Blood clot retrieval devices are also known as thrombectomy devices. Thrombectomy is an interventional procedure, performed primarily on coronary arteries, peripheral arteries, and cerebral arteries. Stroke is a medical condition that causes brain cell death due to poor blood flow. The two types of stroke are ischemic and hemorrhagic. Ischemic stroke is caused due to lack of blood flow to the brain, while hemorrhagic stroke is caused due to internal bleeding. In case of ischemic stroke, a blood clot blocks an artery supplying the brain because of which brain cells in the affected area are starved of oxygen and are damaged or die. According to the American Heart Association, on average, 800,000 new strokes are reported each year, of these 80% are ischemic and the remaining are hemorrhagic.
Rise in prevalence of stroke, advancement in technology, government initiatives & funding for research & development of upgraded thrombectomy devices, sedentary & unhealthy lifestyle of people, favorable reimbursement policies, and increase in the geriatric population are projected to fuel the growth of the global blood clot retrieval devices market during the forecast period. However, cost ineffectiveness of surgical procedures & devices and failure of devices during blood clot retrieval procedures because of lack of skilled personnel are factors anticipated to restrain the global market during the forecast period.
The global blood clot retrieval devices market can be segmented based on stroke type, device type, end-user, and region. In terms of device type, the global blood clot retrieval devices market can be classified into coil retrievers, aspiration devices, stent retrievers, and ultrasound assisted devices. The stent retrievers segment dominated the global blood clot retrieval devices market in 2017, as successful and better recanalization results were observed among patients where stent retrievers were used to retrieve blood clot. Moreover, rapid and wide adoption of stent retrievers fuel the growth of the stent retrievers segment. Coil retrievers, also known as MERCI retriever, i.e. Mechanical Embolus Removal in Cerebral Ischemia, are projected to contribute to the growth of the global blood clot retrieval devices market during the forecast period, as these are highly cost-effective compared to other clot retrieval devices. Furthermore, adoption of mechanical thrombectomy devices in the treatment of acute ischemic stroke is anticipated to increase in the near future because of rise in survival time compared to standard medical therapy.
Based on stroke type, the global blood clot retrieval devices market can be categorized into ischemic, hemorrhagic, and others. The others segment consists of transient ischemic attack. The ischemic segment dominated the global blood clot retrieval devices market in 2017. According to the American Heart Association, on average, 800,000 new strokes are reported globally each year, of these 80% are ischemic and the rest are hemorrhagic.
In terms of end-user, the global blood clot retrieval devices market can be divided into hospitals, ambulatory surgical centers, specialty clinics, and others. The others segment consists of academic institutes. The hospitals segment dominated the global blood clot retrieval devices market in 2017, as maximum interventional procedures are performed in hospitals. Moreover, hospitals are more preferred option by patients.
Based on region, the global blood clot retrieval devices segment can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America was the leading market for blood clot retrieval devices in 2017 because of better reimbursement policies. Europe was the second leading market for blood clot retrieval devices in 2017, due to large number of deaths because of stroke each year. The blood clot retrieval devices market in Asia Pacific is expected to grow at a rapid pace during the forecast period owing to evolving health care infrastructure. Moreover, multinational players offer blood clot retrieval devices at lower prices to tap the opportunities available in the region.
Key players operating in the global blood clot retrieval devices market include Medtronic, Penumbra, Inc., Boston Scientific Corporation, Concentric Medical, Inc. (Stryker), Argon Medical Devices, Teleflex Incorporated, and Terumo Corporation.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.