Published: Jul, 2019
Research analysts at Transparency Market Research have published a new report that offers information about the global micro guide catheters market. This report talks about the trends, opportunities, drivers, and restraining factors influencing the growth of the global micro guide catheters market and offers meaningful insights. As per the report, the global micro guide catheters market is expected to grow at a healthy CAGR of 7.6% over the course of the given forecast period of 2017 to 2024. With such a solid growth rate, the micro guide catheters market is expected to reach an overall market valuation of US$242.0 mn by the fall of 2024. This is a substantial growth in market value as compared to the initial value of US$144.4 mn reported in 2017.
The analysts working on the report have segmented the global micro guide catheters market according to the type of product namely flow directed and over the wire. The market is expected to be dominated by over the wired segment and is expected to reach its segment valuation of US$143.4 mn by the end of the given forecast period of 2017 to 2024. On a geographical front, the global micro guide catheters market is expected to be led by North America owing to increasing adoption of advanced medical technologies.
Some of the key players in the global micro guide catheters market include names such as Boston Scientific Corporation, Terumo Corporation, Cardinal Health, Merit Medical Systems Inc., Koninklijke Philips N.V., Cook Medical, and Asahi Intecc Co. Ltd among others. As per the reports published by TMR, a small group of companies projects the global micro guide catheters market to experience market dominance. Of these above-mentioned companies, the global micro guide catheters market is expected to be dominated by Boston Scientific Corporation. This dominance is attributed to the strong business portfolio of the company coupled with strong R&D capacities.
Increasing Cardiovascular Diseases to Drive Market Growth
There are several factors that are positively influencing the growth of the global micro guide catheters market. One of the key driving factors for the market growth is the growing incidences of the aneurysm and similar vascular diseases. As per the findings published by the American Heart Association, approximately 17.3 million people die each year due to cardiovascular diseases. Unfortunately, the findings also say that this number may reach up to 23.6 million by the year 2030. Thus, a growing number of patients that will need micro guide catheters is likely to increase and thus, will help in the growth of the global market.
In addition to this, the growing preference among patients for minimally invasive surgeries is also an important driving factor for the growth of the global micro guide catheters market. Furthermore, due to advancements in technology, micro guide catheters have become more efficient and safe to use. This is also helping to drive the growth of the global market.
High Product Cost is Slowing Down Market
While the above-mentioned factors are good for the growth of the market, there are some key elements that may hamper the development of the global micro guide catheters market in the near future.
One of the key reason that is slowing down the market growth is the limited insurance coverage for these catheters, especially in the emerging economies. In spite of having a large patient pool that needs micro guide catheters, the adoption is comparatively low because of the high cost. This is also slowing the market to reach its maximum potential.
The review presented here is based on the findings of a TMR report, titled “Micro Guide Catheters Market (Product Type - Over-the-wire and Flow-directed; Indication - Cardiovascular and Neurovascular; End User - Hospitals, Specialty Clinics, and Ambulatory Surgery Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2024.”
Global micro guide catheters market segmentation:
- Specialty Clinics
- Ambulatory Surgery Centers
- 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
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