Blood Clot Retrieval Devices Market

Global Blood Clot Retrieval Devices Market Size (2023 to 2028)

The size of the global blood clot retrieval devices market is estimated to be growing at a CAGR of 16.42% during the forecast period and will be worth USD 3.28 billion by 2028 from USD 1.53 billion in 2023.

Blood clot retrieval devices play a vital role in brain stroke treatment procedures. When such strokes occur, these medical devices quickly restore the blood flow to the brain to reduce brain risk damage. The treatment with Blood clot retrieval devices effectively removes the blood clots in the arteries or veins. Blood clot retrieval devices are minimally invasive, requiring only a tiny incision on the body to insert and help minimize complications and boost recovery time. Blood clot retrieval devices have gained recognition as a safer, more effective, and less invasive alternative to traditional treatments. These devices are expected to get more advanced by leveraging the latest technologies in the coming years.

Impact of COVID-19 on the global blood clot retrieval devices market:

The blood clot retrieval devices market has experienced a significant negative impact from the COVID-19 pandemic. Patients who are suffering from stroke or thrombosis have experienced delays in diagnosis and treatment during the COVID-19 pandemic as the priority has been given to the COVID-19 patients and this has resulted in the reduced demand for blood clot retrieval devices market. During the COVID-19 pandemic, many patients have stopped visiting hospitals and seeking treatment that requires blood clot retrieval devices due to the fear of contracting COVID-19, which has further resulted in the declining demand for these devices. In addition, the disruptions of the supply chain ecosystem and delayed clinical trials have further contributed to the decline in the growth rate of the blood clot retrieval devices market. Likewise, the COVID-19 pandemic impacted the blood clot retrieval devices market. However, considering the reduced impact of the COVID-19 pandemic and the increasing habituation of new normalization by people, the global blood clot retrieval devices market is predicted to showcase a healthy CAGR during the forecast period.

MARKET DRIVERS:

The rising incidence of stroke worldwide primarily drives the growth of blood clot retrieval devices.

Stroke is one of the leading causes of death worldwide. As per the data published by the Centers for Disease Prevention and Control (CDC), 1 in 6 CVD deaths due to stroke in 2020, and one person in the United States gets a stroke every 40 seconds. Therefore, the demand for effective and efficient treatment solutions is expected to grow with the number of people suffering from a stroke. Blood clot retrieval devices effectively treat stroke patients and provide improved patient care. Due to this, the demand for blood clot retrieval devices is growing continuously.

The rapid adoption of technological advancements in manufacturing effective blood clot retrieval devices is predicted to boost market growth.

With access to the latest technologies is possible to develop novel and effective blood clot retrieval devices. Blood clot retrieval devices such as stent retrievers and aspiration catheters are examples of technologically advanced blood clot retrieval devices. As a result, healthcare providers are now providing patients with safe and effective thrombectomy procedures by using these devices.

Favorable reimbursement policies for thrombectomy procedures are expected to favor the growth rate of the blood clot retrieval devices market.

Many insurance providers have included the costs associated with thrombectomy procedures in their policies in developed countries. For instance, the Centers for Medicare and Medicaid Services (CMS) expanded coverage for these procedures in 2018 in the United States. Due to these favorable reimbursement policies, these devices and procedures have become accessible to many people. The growing awareness among patients regarding the advantages of thrombectomy devices is expected to support market growth. In addition, the preference from people to have thrombectomy procedures has seen a rise in recent years, which is expected to boost the demand for blood clot retrieval devices.

MARKET RESTRAINTS:

The growth of the global blood clot retrieval devices market is predicted to be hampered by the risk of post-surgery complications, the high cost of surgery, and stringent government regulations governing the safety and efficacy of blood clot retrieval devices. In addition, the lack of skilled specialists, futile recanalization treatments that occur owing to negative results, and device malfunctioning during blood clot retrieval are a few other challenging factors for the global blood clot retrieval devices market.

REPORT COVERAGE:

This market research report on the global blood clot retrieval devices market has been segmented and sub-segmented based on the device type, stroke type, end-user, and region.

Blood Clot Retrieval Devices Market – By Stroke Type:

• Ischemic Stroke (blood clot)
• Hemorrhagic Stroke (rupturing of arteries)
• Transient Ischemic Attack

Based on the stroke type, the ischemic stroke segment had the major share of the global blood clot retrieval devices market in 2022 and is expected to grow at a promising CAGR during the forecast period owing to the growing incidence of ischemic strokes. According to the American Heart Association, 800,000 new strokes occur worldwide each year, 85% of these being ischemic and the rest hemorrhagic. Ischemic anemia is caused by a lack of blood flow, while hemorrhagic anemia is caused by internal bleeding. The brain may not function correctly in such circumstances.

Blood Clot Retrieval Devices Market – By Device Type:

• Mechanical Embolus Removal Devices
• Penumbra Blood Clot Retrieval Devices
• Stent Retrievers
• Ultrasound-Assisted Devices

Based on device type, the mechanical embolus removal devices segment held the leading share of the worldwide market in 2022. The segmental growth is primarily driven by the cost-effectiveness of the mechanical embolus removal devices in cerebral ischemia compared to other clot retrieval devices. Furthermore, mechanical thrombectomy devices are expected to become more widely used in treating acute ischemic stroke shortly because of the increased survival time compared to traditional medical care.

Blood Clot Retrieval Devices Market – By End-User:

• Hospitals
• Diagnostic Centers
• Clinics
• Ambulatory Surgical Centers

Based on end-user, the hospital segment had the leading share of the global blood clot retrieval devices market in 2022 and the domination of the segment is estimated to continue during the forecast period. Hospitals consist accessibility to advanced medical devices and equipment and have access to highly skilled medical professionals to perform interventional procedures, which are propelling the growth of the segment. Patients prefer hospitals considering their reputation and perceived higher quality of care.

Other segments such as diagnostic centers, clinics and ambulatory surgical centers are predicted to showcase a healthy CAGR during the forecast period owing to the rapid of technological advancements and rising awareness of the benefits of these devices to patients.

Blood Clot Retrieval Devices Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America was the biggest regional segment for blood clot retrieval devices worldwide and is anticipated to continue leading a major share of the worldwide market during the forecast period. The growing population suffering from stroke and CVDs is majorly boosting the North American market growth. As per the statistics published by the American Heart Association, an estimated 928,741 people died of cardiovascular diseases in the United States in 2020. In addition, the increasing aging population and rising adoption of minimally are contributing to the growth of the North American market. Furthermore, factors such as favorable government initiatives and policies to promote advanced healthcare facilities and medical research are fuelling the growth rate of the North American market. The U.S. accounted for the largest share of the North American market in 2021, followed by Canada.

Europe is another notable regional market for blood clot retrieval devices worldwide and is estimated to capture a noteworthy share of the worldwide market during the forecast period. Factors such as increasing healthcare expenditure and favorable reimbursement policies are majorly driving the European market growth. The growing patient count of cardiovascular diseases in the European region is another factor boosting the regional market growth. As per the statistics published by the European Heart Network, an estimated 3.9 million people dies of CVDs in the European region. Germany, France, and the United Kingdom had the largest share of the European market in 2021 and the same trend is predicted to continue during the forecast period.

The APAC market is predicted to witness the fastest CAGR during the forecast period among all the regions in the worldwide market. Factors such as increasing adoption of minimally invasive surgical procedures, improving healthcare infrastructure, and rising healthcare expenditure are majorly driving the blood clot retrieval devices market growth in the Asia-Pacific region. The rising prevalence of cardiovascular diseases in the APAC region is one of the significant factors promoting the market’s growth rate in this region. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death in India and hold 28% of all deaths. During the forecast period, India and China are predicted to account for the major share of the APAC market.

The Latin American region is estimated to occupy a considerable share of the worldwide market during the forecast period owing to the rising population count suffering from chronic diseases and the growing adoption of blood clot retrieval devices to treat stroke and CVDs. Brazil and Mexico captured the leading share of the Latin American market in 2021. As per the data published by the Brazilian Society of Cardiology, an estimated 30% of all deaths are due to CVDs in Brazil.

The MEA market is predicted to showcase a moderate CAGR in the coming years.

KEY MARKET PARTICIPANTS:

Johnson and Johnson, Terumo Corporation, Teleflex Incorporated, Boston Scientific Corp, Bayer HealthCare, Penumbra, AngioDynamics, Argon Medical Devices, and Medtronic Plc are some of the companies dominating the global blood clot retrieval devices market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• The revascularization device "TIGERTRIEVER" was released in 2021 by Rapid Medical, a global provider of responsive, adaptable neurovascular devices, and received FDA clearance.
• NeuroVasc Technologies, Inc., a global medical device manufacturer, treated its first patient in 2021 with its own "ENVI-SR Mechanical Thrombectomy System," a stent-retriever. The device is used to remove blood clots from patients with stroke.
• Devoro Medical was acquired by Boston Scientific, a major medical device company, in 2021. The ac purchase cost $338 million and is intended to help the corporation expand its product offering and grow its operations.