ALBANY, New York, Aug. 19, 2019 /PRNewswire/ -- According to TMR, the Micro Guide Catheters Market is estimated to clock a CAGR of 7.6% during forecast period from 2017 to 2024. At this CAGR, the market is likely to grab a value of US$242.0 mn by the end of 2024 from a value reported in 2017 of US$144.4 mn. As per the American Heart Association, death of 17.3 million people is caused due to cardiovascular diseases. Further, the number is likely to reach to 23.6 million by the year 2030. Thus, this surge in number is boosting number of patients creating need for micro guide catheters are likely to help the market.
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Device Effectiveness to Ensure Faster Recovery Propels Market Growth
Presence of robust patient pool suffering from neurovascular and cardiovascular disorders coupled with surge in acceptance of minimally-invasive procedures is driving growth of the global micro guide catheters market. Additionally, as the micro guide catheter is thin and effective to ensure the faster recovery and control bleeding after surgery, which reduces the hospital stays that fuel the growth of the market. Moreover, the catheter offers flexibility and tracking stent during surgical procedure, which in turn contribute towards the market growth. However, high cost of the surgery and catheter is restricting the market growth. Nonetheless, the micro guide catheters support the treatment of tortuous vessels, bifurcations, chronic total occlusions (CTO), and highly stenosed. The number of surgeries for these cases is increasing, which is estimated to offer robust opportunities for growth of the market in coming years.
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Asia Pacific to Witness Robust Growth Prospects in Coming Years
Regionally, North America dominated the global micro guide catheters market owing to high number of surgical procedures through catheterization in the region, especially in the U.S. The strong presence of key players in the global micro guide catheters market in the region is helping them to hold a strong position in the overall market. Additionally, robust development in the medical infrastructure and patient compliance in the region is fuelling growth of the market in region. However, Asia Pacific is estimated to expand at a most lucrative CAGR owing to surge in investment of healthcare sector coupled with large population is driving demand or micro guide catheter and in turn driving growth of the micro guide catheters market.
Innovations and development of integrated solutions are increasingly replacing the traditional surgical care in oncology and cardiology is bolstering growth of the market. Additionally, continuous product innovations, investments in research and development, and FDA approvals are estimated to push market growth in coming years. Thanks to all these factors, the market for micro guide catheters market is likely to gain benefit in coming years.
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Transparency Market Research (TMR) finds that the global micro guide catheters market is gaining traction due to expansion of product portfolios from companies to comply with the unmet needs in the healthcare. This is helping key players sustain in the competitive world of the micro guide catheters market. Additionally, players are investing heavily for R&D capabilities and for introduction of novel products, which are fuelling growth of the global micro guide catheters market. Some of the prominent players in the micro guide catheters market are Cardinal Health, Asahi Intecc Co. Ltd., Cook Medical, Penumbra Inc., Merit Medical Systems Inc., Boston Scientific Corporation, Medtronic plc, and Terumo Europe NV. Further, increasing number of the approvals from the U.S. Food and Drug Administration (FDA) is boosting micro guide catheters market.
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This information is encompassed in the report by TMR, titled, "Micro Guide Catheters Market (Product Type - Over-the-wire and Flow-directed; Indication - Cardiovascular and Neurovascular; End User - Hospitals, Specialty Clinics, and Ambulatory Surgery Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2024"
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