Thrombectomy Devices Market

Global Thrombectomy Devices Market Size (2022 to 2027)

The size of the global thrombectomy devices market is forecasted to value USD 1.72 billion by 2027 from USD 1.20 billion in 2022, growing at a CAGR of 7.4% during the forecast period.

Thrombectomy Devices are used to remove clots from a blood vessel which is performed by an interventional procedure. It is generally used as a last resort as continuous blockage of blood flow to organs can lead to a situation known as necrosis. During a procedure, these devices will minimize the damage to the vessel wall. Thrombectomy devices can even be used to treat deep vein thrombosis, pulmonary embolism, neurovascular thrombosis conditions, and peripheral arterial according to the size and diameter, and depending on the affected area. The Balloon embolectomy, aspiration embolectomy, and surgical embolectomy are the most commonly used thrombectomy device procedures.

MARKET DRIVERS:

The rise in sedentary lifestyles and increasing demand for minimally invasive procedures drive the market. The increase in the geriatric population leads to evolving various disease conditions, which must have surgical interventions for the treatment, which helps increase the thrombectomy devices market. Moreover, an increase in the target patient population is boosting the thrombectomy devices market. 

The rise in technological innovations in the medical field and the increasing prevalence of cardiovascular diseases are significant market growth opportunities. Moreover, the increase in investments in Research and Development is boosting the thrombectomy devices market.

MARKET RESTRAINTS:

The lack of skilled professionals is the major restrain to the Thrombectomy Devices Market. The high cost associated with thrombectomy devices is hampering the global market. Moreover, the difficulty of using new equipment is constraining the thrombectomy devices market growth.

The lack of awareness about peripheral vascular diseases in emerging countries is challenging the market growth. Moreover, the side effects of thrombectomy devices like bleeding from the catheter area inserted and the presence of bruce in the area making pain is hindering the global thrombectomy devices market.

Impact of COVID-19 on the global thrombectomy devices market:

The COVID-19 is caused due to the SARS-CoV-2 virus at the end of 2020. Since the WHO declared COVID 19 as a pandemic, there was a lockdown restriction around the globe. The implementation of lockdown has an immense global economic crisis. Nearly all the industries in every sector were affected individually. Thrombectomy Devices Market had a negative impact during the COVID. As there was a strict implementation of the lockdown, emergency surgeries such as endovascular thrombectomy (EVT) were delayed or rescheduled, which impacted the growth of the market. Moreover, the supply chain system got disturbed, and the after-sales service was delayed due to pandemics, which hampered the market growth. The delay in investments and funds is pausing the production of thrombectomy devices, which thwarted the market. The key players in the market are trying their best by introducing new devices to survive in the competition after the pandemic.

REPORT COVERAGE:

This research report on the global thrombectomy devices market has been segmented and sub-segmented based on type, application, end-user, disease, and region.

Thrombectomy Devices Market - By Type:

• Stent Retrievers
• Basket/Brush Retrievers
• Coil Retrievers
• Mechanical Thrombectomy Devices
• Ultrasonic Thrombectomy Devices
• Aspiration Thrombectomy Devices
• Hydrodynamic Thrombectomy Devices

The mechanical thrombectomy devices are estimated to have the highest market share during the forecast period based on type. The growing requirement for stent retrievers and supportive reimbursement policies are driving the Mechanical Thrombectomy Devices segment. Acandis, and Sela Medical, and a few others are the key market players who account for market growth. Moreover, mechanical thrombectomy devices are more effective in reducing stroke-related disability and mortality. The stent retrievers are estimated to grow numerously during the forecast period.

Thrombectomy Devices Market - By Application:

• Peripheral Vascular Application
• Neurovascular Application
• Cardiovascular Application

Based on the application, Cardiovascular disease is the primary revenue generator during the forecast period. The increasing predominance of CVD is the major driving factor for the Cardiovascular disease segment. The benefits of mechanical thrombectomy in heart surgeries and the rise in minimally invasive cardiac surgeries propel the Cardiovascular disease segment. The Neurovascular Application segment is anticipated to grow predominantly during the forecast period.

Thrombectomy Devices Market - By End User:

• Research Laboratories & Academic Institutes
• Ambulatory Surgical Centers
• Hospital Surgical Centers

Based on the end-user, the hospital surgical centers dominate the market share during the forecast period. The growing percentage of chronic vascular diseases and the rise in ultrasonic thrombectomy clinical applications propel the hospital surgical centers segment.

Thrombectomy Devices Market - By Diseases:

• Coronary diseases
• Neural diseases
• Peripheral diseases

The coronary diseases segment leads with the highest shares of the market due to rising awareness among people over the availability of quality treatment procedures in developed and developing countries.

Thrombectomy Devices Market - By Region:

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

Geographically, The thrombectomy devices market in North America held the largest share in 2019 due to many technologically advanced Thrombectomy Devices present in the region. The size of the North America Thrombectomy Devices Market was valued at USD 0.380 billion in 2020; by 2025 is estimated to reach USD 0.560 billion at a CAGR of 7.9%. The rising senior population and raised incidence of cardiovascular diseases are driving the North American market. The advanced technological devices present in the countries are propelling the market growth. The major contributors to the North American market are the US and Canada. For instance, according to the CDC, Stroke is the fifth major cause of death in the United States, with 130,000 deaths and every year. Moreover, 800,000 people have a stroke every year. The increased incidence of cardiovascular diseases and technological advancements in the medical field are propelling the market. Further, the presence of numerous key players is boosting the thrombectomy Devices Market in North America.

The thrombectomy devices market in Europe is expected to account for the second-largest market share in the world during the forecast period. In 2020, the market had registered USD 0.260 billion and was estimated to reach USD 0.370 billion at a CAGR of 7.5% by 2025. The growing occurrence of cardiovascular diseases and the ever-increasing geriatric population is driving the market growth. Germany has the largest market share in the European region. It is estimated to add over US$20.8 Million to the region's size in the forthcoming years. These are the factors leading the thrombectomy Devices Market in North America.

The thrombectomy devices market in the Asia Pacific is the fastest-growing market globally. The expanded local manufacturers and growing distribution networks are driving the market. India is the major contributor to the Asia Pacific market. The rise in the adoption of Thrombectomy Devices, rising cardiovascular diseases, and many patients are boosting the Asia Pacific Thrombectomy Devices Market. The highest growth rate was recorded in the Asia-Pacific region, owing to the large patient population, increased local manufacturing, strengthening distribution networks, and raising awareness among surgeons about the new devices' advantages.

The thrombectomy devices market in Latin America is growing due to the growing geriatric population, rising prevalence of cardiovascular diseases, growing sedentary lifestyle, increasing demand for minimally invasive procedures, and technological innovations in the medical field. Some of the restraints involved in this market are difficulty using new equipment, lack of skilled workers, and lack of awareness about peripheral vascular diseases.

The thrombectomy Devices Market in the Middle East & Africa was worth USD 0.11 billion in 2021. It is expected to reach USD 0.14 billion by 2026, growing at a CAGR of 5.49% from 2021 to 2026.

KEY MARKET PARTICIPANTS:

Notable companies leading the global thrombectomy devices market profiled in this report are Stryker Corporation (U.S.), Medtronic Plc (U.S.), Boston Scientific Corporation (U.S.), Penumbra, Inc. (U.S.) Johnson & Johnson (U.S.), Terumo Corporation (Japan), Spectranetics Corporation (U.S.), Edwards Lifesciences Corporation (U.S.), Argon Medical Devices, Inc. (U.S.), and Teleflex Incorporated (U.S.).