Microcatheters Market worth $1,142 million | Terumo Corporation (Tokyo, Japan), Boston Scientific Corporation (Massachusetts, US), and Cook Medical (Indiana, US)

Microcatheters Market in terms of revenue was estimated to be worth $874 million in 2023 and is poised to reach $1,142 million by 2028, growing at a CAGR of 5.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. Advanced healthcare infrastructure, increasing prevalence of chronic diseases, favorable reimbursement policies, technological advancements and research activities, well-established regulatory framework, increasing awareness and adoption of minimally invasive procedures, and presence of key market in developing regions players. The combination of these factors has propelled the growth of the microcatheter market. With ongoing advancements in technology, increased focus on minimally invasive procedures, and a favorable healthcare ecosystem, the market is expected to continue its growth trajectory. However, competition from alternative technologies or treatment modalities, such as drug-eluting stents, drug-coated balloons, or surgical procedure limits the market growth.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=184715728&utm_source=Openpr&utm_campaign=Paid&utm_content=Referral

Diagnostic Microcatheters segment to register significant growth rate over the forecast period of 2022-2028

Based on the product type, the microcatheter market is segmented into Delivery Microcatheter, Aspiration Microcatheter, Diagnostic Microcatheter, and Steerable Microcatheter. The development of advanced imaging technologies, such as intravascular ultrasound (IVUS), optical coherence tomography (OCT), and fractional flow reserve (FFR), has increased the need for specialized diagnostics microcatheters. These microcatheters are designed to facilitate the delivery of imaging devices, such as ultrasound probes or optical fibers, to the targeted area, allowing for detailed visualization and accurate diagnosis.

Interventional radiology and cardiology procedures often require diagnostic catheters for imaging and sample collection. Diagnostics microcatheters play a crucial role in these procedures, allowing for the precise positioning of diagnostic tools and the collection of samples from targeted areas. The growing adoption of interventional radiology and cardiology techniques has contributed to the increased demand for diagnostics microcatheters.

The oncology application segment accounted for the significant share of the Microcatheters market in 2022-2028

Based on the application, the Microcatheters market is segmented into Cardiovascular, Neurovascular, Peripheral Vascular, Urology, Otolaryngology, and other applications. The rising incidence of cancer worldwide is a significant driver for the oncology microcatheter market. As the prevalence of cancer continues to grow, the demand for interventional oncology procedures, which often involve microcatheters, also increases. Oncology microcatheters are used in the delivery of targeted therapies, embolization, and image-guided interventions for the treatment of various types of cancer. There is a growing preference for minimally invasive treatment approaches in oncology. Microcatheters enable precise and targeted delivery of therapeutic agents directly to the tumor site, minimizing damage to healthy surrounding tissues. Minimally invasive procedures using microcatheters offer benefits such as reduced patient trauma, shorter recovery times, and improved quality of life, driving their adoption in oncology. Collaboration between interventional radiologists and oncologists has expanded the utilization of microcatheters in oncology. The combined expertise of these specialties has led to the development of innovative treatment approaches, including transarterial chemoembolization (TACE) and selective internal radiation therapy (SIRT), which heavily rely on microcatheters. The increasing collaboration between these medical disciplines drives the growth of the oncology microcatheter market. These drivers collectively contribute to the growth of the oncology microcatheter market, providing healthcare professionals with effective tools for targeted therapies, image-guided interventions, and minimally invasive treatment approaches in the field of oncology.

The single-lumen microcatheter segment accounted for the largest share of the microcatheter market in 2022-2028

Based on the design, the microcatheter market is segmented into single-lumen microcatheter and Dual Lumen Microcatheter. The single-lumen microcatheter design segment is estimated to hold the 91.7% market share of the microcatheter market in 2022. Single lumen microcatheters offer versatility and flexibility in their applications. They can be used in a wide range of clinical procedures, including diagnostic imaging, drug delivery, embolization, angioplasty, and biopsy. The ability of single lumen microcatheters to perform multiple functions makes them attractive to healthcare professionals, contributing to their widespread adoption. Adequate reimbursement policies for procedures involving single lumen microcatheters have a positive impact on their adoption and market growth. When healthcare systems provide appropriate reimbursement for these procedures, it encourages healthcare providers to utilize single lumen microcatheters in their practice and invest in the necessary equipment. These drivers collectively contribute to the adoption and growth of single lumen microcatheters in various medical specialties. Their versatility, precision, and ability to enhance patient outcomes make them an integral tool in minimally invasive procedures and targeted interventions.

Hospitals, Surgical Centers, and Specialty Clinics' segment to register for the highest growth rate of the microcatheters market in 2022-2028

The major end users in the microcatheters market are ambulatory surgical centers and hospitals, surgical centers & specialty clinics. Hospitals, surgical centers, and specialty clinics is expected to account for major market share in 2022. There has been an increased emphasis on training healthcare professionals in the use of microcatheters and interventional procedures. With the availability of specialized training programs and workshops, more clinicians are gaining the necessary skills and expertise to utilize microcatheters effectively. This has led to increased adoption and utilization of microcatheters in hospitals, specialty clinics, and surgery centers. Favorable reimbursement policies for procedures involving microcatheters have played a role in their increased use. When healthcare systems provide appropriate reimbursement for these procedures, it encourages healthcare providers to integrate microcatheters into their practice and invest in the necessary equipment and training.

Overall, the increasing use of microcatheters in hospitals, specialty clinics, and surgery centers is driven by the benefits of minimally invasive techniques, improved diagnostic and therapeutic capabilities, expanded applications in multiple specialties, technological advancements, emphasis on patient safety and comfort, training initiatives, and favorable reimbursement policies.

Europe to account for a significant market share in the microcatheter market in 2022

In 2022, the Europe region is expected to register significant growth in the market during the forecast period. Asia Pacific comprises Germany, UK, France, Spain, Italy and RoE. Europe has a rapidly aging population, which is associated with a higher incidence of chronic diseases. As the population ages, the demand for medical interventions, including those requiring microcatheters, is expected to increase. The aging population in Europe contributes to the sustained growth of the microcatheter market. Europe has well-established healthcare systems and favorable reimbursement policies for medical procedures. Adequate reimbursement for procedures involving microcatheters encourages healthcare providers to adopt and utilize these devices in their practice. The availability of reimbursement supports the market growth of microcatheters in Europe.

These factors collectively contribute to Europe's good market share in the microcatheter market, making it a prominent region for the adoption, manufacturing, and research of microcatheters.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=184715728&utm_source=Openpr&utm_campaign=Paid&utm_content=Referral

Microcatheters Market Dynamics:

Drivers:

Increasing Prevalence of Chronic Diseases
Growing Aging Population
Advancements in Minimally Invasive Techniques
Technological Innovations

Restraints:

Stringent Regulatory Requirements
High Cost of Microcatheters
Limited Availability in Developing Regions
Potential Risks and Complications

Opportunities:

Technological Advancements
Emerging Markets
Expansion in Applications
Increasing Adoption of Minimally Invasive Procedures
Collaboration and Partnerships

Challenges:

Competitive Landscape
Cost Pressures
Product Complexity and Variability
Training and Skill Requirements

Key Market Players:

As of 2022, prominent players in the microcatheter market are Terumo Corporation (Tokyo, Japan), Boston Scientific Corporation (Massachusetts, US), and Cook Medical (Indiana, US), among others.

Recent Developments:

In 2021, Terumo medical corporation introduced a new microcatheter named PG Pro Peripheral Microcatheter.

In 2020, Tri Saslus introduced TriNav Microcatheter, globally.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=184715728&utm_source=Openpr&utm_campaign=Paid&utm_content=Referral

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/microcatheter-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/microcatheter.asp

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.