The micro catheters and micro guidewires market in North America is expected to grow from US$ 605.47 million in 2021 to US$ 895.74 million by 2028; it is estimated to grow at a CAGR of 5.8% from 2021 to 2028.
Surging incidence of neurovascular diseases is also bolstering the growth of the industry.The neurovascular system is highly dependent on the continuous supply of oxygen and nutrients, which is supplied by arteries and veins.
The supply of oxygen and nutrients to the brain is essential for its working; therefore, any defect in the system can impair the function and it may quickly become a life-threatening factor.A few common neurovascular conditions, diseases, or disorders are ischemic stroke, hemorrhage stroke, brain aneurysm, vascular malformation, and brain tumors.
During recent years, the prevalence of neurological disorders has increased significantly.For instance, cerebral aneurysm is one of the neurovascular diseases.
The incidence of this disease is rising significantly worldwide. Therefore, its prevalence has increased tremendously. Nearly, 30,000 people in the US suffer from brain aneurysm rupture every year. A brain aneurysm ruptures every 18 minutes. The annual rate of brain rupture in the country is close to 8–10 per 100,000 people. Thus, the rising prevalence of cerebral aneurysms fuels the growth of the micro catheters and micro guidewires market.
COVID-19 virus outbreak was first observed in December 2019 in Wuhan (China), and it has spread to ~100 countries across the world, with the World Health Organization (WHO) stating it as a public health emergency.The global impacts of COVID-19 are being felt across several markets, including the market for microcatheters and micro guidewires market.
Although the healthcare sector had witnessed SARS, H1N1, and other outbreaks in the last few years, the severity of the COVID-19 has made the situation more complicated due to its mode of transmission.North America has been witnessing growing number of COVID-19 cases since its outbreak.
Several measures are being taken to contain the disease and prevent the transmission; however, the exorbitant number of COVID cases have resulted in cancellation of doctor’s appointment, decreased in demand for the elective neurosurgery, disruption in supply chain due to long period of lockdown. For instance, Medtronic plc, a company that generates most of its sales and profits from the U.S., has suffered a decrease in revenue of 1 percent in the fiscal year 2020 compared to the fiscal year 2019 in the neurovascular category. Neurosurgery net sales declines were impacted by delays in capital equipment sales during the fourth quarter due to COVID-19. Moreover, on March 18, 2020, the U.S. Centers for Medicare & Medicaid Services released recommendations to U.S. healthcare facilities, suggesting reductions of elective treatment, such as neurosurgery, endovascular clot stabilization rehabilitation, cerebral aneurysm operations, and others to conserve personal protective devices and beds for usage in the battle against COVID-19. In addition, Penumbra, Inc., has experienced disruption in business due to domestic and international governmental orders restricting certain activities in response to COVID-19, including changes in on-site operations to reduce manufacturing capacity and implement social distancing, reductions in suppliers’ ability to source, ship raw materials in alignment with demands, work stoppages, slowdowns, and delays.
The microcatheters segment led the micro catheters and micro guidewires market based on product type in 2020.Microcatheters are thin walled, small diameter catheter and delivery devices usually used in minimally invasive surgeries.
These small catheters are ideal for navigating the vast network of tine veins found within the body.These devices are also used for the safe and smooth delivery of therapeutic as well as diagnostic agents.
The devices are used extensively in vascular aneurysm embolization procedures. The growth of micro catheters product type segment is prominently attributed to growing number of product launches and approvals. addition, the companies are actively focusing on establishment of partnerships and collaborations to develop new products, which will ultimately drive the market growth. Several developments are likely to have positive impact on the market growth, which is ultimately drives the micro catheters and micro guidewires market.
The overall North America micro catheters and micro guidewires market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the North America micro catheters and micro guidewires market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America micro catheters and micro guidewires market. B. Braun Melsungen AG; BD; Boston Scientific Corporation; Cardinal Health Inc; Cook Medical LLC; Medtronic; Stryker Corporation; Teleflex Incorporated; and Terumo Corporation are among a few players operating in the North America micro catheters and micro guidewires market
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