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.
Global Thrombectomy Devices Market: Overview
This report on the global thrombectomy devices market projects the demand to increment at a CAGR of 6.1% during the forecast period of 2017 to 2022. The report has been developed by experience market research analysts and aspires to serve as a credible business tool for targeted audiences such as healthcare service provides including hospitals and surgical centers, government regulatory authorities, non-government organizations, clinical research organizations, research laboratories and academic institutes, and research and development companies.
Increasing acquisition or collaboration of small specialized hospitals by tier-1 hospitals, increasing prevalence of cerebrovascular and cardiovascular diseases, escalating number of product approvals and patents, ongoing technological advancements in minimally invasive surgeries, favorable reimbursement policies and improving healthcare infrastructure in a number of emerging economies are some of the key factors augmenting the demand in the global thrombectomy devices market. On the other hand, strict regulatory policies, lack of awareness among the patients pertaining to thrombectomy, which results in delayed treatment for peripheral vascular diseases, lack of product differentiation, adverse effects of thrombectomy devices, and increase in product recalls are a few factors obstructing the market for thrombectomy devices from attaining its true potential. Increasing number of research activities in the field of thrombectomy and diversifying application of ultrasound in vascular treatment are opening new opportunities in the global thrombectomy devices market, whereas strategic acquisitions of business segments and technological advancements in the advent of laser and UV radiation are some of the key trends.
This report on the global thrombectomy devices market explores the current and future prospects of the demand across the globe. The report not only aspires to serve the stakeholders of companies that are engaged in the manufacturing and commercialization of thrombectomy devices, but also is directed towards new entrants who are aiming to enter this market. This report comprises an elaborate executive summary along with a market snapshot providing overall information on global thrombectomy devices market dynamics, supply chain, cost structure, list of distributors, average pricing, and technological assessment. This section also provides the overall information and data analysis of the global thrombectomy devices market with respect to the leading market segments based on major products, end user, application, and regions.
Global Thrombectomy Devices Market: Segmentations
On the basis of product, the global thrombectomy devices market has been segmented into aspiration, mechanical, ultrasonic, and hydrodynamic. On the basis of end-use, the market for thrombectomy devices has been bifurcated into hospitals, ambulatory surgical centers (ASCs), clinics, and others. Application-wise, this report on the global thrombectomy devices market classifies it into cardiovascular, neurovascular, and peripheral vascular. Geographically, the report takes stock of the potential of thrombectomy devices market in the regions of North America (The U.S. and Canada), Latin America (Mexico, Brazil, and Argentina), Europe (Germany, France, Spain, The U.K., Italy, and Nordic), Asia Pacific except Japan (China, India, Malaysia, Thailand, Australia, and Singapore), The Middle East and Africa (GCC countries, Nigeria, South Africa, and Israel), and in the country of Japan. For each of these countries, the report provides revenue comparison on the basis of product, end user, and application.
Global Thrombectomy Devices Market: Competitive Landscape
Stryker Corporation, Argon Medical Devices Inc., Boston Scientific Corporation, Medtronic PLC, Penumbra, Inc., Johnson & Johnson, BTG International Ltd., Edwards Lifesciences Corporation, Phenox GmbH, Teleflex Inc., Terumo Corporation, and Spectranetics Corporation are some of the key companies currently operating in the global thrombectomy devices market. The report throws light on the existing competitive landscape, market shares of the companies, analysis of recent strategic decisions such as mergers, acquisitions, collaborations, and product launches, and other details.