Micro guide catheters are catheter products used in interventional cardiology procedures such as angioplasty and stent placement to deliver interventional devices to the target site. The catheters help facilitate access to small vessels within the heart with their small diameters and are designed to provide support, torque, and trackability during critical interventional procedures.
The global micro guide catheters market is estimated to be valued at US$ 197.83 Mn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing number of interventional cardiology procedures for treating cardiovascular diseases presents a lucrative opportunity for the micro guide catheters market. According to the American Heart Association, cardiovascular diseases accounted for over 800,000 deaths in the United States in 2020. With growing sedentary lifestyles and unhealthy dietary patterns, the incidence of hypertension, high cholesterol, and other risk factors associated with cardiovascular diseases is increasing significantly. This is expected to drive the need for various interventional procedures such as cardiac catheterization, coronary angiography, angioplasty, and stent placement procedures where micro guide catheters are used. The large patient pool undergoing such minimally invasive procedures for treating CVDs worldwide offers promising growth prospects for manufacturers of micro guide catheters over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as significant capital is required to set up manufacturing facilities. However, the specialty catheters market presents opportunities for niche players with technology innovations.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of several established players and availability of substitute products. However, specialized procedures require dedicated products.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitute raw materials and components. Suppliers do not have pricing leverage over manufacturers.
Threat of new substitutes: The threat of new substitutes is high as alternate guidewire technologies continue to emerge. However, specialized clinical needs require product features of micro guide catheters.
Competitive rivalry: Competition in the market is high among leading manufacturers aiming to strengthen their product portfolios and distribution networks.
SWOT Analysis
Strength: Micro guide catheters provide enhanced torque control and pushability during critical angiographic procedures. Their small size enables navigation through tortuous vessels.
Weakness: High cost of micro guide catheters limits their adoption in price sensitive markets. Complex manufacturing process increases production costs.
Opportunity: Growing geriatric population and rising incidence of cardiovascular and neurovascular diseases present large market opportunities. Increasing healthcare expenditures in emerging nations also provide scope for market expansion.
Threats: Stringent regulatory approvals and clinical validation requirements increase the threat of product recalls. Reimbursement cuts could negatively impact sales volumes.
Key Takeaways
The global Micro Guide Catheters Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. Continued technological advancements to provide improved handling and targeted therapy delivery is expected to drive the demand. The global micro guide catheters market is estimated to be valued at US$ 197.83 Mn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
The North America holds the largest share in the micro guide catheters market owing to growing prevalence of chronic diseases, rising healthcare expenditures, and availability of advanced healthcare facilities. Europe is also a major regional market driven by large research activities and presence of prominent catheter manufacturers.
Key players operating in the micro guide catheters market are Zeal, Boston Scientific, Terumo, Merit Medical, and Medtronic. Zeal offers an array of novel micro guide catheters such as ReVise and Neuron under its neurovascular portfolio. Boston Scientific provides Over-the-Wire and Short Tip micro catheter technologies for peripheral vascular interventions.
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