Revascularization Devices Market - Introduction
Revascularization is a surgical procedure used to restore perfusion to a body part or an organ suffering from ischemia (restricted blood supply). Revascularization of obstructed arteries is done to reduce ischemia and improve the quality of life of the patient. It is done either through percutaneous coronary intervention (PCI) or coronary artery bypass grafting (CABG) using coronary stents. PCI is a minimally invasive procedure performed in patients with coronary heart diseases to lower the risk of revascularization.
Revascularization Devices Market – Competitive Landscape
Major players operating in the revascularization devices market include Medtronic, Penumbra Inc., Johnson & Johnson Services, Inc., Scanmed, Fuji Systems Corp., Abbott, Biosensors International Group, Ltd (Bluesail Medical Co., Ltd.), Cook, Biotronik, Boston Scientific Corporation, Stryker, MicroPort Scientific Corporation, Terumo Corporation, STENTYS SA, Medinol Ltd, and Terumo Corporation.
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Boston Scientific Corporation
Boston Scientific Corporation is a leading player engaged in the development of solutions for several medical conditions in the form of efficient and innovative medical devices. The company offers a wide portfolio of around 13,000 products and has strategic presence in more than 100 countries. It is a global leader in the interventional cardiology sector, operating through 40 offices across the world. Boston Scientific Corporation offers various products for revascularization such as stents and catheters.
Stryker is a medical device company that provides innovative products and services in the areas of orthopedics, medical and surgical, neurotechnology, and spine. The company sells products in more than 85 countries through subsidiaries, branches, and distributors; and has presence in the U.S., Europe, the Middle East, Africa, and Asia Pacific. Trevo XP ProVue Retrievers is one of the products offered by the company for revascularization.
Medtronic, a leading manufacturer of medical devices, provides solutions and services in various therapeutic areas. The company operates in more than 160 countries across the globe. It owns around 45,000 patents for its medical devices and technologies. Under cardiac & vascular division, the company offers solutions for cardiac rhythm, heart failure, coronary and structural heart diseases, and aortic and peripheral vascular diseases. Medtronic offers Solitaire X revascularization device in the revascularization devices market. The product is based on the parametric design, an overlapping stent retriever-based technology.
Biotronik is a privately owned medical devices company that develops solutions for cardiovascular disorders. It develops and markets interventional stents exclusively in countries such as Germany, Switzerland, Singapore, and the U.S. Biotronik is engaged in the development of stents in coronary as well as peripheral interventions. Its Orsiro is one of the leading drug eluting-stent used worldwide. The company developed Pulsar-18, the world’s first 4F compatible stent used for the treatment of long lesions. The company has strategic presence in more than 100 countries. Physicians across the globe have implanted over 19 million Biotronik devices.
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Revascularization Devices Market – Dynamics
The revascularization devices market is expected to be driven by the increase in prevalence of chronic conditions such as stroke and coronary artery diseases, and product launches by players operating in the cardiovascular device business. Furthermore, approvals by the Food and Drug Administration (FDA) and technological advancement in cardiology are likely to augment the revascularization devices market during the forecast period. However, product recall by the FDA is likely to hamper the revascularization devices market. For instance, in May 2018, the FDA recalled MindFrame Capture LP revascularization device manufactured by Medtronic. This class I device may lead to serious injuries or even death. The FDA identified the risk of wire breakage or separation during usage, leading to further complications such as bleeding & blockage of blood vessels.
Increase in Prevalence of Stroke - Key Driver of Revascularization Devices Market
Increase in prevalence of stroke is one of the major drivers of the revascularization devices market. Stroke has become one of the leading causes of death across the globe. According to the Lancet journal, there were 5.5 million deaths and 116.4 million disability-adjusted life years (DALYs) due to stroke in 2016. It also stated that stroke was the second largest cause of death worldwide. According to the World Health Organization (WHO), 70% of strokes occur in low and middle income countries. Therefore, there exists a need for development of new treatment modalities for the treatment of stroke due to the increase in its prevalence at a rapid pace.
Revascularization Devices Market – Segmentation
The revascularization devices market can be segmented based on product, application, end-user, and region
Based on product, the revascularization devices market can be divided into:
- Bare Metal Stents
- Drug-eluting stents
- Balloon Catheter
In terms of application, the revascularization devices market can be fragmented into:
- Critical Limb Ischemia
Based on end-user, the revascularization devices market can be bifurcated into:
- Ambulatory Surgical Centers
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.