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| Global Microcatheter Market |
The global microcatheter market has been gaining significant traction over the past few years owing to the increasing number of minimally invasive neurovascular procedures. Microcatheters are among the most widely used devices in interventional radiology and endovascular neurosurgery procedures for the treatment of various neurological disorders including aneurysms, carotid artery stenosis and arteriovenous malformations. The high flexibility and steerability of microcatheters allows precise navigation through tortuous vessels to deliver therapeutic devices such as embolic coils, stents and liquid embolics directly to target sites.
Key Takeaways
Key players operating in the Global Microcatheter Market are Medtronic Plc, Terumo Corporation, Merit Medical System, Stryker Corporation, Penumbra Inc., Boston Scientific Corporation, Teleflex Inc., Becton Dickinson and Company, Asahi Intecc Co. Ltd.
The rising prevalence of neurological diseases coupled with increasing geriatric population is a major factor fueling the demand for Global Microcatheter Market Size in minimally invasive neurosurgical procedures. According to WHO, around 1 billion people globally suffer from neurological disorders annually.
Major companies are focusing on expanding their geographic presence through collaborations and acquisitions to capture the untapped growth opportunities in emerging markets such as Asia Pacific and Latin America. For instance, in 2020, Terumo Corporation acquired European-based microcatheter manufacturer Baylis Medical to enhance its global footprint.
Market Key Trends
Technological advancements are mainly driving the Global
Microcatheter Market Size And Trends Key players are launching
innovative new models with advanced features such as flexibility, torque
response and trackability to facilitate interventions in complex vessels. For
example, in 2021, Medtronic received FDA clearance for Liberty 180
Microcatheter with Platinum tip that allows angiographers to achieve optimal
support and trackability when navigating tortuous and tight anatomy. The
3D-printed tip adds flexibility and support and the Platinum alloy core wire
optimizes torque response and pushability. Such innovative new launches are
increasingly being adopted owing to better clinical outcomes.
Porter’s Analysis
Threat of new entrants: New entrants face significant challenges to penetrate
the global microcatheter market due to the presence of major players and high upfront
capital requirements for research and development. Bargaining power of buyers:
Buyers have moderate bargaining power due to the presence of a large number of
players providing microcatheters. Bargaining power of suppliers: Suppliers have
moderate bargaining power due to the dependency of players on raw material
supplies. Threat of new substitutes: There is a low threat of substitutes as
there are limited product alternatives for microcatheters. Competitive rivalry:
Competition is high among the global players due to their worldwide presence
and strong distribution networks.
Asia Pacific is anticipated to grow at the fastest pace during the forecast
period owing to increasing healthcare investments, rising medical tourism, and
growing demand for interventional medical procedures. Growing geriatric
population in China and India increasing disease burden is expected to drive
regional market over the next few years.
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Ravina
Pandya, Content Writer, has a strong foothold in the market research industry.
She specializes in writing well-researched articles from different industries,
including food and beverages, information and technology, healthcare, chemical
and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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