Published: Aug, 2018
the global atherectomy devices market is a highly competitive market with a high number of players operating in it around the world, states a new market research study by Transparency Market Research. To maintain a leading position and attract a large number of players, the key players are emphasizing on the expansion of the product portfolio. In addition to this, the rising research and development activities and the technological advancements in the field are projected to accelerate the growth of overall market in the next few years. Some of the key players that are operating in the atherectomy devices market across the globe are Avinger Inc., Boston Scientific Corp., Cardiovascular Systems Inc., Medtronic Plc, Terumo Corp., Spectranetics Corp., and Royal Philips NV. As per the research study, the competition among the players is projected to rise significantly throughout the forecast period.
As per the market research study by Transparency Market Research, in 2017, the global market for atherectomy devices was worth US$558.9 mn and is predicted to reach a value of US$735 mn by the end of year 2022. The market is estimated to register a healthy 5.60% CAGR between 2017 and 2022.
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Technological Developments to Drive North America Atherectomy Devices Market
From a regional viewpoint, North America is projected to account for a large share of the global atherectomy devices market in the next few years. The strong growth of this region can be ascribed to the favorable reimbursement scenario and the presence of a large number of leading players. Moreover, this region is projected to register a promising 6.0% CAGR between 2017 and 2022. Furthermore, Europe is expected to remain at the second position in the next few years with a significant share of the market. The rapid development of the healthcare sector is one of the key factors encouraging the Europe atherectomy devices market in the coming years. Furthermore, Asia Pacific is likely to witness a promising growth in the near future, owing to the rising geriatric population and the rising spending capacity of consumers.
Furthermore, on the basis of device type, the global market for atherectomy devices has been categorized into laser atherectomy devices, directional atherectomy devices, orbital atherectomy devices, and rotational atherectomy devices. Among these, the directional atherectomy devices segment is estimated to hold a key share of the market in the next few years. The early inception and the high penetration are the key factors expected to accelerate the growth of this segment throughout the forecast period. In addition to this, the easy availability and in different sizes are predicted to support the growth of the directional atherectomy devices segment in the next few years.
Developing Nations to Offer Potential Growth Opportunities for Market Players
The rising target patient population and the rapid commercialization and product development are considered as the major factors that are projected to enhance the growth of the atherectomy devices market in the next few years. In addition to this, the growing demand for minimally invasive surgical procedures and the enhancement of the distribution channels are predicted to accelerate the growth of the market in the coming years. On the flip side, the strict regulatory scenario, lack of skilled surgeons, and the low patient awareness are projected to hamper the growth of the market in the near future. Nonetheless, the rising research and development activities and the rising healthcare expenditure in the developing economies are projected to offer promising growth opportunities for the market players in the next few years.
This information is based on the findings of a research report published 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.”
- The rising awareness among patients and their willingness to spend more on healthcare are predicted to support the growth of the global atherectomy devices market in the near future.
- The growing focus of the key players on the expansion of the product portfolio and the enhancement of the distribution network to encourage the growth of the market in the coming years.
The global atherectomy devices market has been segmented as below:
Global Atherectomy Devices Market, by Device type
- Directional Atherectomy
- Rotational Atherectomy Device
- Orbital Atherectomy Device
- Laser Atherectomy Device
Global Atherectomy Devices Market, by End User
- Ambulatory Surgical Centers
Global Atherectomy Devices Market, by Application
- Cardiovascular Atherectomy Devices
- Neurovascular Devices
- Peripheral Vascular Atherectomy Devices
Global Atherectomy Devices Market, by Geography
- North America
- Middle East and Africa
- Asia Pacific except Japan
- Middle East and Africa
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