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The Thrombectomy Devices Market size is estimated to grow by USD 602.01 million at a CAGR of 6.78% between 2023 and 2028.
The growing prevalence of cardiovascular disorders is a significant factor fuelling the global thrombectomy devices market. Some of the major health concerns across the world include cardiovascular disorders such as heart attacks, strokes, deep vein thrombosis, and pulmonary embolism. In addition, these conditions are often caused by the formation of blood clots or thrombosis in blood vessels. Therefore, these blood clots are removed using thrombectomy tools, which also help the afflicted blood vessels regain blood flow. Especially in acute situations like ischemic strokes or myocardial infarctions, these devices are essential in the therapy of cardiovascular problems. As a result, there is a high need for thrombectomy devices due to the rise in cardiovascular illnesses. Hence, such factors are positively impacting the market.
Technavio has segmented the market into Technology, Type, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2018 to 2022, besides analyzing the current market scenario.
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The mechanical thrombectomy segment is estimated to witness significant growth during the forecast period. The global thrombectomy devices market comprises a sizeable section for mechanical thrombectomy. Factors, including the rising prevalence of cardiovascular illnesses, growing demand for less invasive procedures, and technical improvements in thrombectomy devices, are contributing to the growth of this segment.
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The mechanical thrombectomy segment was the largest segment and was valued at USD 735.01 million in 2018. Moreover, mechanical thrombectomy devices provide advantages over conventional ones, including speedier and more effective clot removal, lower risk of complications, and better patient outcomes. In addition, the need for mechanical thrombectomy devices is being driven by these factors on a global scale. Furthermore, the creation of novel mechanical thrombectomy devices with improved navigation, higher clot retrieval rates, and better safety profiles has increased significantly in recent years. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Manual thrombectomy devices are used to remove blood clots in blood vessels as well as to physically remove them from blood vessels. In addition, healthcare experts such as doctors, nurses, or interventional radiologists manually operate them. Moreover, these devices have a handle for manual operation, a shaft or wire to access the afflicted blood veins, and a method to remove clots, like a balloon or wire mesh. Furthermore, the most frequent usage of manual thrombectomy devices is in urgent or emergency situations where prompt clot removal is required. In addition, they could be utilized to treat diseases like pulmonary embolism, arterial thrombosis, and deep vein thrombosis. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Some of the main factors that are driving the market growth in North America include the rising incidence of cardiovascular illnesses and the demand for minimally invasive procedures. In addition, technology developments and the introduction of new products with better efficiency and results are also accelerating market expansion.
Moreover, this region has a significant emphasis on technological developments, a well-established healthcare system, and a high frequency of cardiovascular disorders. Furthermore, government programs encouraging the use of cutting-edge medical technologies and attractive reimbursement policies also contribute to the market growth in North America. Hence, such factors drive the market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global thrombectomy devices market witnessed a significant slowdown as the prevalence of elective treatments, particularly thrombectomy procedures, decreased as a result of the pandemic in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of thrombectomy procedures. In addition, due to the aging population and rising rates of risk factors like hypertension, diabetes, and obesity, it is anticipated that there will be an increase in the prevalence of stroke in the upcoming years. Such factors are expected to drive the market during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Acandis GmbH: The company offers thrombectomy devices namely APERIO Hybrid17 and 15 thrombectomy devices for fast recanalisation.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
A key factor shaping the thrombectomy devices market growth is the growing geriatric population. The increasing geriatric population is a significant trend in the global thrombectomy devices market. In addition, the geriatric population mainly refers to individuals who are aged 65 years and above. This demographic group is increasing across the world due to factors such as improved healthcare facilities, advancements in medical technology, and a general increase in life expectancy.
Moreover, some of the main factors where the growing geriatric population affects the global thrombectomy devices market include the increasing risk of thrombotic disorders, the greater prevalence of chronic diseases, the age-related loss in bodily functions, the technological developments in thrombectomy devices, and the increasing healthcare costs. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
Regulatory hurdles in thrombectomy devices are one of the key challenges hindering the thrombectomy devices market growth. One of the main challenges of thrombectomy devices is that they have to go through extensive testing and receive the required certifications in order to sell them in the market. This regulatory process comprises getting regulatory permissions from numerous authorities, including the European Medicines Agency (EMA) in Europe, the Food and Drug Administration (FDA) in the United States, and other regional regulatory bodies.
Moreover, To clear these regulatory obstacles, comprehensive clinical trials proving the thrombectomy devices' safety and effectiveness are frequently needed. Furthermore, the procedure can be time-consuming and costly because firms must spend a lot of money on performing trials and accumulating enough data to satisfy regulatory standards. Hence, such factors are negatively impacting the market. therefore, it is expected to hinder the market growth during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Thrombectomy Devices Market Customer Landscape
The thrombectomy devices market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Thrombectomy Devices Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market growth 2024-2028 |
USD 602.01 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.23 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 37% |
Key countries |
US, Germany, UK, Japan, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acandis GmbH, Argon Medical Devices Inc., Becton Dickinson and Co., Boston Scientific Corp., Edwards Lifesciences Corp., Inari Medical Inc., Johnson and Johnson, Koninklijke Philips N.V., LeMaitre Vascular Inc., Medtronic Plc, Penumbra Inc., Stryker Corp., Surmodics Inc., Teleflex Inc., and Terumo Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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