Micro Guide Catheters Market Overview:
The Micro Guide Catheters Market is growing pervasively, mainly due to the rapid technological advancements. According to a recent study report published by the Market Research Future (MRFR), the booming global Micro Guide Catheters market is expected to gain prominence over the forecast period. The Market is forecasted to demonstrate a colossal growth by 2027, with a staggering CAGR of 8 % between 2017 and 2023, surpassing its previous growth records in terms of value.
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Catheters are used in the treatment of diseases like Cardiovascular, Neurovascular, Urology and many more. A catheter is inserted into the body for the administration of liquid medication or gas during the treatment of diseases.
Additional factors substantiating the market growth include growing prevalence of cardiovascular and urological diseases fuelled by the heady or sedentary lifestyle, reasoning the augmented demand for the product.
Moreover, higher affordability, favorable reimbursement policies and the augmenting demand for improved and advanced medical devices that can give a better output provide impetus to the market growth.
Also, the increase of chronic diseases will affect the 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.
Key Players:
Prominent players at the forefront of the Micro Guide Catheters Market competition are Terumo Europe N.V. (Belgium), LuMend Corporation (US), Covidien AG (Ireland), Boston Scientific Corporation (US), Asahi Intecc Company Limited (Thailand), Volcano Corporation (US), Merit Medical Systems Inc. (US), Micro Therapeutics Inc. (India), ACIST Medical Systems (US), BrosMed Medical, Baylis Medical Medtronic (Canada), Cordis Corporation (US), Diasolve Ltd. (UK), Navilyst Medical Inc. (US), and Cook Medical Inc. (US). Profiling them in its analysis MRFR finds out the strategies helping them to sustain their positions in the market.
Micro Guide Catheters Market - Segments
The MRFR analysis is segmented into four key dynamics for the convenience of understanding.
By Types : Comprises 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).
Micro Guide Catheters Market - Competitive Analysis
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 launch. 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.
Micro Guide Catheters Market - Geographical Analysis
Globally, North America leads the global micro guide catheters market with the largest market share. The market is estimated to accrue exponentially by 2023, registering a phenomenal CAGR from 2017 to 2023. Factors substantiating 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 the market growth in the region.
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Expected to be the second-largest market for micro guide catheters, the Europe market is expected to grow at a considerable CAGR. Certainly, the resurging economy in the region is acting as a key driver for the market growth in the region. Besides, the availability of funds for research, and a huge patient population increasing teenage 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. The market growth will be led by India and China owing to the huge population and the availability of low-cost medications for the treatment. Furthermore, factors such as the increasing prevalence of vascular diseases and fast-proliferating healthcare sector fuel the market growth in the region.
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