Global Thrombectomy Devices Market: Snapshot
According to the World Health Organization (WHO), cerebrovascular accident or stroke is the second leading cause of death across the world, and this has been a case for a few decades now. Consequently, relentless research and developments have been carried out and recently, they have led to advanced thrombectomy devices, which are used for the removal of clots that are blocking the blood circulation. The demand in the global thrombectomy devices is projected to increment at a healthy CAGR of 6.1% during the forecast period of 2017 to 2022, gaining traction from a number of other factors such as favorable medical reimbursement policies in the developed countries, growing preference of minimally invasive procedures, expanding application of ultrasound in vascular treatment, and acquisition of small specialized hospitals by tier-1 hospitals.
On the other hand, the lack of product differentiation, increased product recalls, adverse effects of thrombectomy devices, and stringent regulatory scenario are some of the obstructions faced by the global thrombectomy devices until it achieves its true potential. Taking all dynamics under consideration, the global thrombectomy devices market is estimated to be worth US$1,974.5 mn by 2022, considerably up from its evaluated worth of US$1,470.6 mn in 2017.
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Aspiration Thrombectomy Devices to Account for 28.8% of Total Demand by 2022
Based on product, the global thrombectomy devices market has been segmented into aspiration, mechanical, hydrodynamic, and ultrasonic. In 2017, the aspiration thrombectomy devices accounted for 28.6% of the overall demand, and is anticipated to remain the most profitable segment of the thrombectomy devices market throughout the forecast period of 2017 to 2022, during which it is projected to exhibit a CAGR of 4.4%. By 2022, the aspiration thrombectomy devices market is estimated to be worth US$521.2 mn, producing a revenue of US$20.1 mn annually.
On the basis of end-use, the market for thrombectomy devices has been bifurcated into hospitals, clinics, ambulatory surgical centers (ASCs), and others. Hospitals continue to provide for the most prominent chunk of demand, however, ASCs segment is experiencing consistent growth in the developed countries as they offer help on immediate basis, ongoing advancements in minimally invasive surgical techniques, and rising demand for miniaturized therapeutic devices. Application-wise, this report on the global thrombectomy devices market classifies it into cardiovascular, neurovascular, and peripheral vascular. Currently, cardiovascular applications are serving the most prominent chunk of demand, reflecting factors such as escalating population of geriatrics among whom the percentage of cardiac surgeries is higher and increasing preference of minimally invasive surgeries (MIS).
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United States Makes North America Most Lucrative Region
Among all regions and countries studied under this report, thrombectomy devices have the maximum demand in North America, especially in the developed country of the U.S., owing factors such as to growing adoption of technologically advanced thrombectomy products, increased number of clinical trials, robust healthcare infrastructure, and reimbursement policies. The demand in the North America thrombectomy devices market is to increment at a CAGR of 6.4% during the forecast period of 2017 to 2022 and reach a valuation of US$776.3 mn by 2022. On the other hand, the demand for thrombectomy devices in the region Asia Pacific except Japan (APEJ) is to expand at a CAGR of 6.3% during the said forecast period. The APEJ thrombectomy devices market is driven by increasing healthcare expenditure in the emerging economies such as India, China, and Japan, increase in localized manufacturing, strengthening of distribution networks via collaborations, rising awareness among surgeons regarding the benefits offered by these devices.
Fragmented Competitive Landscape Heavily Dependent on Product Innovation
The presence of a number of a companies has made the global thrombectomy devices market fragmented, wherein the prominent companies are constantly innovating their products and acquiring smaller players in order to gain ground over their competitors. Some of the key participants of the global thrombectomy devices market are: Stryker Corporation, Boston Scientific Corporation, Argon Medical Devices Inc., Penumbra, Inc., Medtronic PLC, Teleflex Inc., and Terumo Corporation.
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