- Micro Guide Catheters Market is growing pervasively; mainly due to rapid technological advancements.
- An increase of chronic diseases will affect growth of the Micro Guide Catheters market positively.
- Key market players compete based upon pricing and reputation.
Catheters are used in the treatment of different types of diseases like Cardiovascular, Neurovascular, Urology and many more. A catheter is typically inserted into the body for the administration of liquid medication or gas during the treatment of diseases.
Additional factors substantiating market growth include growing prevalence of cardiovascular and urological diseases fueled by a heady or sedentary lifestyle, eventually leading to the medical necessity and demand for catheters.
The Micro Guide Catheters Market is growing pervasively; mainly due to rapid technological advancements. According to a recent study report published by Market Research Future (MRFR), the booming global Micro Guide Catheters market is expected to gain prominence over the forecast period. The Market is forecast to demonstrate a CAGR of 8 % between 2017 and 2023, surpassing its previous growth records in terms of value.
Higher affordability, favorable reimbursement policies and the augmenting demand for improved and advanced medical devices which provide better output give impetus to market growth.
An increase of chronic diseases will affect growth of the Micro Guide Catheters market positively. Prevalent trends observed in the market include technological advancements, constant investments transpired in research and development and the surge in acquisitions and mergers. Associated risk of weakened materials can hamper the market growth, causing fractures and increasing the cost of surgery.
Major companies in the Micro Guide Catheter field are Terumo Europe N.V., LuMend Corporation, Covidien AG, Boston Scientific Corporation, Asahi Intecc Company Limited, Volcano Corporation, Merit Medical Systems Inc., Micro Therapeutics Inc., ACIST Medical Systems, BrosMed Medical, Baylis Medical Medtronic, and Cordis Corporation.
The global market for micro guide catheters appears to be fiercely competitive with several well-established and small players operating in the market. These players incorporate collaboration, acquisition, expansion, strategic partnership, & technology launches. Substantial investments are transpired in clinical trials and development. These key players compete based upon pricing and reputation.
The Market demonstrates high growth potential which is likely to attract several new entrants to the market, resulting in intensified competition. Key players invest heavily in R&D activities and clinical trials to develop effective Micro Guide Catheters. These players are holding the largest market share while other small and medium-sized companies are also growing. Manufacturers strive to develop Micro Guide Catheters with advent technology and unrivaled design and features.
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The MRFR analysis is segmented into four key dynamics for the convenience of understanding;
By Types: Flow Directed Micro Guide Catheters and Over the Wire Micro Guide Catheters, and other. By Applications : Comprises Cardiovascular, Neurovascular, Urology, and other. By End-Users: Comprises Hospital, Clinics and others. By Regions: North America, Europe, APAC, and the Rest-of-the-World (RoW).
Globally, North America leads the global micro guide catheters market with the largest market share. The market is estimated to accrue exponentially by 2023, Factors underlying the market growth include a well-developed healthcare sector and high volume of medical procedures conducted through catheterization and substantial healthcare expenditure. Simultaneously, a wide uptake of new technologies in the US is also a key growth driver responsible for market growth in the region.
Expected to be the second-largest market for micro guide catheters, the European market is expected to grow at a considerable CAGR. Certainly, the resurging economy in the region is acting as a key driver for regional market growth. Besides, the availability of funds for research, and a huge patient population within the region are some of the key driving forces supporting the market growth in the region.
The Asia Pacific market for micro guide catheters is expected to emerge as a lucrative market, growing rapidly from 2017 to 2023. Market growth will be led by India and China due to the huge population and availability of low-cost medications for treatment. Furthermore, factors such as an increasing prevalence of vascular diseases and fast-proliferating healthcare sector fuel market growth in the region.
July 16, 2018 – Cardiovascular Systems Inc. (US), a leading company involved in developing and commercializing innovative solutions for treating PAD and CAD announced signing of exclusive international distribution agreement with OrbusNeich (HongKong), a global company that designs, develops, manufactures and markets medical devices including micro catheters for the treatment of vascular diseases. The agreement is expected to support Cardiovascular Systems, Inc. to sell its peripheral Orbital Atherectomy Systems (OAS) and coronary outside the US and Japan.