Blood clot is usually a response to the injury so as to prevent infection and minimize the blood flow. Embolus is a part of blood-clotting, which separates from the site of thrombus and circulate through bloodstream into the body. It can obstruct the function of blood vessels and thus leading to harmful effects in the body. High cholesterol, heavy weight of body, diabetes, cancer, and sedentary lifestyle can be a cause for clotting of blood in the body. These blood clots can be treated by medications such as anti-coagulants, compression stockings, surgery, stents, and vena cava filter. These treatments prevent from formation of more blood clots in the body.
Global Clot Management Devices Market Drivers
Approval and launch of the novel clot management devices are expected to boost the global clot management devices market. For instance, in May 2019, the U.S. Food and Drug Administration (FDA) approved Bashir Endovascular Catheter (BEC) and Bashir N-X endovascular catheter (BEC N-X) developed by a scientist from Temple University Hospital in Philadelphia, Pennsylvania and is being commercialized by Thrombolex, Inc. BEC received approval for its controlled infusion of fluids (thrombolytics) in peripheral vasculature and BEC N-X is being used for controlled infusion of fluids into pulmonary and peripheral vasculature.
Furthermore, key players are also trying to expand the indications of its already approved products. For instance, in February 2018, the U.S. FDA expanded indications for Trevo clot retriever, a device designed by Stryker Corporations. Trevo Retriever is the first thrombectomy device to receive approval for expansion by 18 hours of treatment time for acute ischemic stroke. Originally Trevo clot retriever had been approved in 2012. Such frequent approvals by the U.S. FDA is expected to drive the global clot management device market growth.
Furthermore, activities such as collaborations, partnerships, merger, and acquisitions of the manufacturers are expected to drive the global clot management devices market growth. For instance, in September 2018, LeMaitre Vascular Corporation acquired vascular clot management business of Applied Medical Resources Corporation. The parties had undergone an agreement of transitional services, where Applied Medical Resources Corporation was supposed to manufacture its clot management product line for LeMaitre Vascular Corporation. This factor is expected to have a positive influence on the global clot management devices market growth over the forecast period.
Global Clot Management Devices Market Regional Analysis
North America is expected to hold a dominant position in the global clot management devices market over the forecast period, owing to frequent research and development activities in the region.
For instance, in April 2019, Tufts Medical Center in Boston and Eskenazi Health, a partner with the Indiana University School of Medicine, are developing a Mobile Active Compression (MAC) calf device for prevention of deep vein thrombosis. MAC is light-weight and portable device, which can be worn around limbs, as limbs have higher risk of deep vein thrombosis. Such innovations associated with clot management devices are expected to accelerate the global clot management devices market growth.
Global Clot Management Devices Market Restraints
High cost of clot management devices is expected to hamper the global clot management devices market growth over the forecast period. For instance, according to the data published by National Center for Biotechnology Information (NCBI) in 2016, the cost of 5MAX ACE catheter, used for the extraction of clots in ischemic stroke was around US$ 4,916. Hence, high cost may lead to lesser adoption of devices and thereby, hindering the global clot management devices market growth.
Global Clot Management Devices Market Key Players
Some of the major players operating in the global clot management devices market include Edward Lifesciences Corporation, Straub Medical AG, Boston Scientific Corporation, Medtronic, Inc., Volcano Corporation, LeMaitre Vascular, Inc., Teleflex Inc., Argon Medical, Stryker Corporation, and Angiodynamics.
Global Clot Management Devices Market Taxonomy
The global clot management devices market is segmented on the basis of device type, end-users, and regions.
By Device Type
By End User