by Micro guide catheters are catheter that can be directed through narrow blood passages or vessels in the body. It is used along with angiography in order to diagnose and treat cardiovascular diseases. Micro guide catheters have a flexible tip for accessing tortuous lesions or guiding other devices during cardiovascular procedures. Some key applications of micro guide catheters include neurovascular interventions, coronary interventions and peripheral vascular interventions. Growing aging population and increasing risk factors of coronary artery diseases such as obesity, hypertension and diabetes have boosted the demand for micro guide catheters.
The global Micro Guide Catheters Market is estimated to be valued at US$ 227.91 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major driver for growth of micro guide catheters market is rising prevalence of coronary artery diseases. According to World Health Organization, cardiovascular diseases are the number one cause of death globally. In 2016, an estimated 17.9 million people died from cardiovascular diseases representing 31% of all global deaths. Around 75% of deaths are due to heart attack and stroke and over three quarters of cardiovascular disease deaths take place in low- and middle-income countries. Rising obesity rates, growing geriatric population and changing lifestyle habits are some of the key factors accelerating the prevalence of coronary artery diseases. Growing disease burden of coronary artery diseases is expected to drive the demand for micro guide catheters procedures for diagnosis and treatment of cardiovascular ailments over the forecast period.
The other driver referred from the heading is rising prevalence of coronary artery diseases flourishing the micro guide catheters market. Growing prevalence of coronary artery diseases has significantly boosted the demand for minimally invasive angiography procedures where micro guide catheters are widely used. Increasing healthcare expenditure in emerging nations and reimbursement for cardiovascular procedures further supports the market growth of micro guide catheters.
Segment Analysis
The global micro guide catheters market is dominated by coronary and neurovascular segments. The coronary segment accounts for over 45% share of the global market owing to rising prevalence of cardiovascular diseases and increasing number of minimally invasive procedures. The neurovascular segment is expected to witness the fastest growth during the forecast period attributed to growing number of aneurysm and arteriovenous malformation cases being treated using micro guide catheters.
PEST Analysis
Political: Government initiatives to increase awareness about cardiovascular diseases and funding for research and development of innovative medical devices is positively impacting the market growth.
Economic: Rising healthcare expenditure and growing number of hospitals and surgical centers performing minimally invasive surgeries is fueling the demand for micro guide catheters.
Social: Increasing sedentary lifestyle leading to obesity, smoking and other risk factors associated with cardiovascular diseases is driving the need for efficient treatment options involving micro guide catheters.
Technological: Advancements in material science and manufacturing technologies are resulting in development of next generation micro guide catheters with enhanced flexibility, steerability and trackability. Introduction of hydrophilic coatings on newer devices is further augmenting their adoption rate.
Key Takeaways
Global Micro Guide Catheters Market Size is estimated to be valued at US$ 227.91 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.
Regional analysis indicates North America accounts for the largest share of over 40% in 2024 owing to presence of large patient pool and rapid uptake of advanced interventional procedures.
Key players operating in the micro guide catheters market are Zealand Pharma A/S, Eli Lilly and Company, Xeris Pharmaceuticals, Inc., Rezolute, Inc., Hanmi Pharm.Co., Ltd., Fresenius Kabi AG, Eiger BioPharmaceuticals.,Crinetics Pharmaceuticals, Inc., AmideBio,LLC, Jolly Healthcare, e5 Pharma,LLC, Merck & Co.,Inc., Novo Nordisk A/S, Amphaster Pharmaceuticals,Inc., USV Private Limited, Teva Pharmaceutical Industries Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
