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The global Micro Guide Catheters Market is estimated to be valued at US$ 197.83 Mn in 2023 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.
Rising adoption of electric vehicles is one of the key drivers boosting the growth of the Micro Guide Catheters Market. According to the International Energy Agency, sales of electric cars reached 6.6 million in 2021, more than tripling from 2020. Additionally, supportive government policies and initiatives aimed at encouraging adoption of clean energy solutions are also fueling the electric vehicles industry. For instance, the Inflation Reduction Act passed in the US in 2022 provides tax credits of up to $7,500 per electric vehicle. Growing consumer preference for reduced emissions and lower operating costs of EVs compared to gasoline vehicles will continue driving demand over the forecast period. Furthermore, rapid advancement of charging infrastructure and battery technologies is further increasing viability of electric mobility.
Strength: Micro guide catheters are highly precise devices which can navigate even the small vessels in the body. Their precision and small diameter allow physicians to access parts of the body that were previously difficult to reach. Their flexible tip and hydrophilic coating enable smooth tracking through complex vascular pathways.
Weakness: Micro guide catheters have a very small diameter which poses challenges in passing certain guidewires and devices through them. Their use requires a high level of dexterity and manual skills from the physician. Two, their thin wall makes them less pushable and trackable compared to standard guide catheters.
Opportunity: Growing elderly population worldwide is increasing the prevalence of cardiovascular and neurovascular diseases. This is driving the demand for minimally invasive treatments using micro guide catheters. Two, technological advancements are allowing manufacturers to enhance the pushability and trackability of micro guide catheters while maintaining their precision.
Threats: Stiff competition among existing players. Two, availability of alternative treatment methods can reduce the demand for micro guide catheters.
The global Micro Guide Catheters Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. The global micro guide catheters market is estimated to be valued at US$ 197.83 Mn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
Regional analysis shows that North America currently dominates the market and is expected to remain the fastest growing as well as the largest regional market during the forecast period. The presence of advanced healthcare infrastructure and high adoption of new technologies drive the North American market. Europe is anticipated to be the second largest market for micro guide catheters. Factors such as rising geriatric population, increasing burden of target diseases, and improving reimbursement policies are boosting market growth in the region. The major countries contributing to the European market are Germany, UK, France, Italy, and Spain. Asia Pacific is projected to grow at the highest CAGR during the forecast period. This is attributed to the rapidly developing healthcare sector, rising medical tourism, and growing awareness about minimally invasive treatments in emerging countries such as India, China, and Japan.
Key players operating in the micro guide catheters market are Zeal Medical, Terumo, Medtronic, Cook Group, Stryker, Boston Scientific and Penumbra. Zeal Medical and Terumo together hold over half of the total market share. Technical expertise and continuous innovations are the key strategies adopted by these players to strengthen their market position.
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