Home > Pressrelease > Thrombectomy Devices Market size to exceed $2bn by 2028
Thrombectomy Devices Market size to exceed $2bn by 2028
- Published Date: April 12, 2022
Thrombectomy Devices Market size is set surpass USD 2 billion by 2028, according to a new research report by Global Market Insights Inc.
The technological advancements in thrombectomy devices will foster the industry demand during the forecast period. The technology has evolved significantly over the past decade from the first-generation device of clot retriever to aspiration catheters and stent retrievers. The introduction of innovative devices has offered higher efficiency and ease in the clinical workflow to physicians performing thrombectomy procedures. Further, precision in minimally invasive procedures will benefit the product adoption rate.
Moreover, several market players operating in the business focus on the development of new technologies to offer safe and efficient treatment devices. For instance, in September 2020, Philips announced the launch of its innovative QuickClear mechanical thrombectomy system. Owing to such product launches in the market with increasing development activities, Thus, fueling the industry landscape.
The COVID-19 pandemic has positively influenced the market expansion. High incidence of thromboembolism among COVID-19 patients led to the increased need for thrombectomy treatment. Thus, the increased risk of blood clotting among COVID-19 patients has stimulated the demand for thrombectomy in healthcare settings. However, owing to the supply chain disruptions, these healthcare facilities witnessed a temporary shortage of products during the initial period of pandemic.
Availability of skilled professionals in emerging countries will boost the industry landscape
With the growing prevalence, awareness and diagnosis rate of cardiovascular diseases, the rate of treatment for cardiovascular diseases in specialty centers is growing robustly especially in developing nations thereby accelerating thrombectomy devices market progression. Furthermore, the rising number of hybrid catheterization labs offering cardiac interventions along with vascular as well as neurological interventions are contributing to the increasing demand for thrombectomy devices.
Additionally, the National Programme for Prevention & Control of Cancer, Diabetes, Cardiovascular Diseases & Stroke (NPCDCS) by the Indian government aimed to strengthen the healthcare facilities network to offer effective diagnosis and treatment of several diseases including CVD. Thus, stimulating the adoption of technologically advanced thrombectomy devices. Also, major industry players are focused to provide advanced devices to these facilities, thereby enabling high-quality procedural outcomes.
Browse key industry insights spread across 157 pages with 193 market data tables & 16 figures & charts from the report, “Thrombectomy Devices Market Analysis By Product Type (Ultrasound-assisted Thrombectomy Devices, Rotational Thrombectomy Devices, Aspiration Thrombectomy Devices, Mechanical/Fragmentation Thrombectomy Devices, Clot Extraction Catheter, Stent Retrievers, Microcatheters), Application (Peripheral Thrombectomy, Neurovascular Thrombectomy, Cardiovascular Thrombectomy), End User (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
High preference for minimally invasive procedures will drive the segment demand
Thrombectomy devices market from aspiration thrombectomy devices segment is projected to exhibit 7.4% CAGR during the forecast period. The aspiration thrombectomy is mainly used as adjunctive therapy for the restoration of coronary blood flow at the microvascular and epicardial levels. With the growing demand for minimally invasive surgical procedures. Furthermore, the introduction of technologically advanced devices that offers reduced risk during the procedure and enhanced success rate will impel customer preference. Also, these devices allow the aspiration of clots of different lengths and sizes. Thus, the segment is projected to experience notable gains during the forecast timeframe.
High prevalence of cardiovascular disorders will boost the market forecast
Thrombectomy devices market from cardiovascular thrombectomy segment held over 65% revenue share in 2021. This is attributed to the surge in the number of patients suffering from severe heart conditions. Additionally, the growing incidence of risk factors such as alcohol consumption, smoking, sedentary lifestyle, and consumption of excess sugar leads to the development of cardiovascular disorders. In addition, the development of advanced devices to reduce procedural complexity due to complex heart structures is expected to spur the industry expansion.
Enhanced availability of skilled workforce and expanding sophisticated healthcare facilities will augment the business statistics
Thrombectomy devices market from ambulatory surgical centers segment exceeded USD 410 million in 2021. Growing demand for advanced thrombectomy devices in ambulatory surgical centers is anticipated to impel the market share during the analysis period. Increasing patient preference for outpatient facilities owing to the reduced admission time, and availability of well-trained and skilled professionals will drive the industry landscape.
Growing incidence rate of cardiovascular disease and product availability will propel the market forecasts
Europe thrombectomy devices market held more than 29% business share and will grow substantially during the forecast timeline. The high cardiovascular disease burden in the region will augment the demand for thrombectomy devices. In addition, the adoption of a sedentary lifestyle led to an increased risk of several cardiovascular disorders. Moreover, high healthcare expenditure and increasing disposable income will fuel the regional market revenue.
Continuous implementation of strategic initiatives by prominent market players will augment the industry scenario
Some of the notable market players operating in the thrombectomy devices industry include Argon Medical, Johnson & Johnson, Penumbra Inc., Terumo Corporation, Edwards Lifesciences Corporation, LeMaitre Vascular Inc., Stryker Corporation, Boston Scientific Corporation, Teleflex Incorporated, and Medtronic among others. These market players are continuously implementing several growth strategies such as collaboration, acquisition, merger, partnership, and product launches to capitalize on market opportunities.
For instance, in February 2021, Stryker Corporation announced a partnership with Brainomix to broaden access to stroke management across EMEA. This has combined Brainomix’s e-stroke platform and Stryker’s stroke management products that help physicians with treatment and interpretation. This partnership has offered expansion as well as development opportunities to both firms.