Global Thrombectomy Devices Market: Snapshot
Globally, the number of people who have experienced a stroke or cerebrovascular accident has increased significantly. According to the data revealed by the World Health Organization (WHO), this accident is considered as the second leading cause of deaths. Adding to it, supportive reimbursement policies and the growing application of ultrasound in vascular treatment have provided a significant push in this market. Changing preference for minimally invasive surgeries and the acquisition of small specialized hospitals has also grown the demand in the thrombectomy devices market.
The global thrombectomy devices market is anticipated to rise at a steady 6.1% CAGR throughout the forecast tenure from 2017 to 2022. In 2017, the valuation of the thrombectomy devices market was US$1.47 bn and is expected to reach US$ 1.94 bn by the end of 2022.
Growing Preference for Minimally Invasive Surgeries to Fuel Demand for Thrombectomy Devices
The global thrombectomy devices market is categorized on the basis of product, application, and end use. The end-user segment is classified into ambulatory surgical centers, clinics, hospitals, and others. Among these, the demand for thrombectomy devices is high in hospitals. On the other hand, the demand for thrombectomy devices is growing constantly in the ambulatory surgical centers as they provide help on an immediate basis. Moreover, increasing need for miniaturized therapeutic devices and growing technological advancements for minimally invasive surgical techniques are also responsible for the growth of this segment.
Based on product type, the market is segmented into mechanical, aspiration, ultrasonic, and hydrodynamic. The aspiration thrombectomy devices segment held 28.6% market share in 2017. This segment is likely to be the most profitable segment throughout the forecast tenure by rising at 4.4% CAGR between 2017 and 2022. In terms of revenue, this segment is likely to touch US$521.2 mn by the end of the tenure.
Thrombectomy devices are used to treat neurovascular, peripheral, and cardiovascular disorders. However, its application is largely seen in treating cardiovascular disorders. This is due to rising preference for minimally invasive surgeries and the growing number of geriatric population where the percentage of cardiac surgeries is high.
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Growing Healthcare Expenditure to Fuel Demand for Thrombectomy Devices in Asia Pacific
On geographical front, the global thrombectomy devices market is segmented into South America, North America, Europe, Japan, Asia Pacific excluding Japan, and the Middle East and Africa. Among these regions, North America is expected to lead the market due to increasing adoption of advanced technology used for making thrombectomy devices. Rising demand for thrombectomy devices in North America is likely to rise at 6.4% of CAGR and reach a valuation of US$0.776 bn by the end of 2022. Additionally, developing healthcare infrastructure, rising number of clinical trials, and supportive reimbursement policies in this region has increased the demand in this market.
On the other hand, the demand for thrombectomy devices is rising in Asia Pacific excluding Japan. As the use of thrombectomy devices is high in healthcare and growing healthcare expenditure is expected to boost demand in the thrombectomy devices market. Moreover, countries like Japan, China, and India have increased their healthcare expenditure, strengthening of distribution networks via collaborations, and growing awareness among surgeons about the benefits of using these devices is expected to benefit the market’s growth.
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The global thrombectomy devices market could be fragmented in nature due to the presence of significant number of large and small players. Some of the key players of the market are Boston Scientific Corporation, Stryker Corporation, Argon Medical Devices Inc., Medtronic PLC, and Penumbra, Inc. leading players in the market are acquiring smaller players and focusing on innovating their products to get a firm hold in the market at the global level.
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