Home > Pressrelease > Atherectomy Device Market size worth over $1bn by 2027
Atherectomy Device Market size worth over $1bn by 2027
- Published Date: March 22, 2021
Atherectomy Device Market size is set to exceed USD 1 billion by 2027, according to a new research report by Global Market Insights Inc.
Rising technological advancements across the globe will boost the market growth. Industry players are focusing on the development of advanced products with enhanced effectiveness that is augmenting the demand for atherectomy devices. Currently, there is a need for excellent quality, comparative data to conduct clinical practice on many of the recent endovascular technologies adopted to treat peripheral artery disease (PAD).
However, during the COVID-19 pandemic, the surgical implications of patients with PAD became more rigorous, and the patients' readiness to undertake medical procedures also reduced. The number of patients with PAD having surgery in ambulatory surgical centers was significantly reduced, but their level of limb ischemia was considerably more severe than last year, driving an increased rate of perioperative complexity. Therefore, the market is expected to experience tremendous growth in coming years with a declining number of COVID-19 patients in some regions and favorable government protocols.
Upsurge in demand for the minimally invasive procedure will propel the atherectomy device market expansion
Growing preference for minimally invasive procedure will be one of the notable industry growth drivers. These treatments result in lesser damages to the patient and faster improvement than invasive operations. An added belief for this move is the probability of the occurrence of infection with invasive procedures. Atherectomy is a minimally invasive procedure, hence, growing preference for minimally invasive surgeries will act as a strong impact driver for the market during the forecast period.
The rising prevalence of peripheral artery diseases (PAD) across the globe is uplifting the atherectomy device market revenue. According to the statistics by the Centers for Disease Control and Prevention, over 6.5 million individuals age 40 and older in the U.S. have PAD. In addition, as per the American Heart Association, PAD affects over 200 million individuals worldwide. Therefore, the American Heart Association and the Anticoagulation Forum have collaborated to determine strategies that would raise PAD prevention. This strategic collaboration is impelling the awareness of PAD resulting in understanding and control amongst patients and health care providers, thereby fueling the demand for atherectomy devices.
High product adoption with continued product development will influence the atherectomy device market demand
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The directional atherectomy devices accounted for more than USD 130 million in 2020 led by their growing utilization in a minimally invasive procedure to remove a blockage from coronary arteries Also, other factors such as accessibility of credible clinical data to verify their clinical efficacy, and the availability of reimbursements for vascular disease treatments across developed countries will foster the market value. Furthermore, the successful technological upgrades in directional atherectomy and clinical advantages are leading to their increased utilization. Therefore, the above-specified factors will spur the segment growth that in turn will boost the overall industry expansion in the coming years.
Browse key industry insights spread across 120 pages with 176 market data tables & 16 figures & charts from the report, “Atherectomy Device Market Size By Product (Directional Atherectomy Devices, Orbital Atherectomy Devices, Laser Atherectomy Devices, Rotational Atherectomy Devices), By Application (Peripheral Vascular Applications, Coronary Applications), By End-use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing use of atherectomy devices in coronary artery disease will enhance the market growth
The atherectomy device market for coronary applications segment exceeded USD 114 million in 2020 owing to the need for a minimally invasive procedure to cut out the blockage from coronary arteries to promote blood flow to the heart muscle. Atherectomy devices are significantly used in atherectomy procedures that reduce symptoms of coronary artery disease by correcting blood flow to the heart. Moreover, traditional risk factors such as diabetes, smoking, family history, and obesity are contributing to the growing incidences of coronary artery disease (CAD) worldwide.
Facility expansion with advanced infrastructure in emerging economies will result in surged patient inflow in ambulatory surgical centers
The ambulatory surgical centers segment in the atherectomy device market will observe substantial growth rate of 9.7% till 2027. Availability of an extensive range of advanced treatments catering to escalating patient population with coronary artery disease and peripheral vascular disease will fuel the segment revenue. Reduced hospital stay with the adoption of developed devices encourages procedural volume. Additionally, collaborations between physicians and administrators help these facilities to attain operational efficiency in peripheral vascular services. Thus, expanding network of ambulatory surgical centers in emerging economies will impel the segment expansion.
Increasing prevalence of peripheral artery diseases (PAD) in China is anticipated to spur the market expansion
China atherectomy device market witnessed fastest growth at around 14% in the Asia Pacific and was valued at over USD 21 million in 2020 on account of the exponentially growing number of patients suffering from PAD in the country. In China, PAD is common in old individuals and the prevalence is higher in women than in men. This rise has largely been propelled by cigarette smoking, the aging population, and unfavorable increasing trends for related risk factors. Furthermore, factors such as improving healthcare infrastructure and rising disposable income are contributing to the industry revenue in the country.
Companies are emphasizing on strategies and launch of innovative products to expand customer base
Some of the major players operating in the atherectomy device market are Cardiovascular Systems, Inc., Medtronic, Boston Scientific Corporation, and Avinger Inc., among others. These leaders are proposing innovative product launches in order to generate substantial revenue and upsurge their geographical presence.