The dynamic situation of the global medical and healthcare industry, increasing the commercialization as well as approval rate of new products in various regions, is influencing the business landscape of the global market for atherectomy devices, finds a new study by Transparency Market Research (TMR). Hitherto, the leading players, such as Boston Scientific Corp., Medtronic Plc, Cardiovascular Systems, Spectranetics Corp., and Avinger Inc., focused on technological advancements to gain a competitive edge over their rivals. However, with socio-economic rise in emerging counties, they are being encourage to shift their focus towards expanding their business in Asia Pacific excluding Japan. This, as a result, will result into high degree of competition between players in this market over the forthcoming years, states the research report.
Increasing Prevalence of Peripheral Artery Diseases to Boost Global Atherectomy Devices Market
“The global market for atherectomy devices is highly influenced by the increasing prevalence of peripheral artery diseases (PAD) across the world,” says a TMR analyst. The significant rise in the global geriatric population has added considerably to the number of people suffering from PAD, which, eventually, is reflecting on the demand for atherectomy devices, globally. The market is also projected to gain substantially in the near future from the increasing preference for minimally invasive surgical procedures, with atherectomy being one, notes the research study.
As per the study, the opportunity in the worldwide atherectomy devices market is estimated to attain a value of US$558.9 mn by 2017. Further, it is expected to rise at a CAGR of 5.60% over the period from 2017 to 2022 and reach US$735 mn by the end of the forecast period.
Favorable Reimbursement Scenario to Support North America Atherectomy Devices Market
The report also presents a regional analysis of the global atherectomy devices market. According to the study, the market is spread across, Spread across North America, the Middle East and Africa (MEA), Europe, Asia Pacific excluding Japan (APEJ), and Japan. Among these, North America has surfaced as the leading regional market for atherectomy devices across the world. The presence of a favorable reimbursement scenario has aided this regional market considerably over the last few years.
Researchers anticipate the North America market for atherectomy devices to flourish further due to the high number of the U.S. FDA approved devices. The increasing preference for minimally invasive procedures among patients and medical practitioners, as well, is also projected to support this regional market in the long run. Expanding at a CAGR of 6.0%, this regional market is expected to retain its dominance during the period of the forecast.
The demand for directional atherectomy devices is relatively higher than other devices due to their early inception and high penetration in the global market. Over the coming years, the trend is anticipated to remain so on account of the increasing awareness regarding the benefits of directional atherectomy devices, such as plaque debulking ability and their availability in numerous sizes, states the research report.
The review is based on a report by Transparency Market Research (TMR), titled “Atherectomy Devices Market (Device Type - Directional Atherectomy Devices, Rotational Atherectomy Devices, Orbital Atherectomy Devices, and Laser Atherectomy Devices; End User - Hospitals, Clinics, and Ambulatory Surgical Centers (ASCs); Application - Cardiovascular, Neurovascular, and Peripheral Vascular Atherectomy Devices) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2022.”