The rise in chronic disease prevalence, the rise in minimally invasive procedures, and the increased need for better healthcare infrastructure are all considered to be the causes of the expansion of the dual lumen microcatheters market. The prevalence of chronic diseases like cancer, cardiovascular, and neurovascular conditions, as well as increased usage of minimally invasive treatments, technical breakthroughs, and awareness-raising government programmes, are other major drivers influencing market revenue growth. A quick shift in the sedentary lifestyle, which is related to a surge in habits like smoking, hypertension, and ailments linked to obesity, will also significantly accelerate the growth of the dual lumen microcatheters market.
The demand and supply sides of the dual lumen microcatheter industry can both be significantly impacted by a recession. In terms of the demand for dual lumen microcatheters, a recession may cause a decline in medical spending and a decline in elective surgical procedures. This is due to the frequent use of dual lumen microcatheters in interventional radiology operations, which may be cancelled or postponed during a recession. Recessions can cause supply chain disruptions, which can have an effect on the manufacturing and distribution of dual lumen microcatheters on the supply side.
Rising Incidence of Chronic Diseases to Drive Market Growth
In the past two decades, there has been a significant increase in the number of people with chronic illnesses like cancer, cardiovascular disease, and neurovascular disorders. One of the main reason of death worldwide is cardiovascular disease (CVD). According to the Global Burden of Disease (GBD) Study 2019, the overall number of CVD cases than doubled in the last three decades, rising from 271 million to 523 million. As a result, there is a rapidly growing need for dual lumen microcatheters for steer-ability, diagnostics, and delivery of the embolic agent to specific areas with minimally invasive operations. Dual lumen microcatheters are used to identify and treat vascular abnormalities such as stenotic lesions, cerebral shunts, and aneurysms. Dual lumen microcatheters are crucial for unclogging clogged capillaries and navigating the body's extensive network of veins.
High Cost of Dual Lumen Microcatheters to Limit Market Growth
The market's major barrier to the adoption of dual lumen microcatheters is their high price. Due to their sophisticated features and unique design, dual lumen microcatheters are frequently more expensive than conventional catheters. The price of these gadgets can be particularly difficult in areas with constrained healthcare resources, such as poor nations. The high cost of dual lumen microcatheters can be related to a number of things, including the price of production, compliance with regulations, and research and development. A large amount of money must be spent on research and development in order to develop and test new medical equipment. Due to their specific design and materials, dual lumen microcatheters can cost more to produce than conventional catheters.
Based on type, the dual lumen microcatheters market is segmented into delivery, diagnosis, aspiration and steerable. The aspiration category dominated the market in 2022. One of the key factors influencing this market is the rising need for the treatment of acute strokes, aneurysms, and peripheral artery disorders. During interventional procedures, these dual lumen microcatheters also provide rapid recanalization, complete stoppage of blood flow, and distal embolism prevention. Moreover, it is frequently used to remove debris or thrombus from obstructed vessels. Thus, it is projected that during the forecast period, these factors will raise demand for aspiration dual lumen microcatheters.
Based on application, the dual lumen microcatheters market is segmented into hospitals, ambulatory surgery centers and others. The hospitals category dominated the market in 2022. Dual lumen microcatheters aid in the delivery of different medications and other medical treatments to precise locations inside the body. Furthermore, they're employed in the diagnosis of issues with various bodily components. They can also be utilised to aspirate fluids or malignancies from a specific location. And finally, dual-lumen microcatheters can direct the course of treatment by giving a clear view of the target area. It also lowers the likelihood of problems while enhancing precision. Dual lumen microcatheters are a crucial medical tool for hospitals because of all these applications.
North America is projected to hold the largest share of the dual lumen microcatheters market over the forecast period due to the region's established healthcare facilities, growing government activities, campaigns to raise awareness of chronic diseases, and higher rates of heart disease and stroke. Furthermore, the availability of technologically sophisticated products and an increase in demand for minimally invasive procedures are factors in the expansion of the regional market. On the other hand, the Asia Pacific dual lumen microcatheters market is anticipated to grow significantly due to an ageing population that is growing, an increase in the number of individuals who experience stress in nations like Japan, an increase in the frequency of chronic illnesses, a sizeable population base, better diagnosis quality, and rising patient affordability. The Asia Pacific region has seen a considerable increase in interventional procedures as a result of these factors taken together.
LIST OF KEY COMPANIES PROFILED:
- Boston Scientific
- ASAHI INTECC
- MERIT MEDICAL
- Johnson and Johnson
- Cook Group
- Cardinal Health
- B. Braun
- BTG PLC
|Market Size in 2022
|USD 421.6 Billion
|Market Forecast in 2030
|USD 699.5 Billion
|Compound Annual Growth Rate
|Revenue (USD Million) and Volume (Kilo Tons)
|By Type, By Application and By Geography