According to the latest market analysis by Fact.MR, a market research and competitive intelligence provider, the global coronary microcatheters market stands at US$ 206.2 million in 2022 and is forecasted to race ahead at a CAGR of 7.5% between 2022 and 2032.
Increasing occurrence of chronic coronary artery diseases (CAD) and the rising target patient population due to lacking physical activity and exercise are the key supporting factors that are responsible for market growth. Also, the rising geriatric population is a major contributor to the increase in the patient pool of cardiovascular diseases.
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Key manufacturers are constantly investing in R&D for technological advancements. This has led to the further development of advanced and novel products in the market. Furthermore, growing healthcare infrastructure and a rising number of hospitals will give momentum to heart surgeries, which will increase the use of coronary microcatheters.
Fact.MR suggests that manufacturers should follow the comprehensive rules and regulations laid down by authority committees to speed up the chances of faster product approvals. Moreover, key market players should also focus on emerging countries for better product reach and future growth opportunities.
Key Takeaways from Market Study
- The global coronary microcatheters market is projected to expand at an impressive CAGR of 7.5% and be valued at US$ 424.2 million by 2032.
- Sales of coronary microcatheters increased at 5.8% CAGR from 2017 to 2021.
- Under product type, single-lumen microcatheters are estimated to be valued at US$ 110.3 million in 2022.
- North America led the worldwide market with 32% market share in 2021.
- Use of coronary microcatheters is expected to increase at CAGRs of 7.5% and 6.5%, respectively, in North America and Europe.
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“Key strategies implemented by market players such as product innovation and approvals will uplift the market going forward,’’ says Fact.MR analyst.
The coronary microcatheters market is highly fragmented. Key manufacturers are focusing on inorganic growth strategies such as mergers, acquisitions, partnerships, collaborations, etc., to maintain their position in the market. On the other hand, mid-level and emerging manufacturers are competing with each other for faster product approvals and product launches.
Additionally, market players are focusing on product improvisations such as the introduction of a variety of tip materials for coronary microcatheters. They are also trying to adhere to government regulations to launch product with the required safety standards.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global coronary microcatheters market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (single-lumen coronary microcatheters, dual-lumen coronary microcatheters, guide extensions coronary microcatheters), tip type (steerable, angled tip, straight tip), material (stainless steel, stainless steel + polytetrafluorethylene-PTEF, tungsten braided shaft, platinum/tungsten coil, others), and end user (hospitals, ambulatory surgical centers, cardiac catheterization laboratories, specialty clinics), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and the Middle East & Africa).
Segmentation of Coronary Microcatheters Industry Research
- By Product Type :
- Non-Torque Microcatheters
- Torqueable Microcatheters
- Guide Extension
- By Tip-type :
- Angled Tip
- Straight Tip
- By Material :
- Stainless Steel
- Stainless Steel+ Polytetrafluoroethylene – PTFE
- Tungsten-braided Shaft
- Platinum/Tungsten Coil
- By End User :
- Ambulatory Surgical Centers
- Cardiac Catheterization Laboratories
- Specialty Clinics
- By Region :
- North America
- Latin America
- East Asia
- South Asia & ASEAN
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