Global Atherectomy Devices Market: Snapshot
The global atherectomy devices market is growing at a high rate with the development of the medical infrastructure. The participation of new players and the advent of new and effective products are projected to ensure the growth of the market in the coming years. In addition to this, the commercialization of atherectomy devices is projected to generate growth prospects for the players worldwide. The leading players are making efforts to create an awareness among people concerning the availability of devices and therapeutics. This is expected to support the overall development of the atherectomy devices market in the coming few years.
As per the study by TMR, the global atherectomy devices market stood at US$558.9 mn in the year 2017. The market is projected to reach US$735 mn by 2022. Furthermore, the market is likely to register a 5.60% CAGR from 2017 to 2022.
Technological Advancements to Propel Atherectomy Devices Market
The growing demand from people for minimally invasive procedures and the rising pool of patients are the key factors that are anticipated to encourage the development of the global atherectomy devices market in the coming years. The growing focus on technological developments and the introduction of new products are estimated to encourage the development of the market in the near future. In addition to this, the increasing research activities and the rapid development of the medical infrastructure are further estimated to ensure the market growth in the coming years.
On the other hand, in developing nations, there is low awareness among people concerning the easy availability of disease diagnosis and therapeutics, which is predicted to hamper the market growth in the coming years. Also, the lack of well-trained surgeons are estimated to further restrict the market growth in the near future. Nonetheless, the increasing government initiatives and expenditure is estimated to support the development of the overall market in the next few years. Also, the key players are targeting on emerging economies, which offers potential growth opportunities in the near future.
North America Market to Lead with Favorable Government Initiatives
From a geographical stance, the North America market is predicted to claim for a massive share of the atherectomy devices market in the coming few years. The favorable reimbursement environment and the growing demand for minimally invasive procedures are the main factors that are estimated to accelerate the market growth in the next few years. Europe is projected to retain its second-leading position and register a promising growth rate in the coming years. Furthermore, the rising geriatric population and the increasing contribution from India, China, and Japan are projected to ensure a healthy growth of the market in the next few years.
The global market for atherectomy devices is considered to have a high level of competition among the players in the coming few years. The key players in the market are making ardent efforts to maintain their position by focusing on the development of new products and technological developments. In addition, the rising number of collaborations and partnerships is projected to create potential growth opportunities for the players in the coming few years. The leading players in the atherectomy devices market are Boston Scientific Corp., Avinger Inc., Royal Philips NV, Spectranetics Corp., Terumo Corp., Medtronic Plc, and Cardiovascular Systems Inc.
Atherectomy Devices Market: Overview
The world atherectomy devices market has been prophesized to gain momentum owing to the soaring cases of peripheral artery diseases or PAD as it is conveniently called worldwide. It has been estimated that more than 250 million people have been affected with peripheral artery diseases across the globe. Over the time period that extends from 2000 to 2010, the occurrence of peripheral artery diseases increased by 24% and is expected to rise at a substantially high rate, resulting in an astounding growth in the adoption of atherectomy devices.
Furthermore, the procedure of atherectomy is minimally invasive and phenomenal rise in the increasing preference for such minimally invasive procedures is, in all likelihood, to bolster the world market for atherectomy devices.
The market for atherectomy devices is forecasted to reach US$558.9 mn towards the end of the year 2017. The market is expected to register a CAGR of 5.60% over the forecast timeframe that extends from the year 2017 to 2022 and the same is expected to obtain a market value of US$735 mn by the year 2022.
Taking vendor landscape into consideration, the market for atherectomy device can be regarded as significantly fragmented and the market players emphasize on strategically important acquisitions, mergers, collaborations and partnerships in a bid to strengthen their hold on the market.
Atherectomy Device Market: Trends and Opportunities
For the treatment of various peripheral, neurovascular, and cardiovascular diseases, atherectomy devices are mainly used. Ambulatory surgical centers or ASCs as it is conveniently called, clinics, and hospitals mostly make optimum use of atherectomy devices. More specifically, hospitals across the globe have been generating much higher demand for the said devices. Apart from the hospitals, it’s also the categories of ASCs and clinics that are forecasted to register a robust growth as a result of the increased adoption of these atherectomy devices in the coming years.
As noticed by the TMR analysts, increasing occurrences of peripheral artery diseases worldwide is prognosticated to boost the world atherectomy devices market. Furthermore, substantial expansion of the geriatric population across the globe has significantly increased the number of people who have been affected with peripheral artery diseases. This has eventually bolstered the demand for the said devices worldwide. It is also forecasted that the said market is expected to benefit significantly in the forthcoming years from the increasing preference of minimally invasive procedures of surgery.
Laser devices, orbital devices, rotational device, and directional devices all have emerged as the prominent atherectomy devices worldwide. The directional devices have been leading the world market owing to high market penetration and early inception.
Atherectomy device Market: Geography
The market research report also comes with geographical segmentations and analysis of the world market for atherectomy devices market. In accordance with the said study, the market extends across the regions of Japan, the Middle East and Africa (MEA), North America, Europe, and Asia Pacific excluding Japan (APEJ). Of all of these regions, North America has emerged as the one of the most dominating zones for the global atherectomy devices market. Availability of encouraging reimbursement facilities has further assisted the North American market significantly in the last few years.
Each and every regional classification has been thoroughly studied in this research publication with an aim to make an offering of a comprehensive, well-informed assessment of the market performance in various different geographies across the globe.
Atherectomy device Market: Company Profiling
The vendor landscape of this market for atherectomy devices is quite competitive and the same is foreseen to become more intense in the forthcoming years. The authors of this report have profiled some of the topnotch companies that are active in this market. Companies such as Cardiovascular Systems Inc., Medtronic Plc., Royal Philips NV, Avinger Inc., Boston Scientific Corp., Terumo Corp., and Spectranetics Corp. are some of the eminent vendors that adorn the global market for atherectomy devices.
For the purpose of this study, the market has been segmented as follows:
- Global Atherectomy Device Market, by Devices
- Laser devices
- Rotational devices
- Orbital devices
- Directional devices
- Global Atherectomy Device Market, by End-user
- Ambulatory surgical centers
- Global Atherectomy Device Market, by Application
- Peripheral vascular
- Global Atherectomy Device Market, by Geography
- Middle East and Africa
- North America
- Asia Pacific except Japan