Global Thrombectomy Devices Market: Snapshot
According to the World Health Organization (WHO), cerebrovascular accident or stroke is the second leading cause of death across the world, and this has been a case for a few decades now. Consequently, relentless research and developments have been carried out and recently, they have led to advanced thrombectomy devices, which are used for the removal of clots that are blocking the blood circulation. The demand in the global thrombectomy devices is projected to increment at a healthy CAGR of 6.1% during the forecast period of 2017 to 2022, gaining traction from a number of other factors such as favorable medical reimbursement policies in the developed countries, growing preference of minimally invasive procedures, expanding application of ultrasound in vascular treatment, and acquisition of small specialized hospitals by tier-1 hospitals.
On the other hand, the lack of product differentiation, increased product recalls, adverse effects of thrombectomy devices, and stringent regulatory scenario are some of the obstructions faced by the global thrombectomy devices until it achieves its true potential. Taking all dynamics under consideration, the global thrombectomy devices market is estimated to be worth US$1,974.5 mn by 2022, considerably up from its evaluated worth of US$1,470.6 mn in 2017.
Aspiration Thrombectomy Devices to Account for 28.8% of Total Demand by 2022
Based on product, the global thrombectomy devices market has been segmented into aspiration, mechanical, hydrodynamic, and ultrasonic. In 2017, the aspiration thrombectomy devices accounted for 28.6% of the overall demand, and is anticipated to remain the most profitable segment of the thrombectomy devices market throughout the forecast period of 2017 to 2022, during which it is projected to exhibit a CAGR of 4.4%. By 2022, the aspiration thrombectomy devices market is estimated to be worth US$521.2 mn, producing a revenue of US$20.1 mn annually.
On the basis of end-use, the market for thrombectomy devices has been bifurcated into hospitals, clinics, ambulatory surgical centers (ASCs), and others. Hospitals continue to provide for the most prominent chunk of demand, however, ASCs segment is experiencing consistent growth in the developed countries as they offer help on immediate basis, ongoing advancements in minimally invasive surgical techniques, and rising demand for miniaturized therapeutic devices. Application-wise, this report on the global thrombectomy devices market classifies it into cardiovascular, neurovascular, and peripheral vascular. Currently, cardiovascular applications are serving the most prominent chunk of demand, reflecting factors such as escalating population of geriatrics among whom the percentage of cardiac surgeries is higher and increasing preference of minimally invasive surgeries (MIS).
United States Makes North America Most Lucrative Region
Among all regions and countries studied under this report, thrombectomy devices have the maximum demand in North America, especially in the developed country of the U.S., owing factors such as to growing adoption of technologically advanced thrombectomy products, increased number of clinical trials, robust healthcare infrastructure, and reimbursement policies. The demand in the North America thrombectomy devices market is to increment at a CAGR of 6.4% during the forecast period of 2017 to 2022 and reach a valuation of US$776.3 mn by 2022. On the other hand, the demand for thrombectomy devices in the region Asia Pacific except Japan (APEJ) is to expand at a CAGR of 6.3% during the said forecast period. The APEJ thrombectomy devices market is driven by increasing healthcare expenditure in the emerging economies such as India, China, and Japan, increase in localized manufacturing, strengthening of distribution networks via collaborations, rising awareness among surgeons regarding the benefits offered by these devices.
Fragmented Competitive Landscape Heavily Dependent on Product Innovation
The presence of a number of a companies has made the global thrombectomy devices market fragmented, wherein the prominent companies are constantly innovating their products and acquiring smaller players in order to gain ground over their competitors. Some of the key participants of the global thrombectomy devices market are: Stryker Corporation, Boston Scientific Corporation, Argon Medical Devices Inc., Penumbra, Inc., Medtronic PLC, Teleflex Inc., and Terumo Corporation.
Thrombectomy Devices Market: Snapshot
The in-depth research and improvements have been done and as of late, they have prompted propelled thrombectomy devices, which are utilized for the expulsion of clumps that are obstructing the blood flow. The factors, for example, great therapeutic repayment strategies in the created nations, developing inclination of negligibly intrusive methodology, growing use of acquiring of small healthcare facilities by tier- 1 clinics and ultrasound in vascular treatment. The report has been created by encounter market look into experts and tries to fill in as a tenable business device for focused groups of onlookers, for example, human services benefit gives including healing facilities and surgical focuses, government administrative specialists, non-government associations, clinical research associations, examine labs and scholastic organizations, and innovative work organizations.
Thrombectomy Devices Market: Trends and Opportunities
The development of the worldwide thrombectomy devices market is fuelled by various components, among which the rising frequency of cerebrovascular issue is a noticeable one. The World Health Organization has recognized cerebrovascular mishap or stroke to be the world's second driving reason for death. Aside from this, mechanical advances, expanding medicinal services spending in developing economies, great restorative repayment situations, and rising interest for insignificantly intrusive methods for thrombectomy are some other unmistakable components driving this present market's development.
Obtaining of specific centers for thrombectomy by level 1 healing facilities is another development drift going to the fore in the worldwide thrombectomy devices market. This is boosting persistent administer to the particular preparing got by staff, attendants, and doctors at level 1multi-strength doctor's facilities. Further, rising predominance of cardiovascular and cerebrovascular illnesses and innovative advances prompting the coming of laser and UV radiation are some other key components expanding the interest for thrombectomy devices.
Thrombectomy Devices Market: Geographical Analysis
Among all the regions and nations, thrombectomy devices have the greatest request in North America, particularly in the created nation of the U.S., owing components, for example, to developing selection of mechanically propelled thrombectomy items, expanded number of hospital trials, powerful medicinal services foundation, and repayment approaches. The demand for the thrombectomy devices market in North America because of its increase at a steady CAGR of 6.4% amid the estimated time of 2017 to 2022. Moreover, the market is likely to reach the worth around US$ 776.3 mn by 2022. Then again, the interest for thrombectomy devices in the locale Asia Pacific is to grow at a strong CAGR of 6.3% amid the said figure period. The Asia Pacific thrombectomy devices market is supported by expanding human services use in the rising economies, for example, China, India, and Japan, increment in confined assembling, reinforcing of appropriation systems by means of joint efforts, rising mindfulness among specialists in regards to the advantages presented by these devices.
Thrombectomy Devices Market: Companies Mention
The worldwide thrombectomy devices market is profoundly divided because of the nearness of extensive, medium, and little measured organizations. Drivers, for example, headways innovation and item upgradation will drive the focused condition among the merchants in the market. Merchants progressively contend based on variables, for example, forceful evaluating, item affectability, high ventures, and innovation upgradation. Also, the vast organizations represent the most extreme market share as they participate in the making and distribution of thrombectomy frameworks and embellishments. Boston Scientific Corporation, Penumbra, Inc., Medtronic PLC, Terumo Corporation, Stryker Corporation, Argon Medical Devices Inc., and Teleflex Inc. are among the major players in the worldwide thrombectomy market.
Global Thrombectomy Devices Market, by Product
- Aspiration Devices
- Mechanical Devices
- Hydrodynamic Devices
- Ultrasonic Devices
Global Thrombectomy Devices Market, by End-use
- Ambulatory Surgical Centers
Global Thrombectomy Devices Market, by Region
- North America
- Asia Pacific except Japan