Global Micro Guide Catheters Market: Over-the-wire Micro Guide Catheter Segment to Continue to Lead, notes TMR
The global micro guide catheters market is consolidated with the top three companies accounting for a massive 50.3% of the market in 2015. These three companies are Cardinal Health, Boston Scientific Corporation, and Medtronic. Owing to the propriety nature of the technology which existing players hold and the high cost of this technology, there remains very low chances of new players entering the market. Thus, the threat of new entrants in the micro guide catheters market is expected to remain low in the coming years, states Transparency Market Research (TMR) in its new research study. Some of the other players operating in the market include: Asahi Intecc Co., Ltd, Penumbra, Inc., Merit Medical Systems, Inc., Integer Holdings Corporation, Cook Medical, Koninklijke Philips N.V., and Terumo Europe NV,
According to the report, the global micro guide catheter market is expected to rise from US$136.3 mn in 2016 US$242.0 mn by the end of 2024, expanding at a CAGR of 7.5% between 2016 and 2024. On the basis of product type, the market is expected to be led by the over-the-wire micro guide catheter segment, which also led in the past, and is leading currently. The enhanced stability offered by the device has fueled their adoption, thus boosting the market. The flow-directed catheters is expected to be second in terms of leading in the market, driven by their immense flexibility and reduced risk of causing hemorrhage.By indication, the cardiovascular disease segment will lead in the forecast period on account of the rising cases of cardiac surgeries, increasing prevalence of obesity, and increased intake of nicotine and alcohol.
North America to Lead in Market owing to Increasing Prevalence of Cardiovascular Diseases
On the basis of end user, the hospital sector will continue to lead. The segment is expected to show a 7.4% CAGR from 2016 to 2024. Rising insurance coverage, advanced therapeutic procedures, and sophisticated and technologically advanced healthcare infrastructure are among the various factors making the hospital segment lucrative for micro guide catheters. On the basis of geography, North America led in 2015, accounting for 38.8% of the market. Growing geriatric population and high incidence of cardiovascular diseases among the population are pushing the demand for micro guide catheters in the region. “Asia Pacific is expected to show remarkable growth in the coming years owing to favorable healthcare insurance and increasing awareness about treatment options,” says a TMR analyst. Japan is expected to be a lucrative market in Asia Pacific owing to their adoption of advanced technologies, low healthcare expenses, and long life expectancy.
Product Recalls and Lack of Reimbursement Policies in Developing Nations to Deter Market’s Growth
The global micro guide catheters market is driven by increasing prevalence of aneurysms and various types of cardiovascular diseases. The growing trend of making use of minimally invasive tools is also boosting the adoption rates of micro guide catheters. Another factor fueling the growth of the market is the growing geriatric population across regions. Increasing healthcare expenditure will also boost the growth of this market, states a TMR analyst. On the other hand, the lack of reimbursement policies in developing economies will pose a challenge and restrain the adoption of micro guide catheters. In addition to this, product recalls such as the one in 2016 came as a rude shock to the leading company Medtronic as well as consumers. However, the increase in application of micro guide catheters in the future such as their application in cancer and peripheral vascular diseases will create growth opportunities in the market.
The information presented in this review is based on a Transparency Market Research report, titled, “Micro Guide Catheters Market (Product Types - Over-the-wire and Flow-directed; Indications - Cardiovascular and Neurovascular; End Users - Hospitals, Specialty Clinics, and Ambulatory Surgery Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Key segments of the Global Micro Guide Catheters Market are:
Micro Guide Catheters Market, by Product Type
Micro Guide Catheters Market, by Indication
Micro Guide Catheters Market, by End Users
- Specialty Clinics
- Ambulatory Surgery Centers
Micro Guide Catheters Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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