US), Cardinal Health, Inc. (US), Becton, Dickinson and Company (US), B. Braun Melsungen AG (Germany), AngioDynamics, Inc. (US), Penumbra, Inc (US), and BTG PLC (UK), among others.