Microcatheters Market Expected to Reach $1.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Microcatheters Market," The microcatheters market size was valued at $748.88 million in 2021, and is estimated to reach $1.2 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.

Microcatheter is used to describe thin wall, small diameter catheters, and delivery devices used in minimally invasive applications. These small catheters are ideal for navigating the vast network of tiny veins found within the body. Micro-catheters are employed extensively in the neurovascular and cardiovascular fields. They are most commonly used in small vessel or selective diagnostic and interventional procedures. When an application requires an ultra-thin device for delivery, diagnosis, or mapping, a microcatheter is most likely used.

Growth of the microcatheters market trends is majorly driven by surge in number of patients suffering from cancer, rise in prevalence of chronic heart diseases, atherosclerosis, and neurovascular diseases. Globally, the microcatheters market has witnessed significant growth, owing to increase in accidental cases that cause blood clot in neuro vessels, increase in neurovascular diseases, surge in application of microcatheters, and rise in awareness regarding minimal invasive technique in different regions of the world. 

Thus, above-mentioned factors are anticipated to fuel adoption of microcatheters products against chronic diseases. Furthermore, the market is highly competitive in nature, with major players focusing on creating awareness regarding advanced microcatheters. Major players in the microcatheters market host exhibition and seminars to display latest technology in microcatheters and promote use of multifunctional microcatheters for diverse medical applications.

In addition, rise in R&D investments, increase in microcatheters-assisted clinical research studies, and significant rise in the capital income in developed countries strengthen the demand for microcatheters in the market. Rise in the number of research institutes globally is setting up opportunities for the microcatheters market growth.

However, the sales of microcatheters has witnessed hindrances, owing to strict government regulations on the quality of material that are used in it and lack of skilled physicians in performing minimal invasive surgeries using the latest technology. High cost of treatment procedures hampers the market growth. On the contrary, surge in healthcare investments in public as well as private sectors, increase in patient population, and unmet medical demands in developing economies are anticipated to open new avenues for expansion of the microcatheters industry during the forecast period. 

By product type, the steerable microcatheter segment is expected to witness highest CAGR during the forecast period owing to surge in demand for minimal invasive procedure and advanced technology (steerability of microcatheters) of microcatheters. Moreover, manufacturers in the market are boosting their output capacities in steerable microcatheters for treatment of heart diseases.

On the basis of applications, the  neurovascular segment is expected to witness highest CAGR during the forecast period owing to increase in ischemic stroke, rise in sports injuries, and surge in accidental cases that cause head injuries and blood clots in brain. 

On the basis of product design, the dual lumen microcatheter segment generated maximum revenue in 2021 and is expected to witness highest CAGR during the forecast period owing to surge in number of open-heart surgeries, rise in heart attack, cancer, tumor, ischemic stroke, atherosclerosis, angina, myocardial infarction, diabetes, and hypertension.

On the basis of end user, the ambulatory surgery centers segment is expected to witness highest CAGR during the forecast period, owing to increase in the use, trend, and awareness about benefits of ambulatory surgical centers.

By region, North America generated maximum revenue in 2021, owing to a surge in the geriatric population and an increase in the prevalence of diseases such as chronic renal disease, cancer, heart attack, and diabetes. In addition, robust healthcare infrastructure, the presence of key players, and the rise in healthcare expenditure are some factors that further fuels the growth of the market.

On the other hand, Asia-Pacific is expected to witness the highest CAGR during the forecast period owing to the presence of a large patient population and rise in use of microcatheters in minimally invasive surgery. In addition, the increasing number of cancer patients boosts the growth of the microcatheters industry. Moreover, rise in geriatric population, unmet medical demands, initiatives by government & non-governmental organizations (NGOs) to promote awareness regarding microcatheters, and increase in public–private investments in the healthcare sector further drive growth of the market in the region.

Key findings of the study

•    By product type, the aspiration microcatheter segment held the largest microcatheters market share in 2021.
•    By application, the cardiovascular segment held the largest share in the microcatheters market analysis in 2021.
•    On the basis of product design, the dual lumen microcatheter segment held the largest microcatheters market size in 2021 and and is expected to witness highest CAGR during the microcatheters market forecast.
•    On the basis of end user, the hospitals and clinics segment held the largest microcatheters market share in 2021.
•    On the basis of region, the North America held the largest market share in 2021.