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Global Micro Guide Catheters Market Poised to Grow 7.6 Percent

The global micro guide catheters market is likely to clock a CAGR of 7.6 percent between 2018 and 2024. Proliferating at this pace, the market’s valuation of USD 144.4 million in 2017 will become USD 242.0 million by 2024 end, predicts Transparency Market Research. One of the leading growth drivers of the market is increasing incidence of aneurysm and other vascular diseases. Staggering growth in patient pool that will require micro guide catheters is likely to offer numerous growth opportunities for product manufacturers. Furthermore, increasing preference for minimally invasive surgeries is another key growth driver of the market. Apart from this, safety and efficacy characteristics of micro guide catheters are furthering their adoption for successful therapeutics and fast recovery of major invasive procedures.

Also, rising per capita healthcare expenditure and increasing awareness about newer therapeutics for vascular diseases is acting in favor of this market. However, one of the key factors restraining the growth of micro guide catheters market is limited insurance coverage for micro guide catheters especially in developing nations. Despite the medical need for micro guide catheters by a large patient pool, their high prices make them unaffordable by most. Loss of sales due to high-volume product recalls is also holding back the market’s growth. Product recall of Medtronic in 2016 resulted in considerable revenue loss for the company.

Of the two product type segments, the segment of over-the-wire is most attractive and is anticipated to stay this way through 2024. The over-the-wire segment is predicted to be worth USD 143.4 million by 2024. The global market witnesses the dominance of a handful of companies, namely Boston Scientific, Medtronic, Cardinal Health, Terumo Corporation, and Merit Medical Systems. Mergers and acquisitions and collaborations are some key growth strategies adopted by leading players in the market. Some other companies in the micro guide catheters market to name are Integer Holdings Corporation, Cook Medical, Asahi Intecc, Penumbra, and Koninklijke Philips. At present, vast geographical presence and extensive product portfolio render stiff competition among prominent players. Threat of new entrants, however, is low due to the capital intensive nature and proprietary rights on technology that are held by topnotch players.

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