As per the findings of a fresh intelligence study by Transparency Market Research (TMR), the global thrombectomy market is largely fragmented, which is a reflection of the presence of a vast number of International and domestic companies. That being said, a few players are ahead of the curve too, such as Stryker Corporation, whose strategy of maintaining a strong product portfolio and acquisition is bearing fruits. The TMR report identifies Argon Medical Devices Inc., Boston Scientific Corporation, BTG International Ltd., Edwards Lifesciences Corporation, Johnson & Johnson, Medtronic PLC, Penumbra, Inc., Phenox GmbH, Spectranetics Corporation, Terumo Corporation, and Teleflex Incorporated as some of the other companies holding a prominent position in the global thrombectomy devices market.
Demand for Thrombectomy Devices Estimated to Increment at CAGR 6.1% until 2022
As per the projections of the TMR report, the demand in the global thrombectomy devices market will increment at a healthy CAGR of 6.1% during the forecast period of 2017 to 2022. The overall revenue in the market is estimated to reach a valuation of US$1,974.5 mn by 2022, substantially up from the evaluated worth of the global thrombectomy devices market at US$1,470.6 mn in 2017. In the near future, the key companies are expected to invest on the research and development of advanced products, acquire strategically, price their products aggressively, and put emphasis on strengthening their sales force across various geographies to gain shares. For instance, Penumbra launched thrombectomy device ACE 68 Reperfusion Catheter in July 2016, opening it for commercial usage in and across the U.S. These catheters makes use of the latest tracking technology and can deliver maximum aspiration power for the exaction of thrombus in stroke intervention. Boston Scientific is another highly respectable name in the global thrombectomy devices market, leading the innovation for peripheral vascular disease in the industry and consistently expands its product portfolio.
Product-wise, the global thrombectomy devices market currently gains maximum demand for aspiration thrombectomy devices, which was valued at US$420.6 mn in 2017, representing 28.6% of the total demand that year. The absolute growth of this segment is expected to remain larger than any other segment. Geographically, the developed country of the U.S. makes North America the most lucrative region, which is poised to generate a demand for thrombectomy devices worth of US$776.3 mn by 2022. The demand in the North America thrombectomy market is anticipated to increment at a CAGR of 6.4% during the forecast period of 2017 to 2022.
Growing Population of Potential Patients Augmenting Demand
The demand in the global thrombectomy devices market is driven by a number of factors, such as growing population of targeted patients, consistent improvements made in the technology, favorable medical reimbursement scenario in a number of developed, increasing expenditure on healthcare in several emerging markets, and growing demand for minimally invasive thrombectomy procedures. The TMR report detects a growing trend of acquisition of small specialized clinics by tier-1 hospitals, which is influencing an increase in the patient care management, as it helps in the training of healthcare staff, nurses, and physicians. Rise in the prevalence of cardiovascular and cerebrovascular diseases and technological advancements with the advent of laser and UV radiation are some of the other factors augmenting the demand in the global thrombectomy devices market.
Limited Number of Skilled Surgeons Obstructing Market’s Prosperity
The global thrombectomy devices market has a fruitful future, but the prosperity of the market is challenged quite a factors too, such as stringent regulatory scenario, dearth of skilled and experience surgeons, limited awareness among the patients regarding the latest treatment procedures for peripheral vascular diseases, increase in product recalls, and adverse effects of thrombectomy devices.