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According to the blood clot retrieval devices industry analysis, the global blood clot retrieval devices market will grow at a CAGR of close to 7% during the forecast period. The availability of favorable reimbursement policies will drive the growth prospects for the market until the end of 2021.
The favorable reimbursement policies encourage people to adopt blood clot retrieval devices on a large scale. For instance, Medtronic offers a reimbursement policy that provides security and coverage for the payment of comprehensive professional services. However, Medtronic does not promote the use of its products outside FDA-approved labeling. Reimbursements are available for procedures such as acute ischemic stroke using a thrombolytic agent with major complication and comorbidity (MCC) and complication and comorbidity (CC) and acute ischemic stroke using thrombolytic agent without CC or MCC. Similarly, the coverage for Medicare MS-DRGs (Medicare Severity Diagnosis Related Groups) includes ICD-10 diagnosis & ICD-10 procedural codes.
In terms of geographic regions, the Americas accounted for the majority market share during 2016 and will continue its market dominance during the next four years as well. The US is the major revenue generator in the region. The rise in prevalence of ischemic stroke that blocks the blood flow to the brain will drive the adoption of blood clot retrieval devices in this region.
The blood clot retrieval devices market is characterized by the presence of established players. Tier-1 companies in the market are focusing on research and developmental activities. This helps them to develop products with emerging technologies to carry out procedures that involve accurate and perfect treatment. Companies are taking efforts to increase their market shares by creating a strong product portfolio. Vendors are increasingly competing against each other based on factors such as distribution and partnerships, market penetration in new geographic regions, and product precision.
Mechanical embolus removal devices are highly preferred over other products because they offer a bridging strategy between intravenous and intra-arterial thrombolytic therapy. These devices benefit patients by directly reaching the affected regions and dissolving the clot. During 2016, this segment contributed the majority of the shares of the blood clot retrieval devices market since these devices are highly cost-effective. The mechanical thrombectomy device used for the treatment of acute ischemic stroke increases the survival time in comparison to standard medical therapy. This will increase the adoption of mechanical thrombectomy device and will boost the blood clot retrieval devices market size in the forthcoming years.
A large number of individuals prefer hospitals over other healthcare units because they procure medical products and consumables on bulk and engage closely with many suppliers, reimbursement authorities, and government organizations. The advanced medical infrastructure and the availability of high-quality blood clot retrieval facilities will drive the preference of patients towards hospitals in the coming years.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Market segmentation by end-user
PART 08: Geographical segmentation
PART 09: Decision framework
PART 10: Drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Key vendor analysis
PART 14: Appendix
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