The global microcatheter market was valued at $162.3 million in 2017 and is expected to to reach nearly $304.5m by 2026, expanding at a CAGR of around 7.5 per cent, according to a new report,
Rise in adoption of minimally invasive procedures, technological advancements, increase in target patient population are likely to fuel the global microcatheter market over the next eight years, says the study from TMR.
Improved hospital infrastructure in developed markets such as North America and Europe, rise in medical tourism in Asia Pacific, and advantages of minimally invasive procedures are expected to drive the microcatheter market during the forecast period.
Rising adoption of minimally invasive surgeries
Embolization is a minimally invasive surgery that marks a significant advancement in medical technology and these procedures are used in the treatment of cerebral aneurysms and peripheral vascular diseases.
Adoption of minimally invasive surgeries has been increasing significantly due to various advantages including less post-operative pain, less blood loss, reduced hospital stay, and faster recovery.
This is likely to propel the microcatheters market during the forecast period
Increase in target patient population and technological advancements
Increase in the geriatric population, which is prone to neurovascular and cardiovascular diseases, is projected to drive the microcatheter market.
According to the National Institute of Neurological Disorders and Stroke, nearly 30,000 people in the US suffer a brain aneurysm rupture each year.
According to the American Heart Association, cardiovascular diseases account for around 17.3 million deaths each year, which is expected to increase to about 23.6 million by 2030.
Technological advancements such as introduction of double coaxial guiding catheter technique, which is employed to treat chronic total occlusion (CTO) is driving the market. This technique places one guide catheter inside another.
The advantages of passive support provided by a large guide catheter are combined with the ability to actively engage the smaller catheter into the target vessel. These developments are likely to add value to microcatheters and drive the global microcatheter market
Risk of product recalls and stringent regulatory requirements
Several microcatheters witnessed recalls in the last few years due to defects in the products. This is expected to impact the demand for these devices.
Product recalls also have a negative impact in the future profitability and adoption of these procedures by patients.
In October 2016, Medtronic recalled certain lots of pipeline embolization device, Alligator retrieval device, and X-Celerator hydrophilic guide wire. The recall also included the stylet containing UltraFlow flow directed microcatheters and marathon flow directed microcatheters.
Product approvals and launch of medical devices are governed by various regulations established by the US FDA and other regulatory bodies operating in each country. The FDA continues to increase testing and documentation required for the clearance of devices. Similar regulations are noted in the European Union (EU), Japan, and China.
The various levels of approval processes can delay the product release in the market, which could have a negative impact on revenue