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Press Release: Thrombectomy Devices Market to Surpass US$ 1.9 billion by 2026
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Thrombectomy Devices Market – Insights
Thrombectomy refers to physical removal of soft thrombus. A thrombectomy device is easy to use and consistently opens blood vessels. Use of thrombectomy devices can improve long-term neurological outcomes by providing higher rates of procedural recanalization. Thrombectomy devices can be used in patients for whom pharmacological treatments such as thrombolysis are likely to be ineffective or inappropriate for instance, in case of recent surgery or in patients who are taking oral anticoagulants.
The global thrombectomy devices market size was valued at US$ 1.03 billion in 2017, and is expected to witness a CAGR of 7.4% over the forecast period (2018 – 2026).
Global Thrombectomy Devices Market Value (US$ Mn) & Y-o-Y Growth (%)
Source: Coherent Market Insights Analysis (2018)
Increasing incidences of stroke worldwide is expected to drive growth of the thrombectomy devices market
According to the National Institute for Health and Care Excellence (NICE) 2018 report, the risk of stroke increases with age and the chances of getting stroke is higher in men and Asian people. Thrombectomy treatment provides an alternative in the absence of access to standard of care such as thrombolysis, which is contraindicated during pregnancy.
Rising demand for minimally invasive procedures coupled with increased patient population of stroke, deep vein thrombosis (DVT), and pulmonary embolism (PE) are expected to drive growth of the thrombectomy devices market during the forecast period. According to WHO 2018 report, stroke is the second most common cause of death in the world, with 6.7 million stroke-related deaths each year. Moreover, the burden of disease caused by stroke is set to double worldwide, by 2030.
Thrombectomy Devices Market Restraints
High cost of thrombectomy devices eventually increases its procedure cost, which is a major setback for surgery adoption. According to NICE, July 2018 data, the cost of mechanical thrombectomy devices ranges between US$ 700 to US$ 1,719 for aspiration catheters and US$ 1,911 to US$ 6,372 for stent retrievers per unit excluding taxes. Furthermore, other side effects of thrombectomy devices include bleeding from the area where the catheter is inserted, and appearance of bruise in the area causing pain. Moreover, with the breakdown of blood clots, chemicals are released, which can temporarily affect kidney function or rarely the heart.
Thrombectomy Devices Market - Regional Insights
On the basis of region, the global thrombectomy devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Europe thrombectomy devices market is expected to generate significant revenue share during the forecast period, owing to increasing number of stroke cases coupled with rising geriatric population. According to the Lancet journal 2013 report, stroke affects 152,000 people annually in the U.K., which is equal to 1 person every 3 minutes and 27 seconds. According to the Health Information and Quality Authority 2017 report, in Ireland, circulatory system related diseases such as stroke and coronary hearth diseases were most common cause of death, accounting for one in three of all deaths in 2014.
Asia Pacific thrombectomy devices market is expected to expand at the highest CAGR, owing to increasing patient population base and rising disposable income among regional people. According to the National Center for Biotechnology Information (NCBI) 2013 report, in India, the incidence of stroke is about 119-145/100,000 population each year. According to a study in the Lancet journal, heart disease, and stroke in India increased by over 50% from 1990 to 2016. The severities of stroke and mortality rate were higher among women.
Global Thrombectomy Devices Market Share (%), By Region 2017
Source: Coherent Market Insights Analysis (2018)
Thrombectomy Devices Market - Competitive Landscape
Key players operating in the global thrombectomy devices market include Applied Medical, Argon Medical Devices, Inc., Boston Scientific Corporation, BTG International, Capture Vascular, Claret Medical, Control Medical Technology, Edwards Lifesciences Corporation, Johnson & Johnson, Medtronic PLC, Merit Medical Systems, Inc., Minnetronix, Inc., Nexgen Medical Systems, Inc., Natec Medical Ltd., Penumbra, Inc., Phenox GmbH, Stentys SA, Spectranetics Corporation, Straub Medical AG, Stryker Corporation, Terumo Corporation, and Teleflex Incorporated.
Thrombectomy procedures allow surgeons to use a mechanical device to break up or remove the blood clot and restore normal blood flow. It helps neurosurgeons to improve patients’ health, especially those experiencing a large artery stroke. Thrombectomy is widely used in developed economies, due to high number of stroke incidences and increased spending in healthcare.
Market Dynamics
Increasing incidences of deep vein thrombosis (DVT), pulmonary embolism (PE), and stroke are the major factors fuelling high demand for thrombectomy devices. Pulmonary embolism (PE) is the most serious and life-threating complication caused due to thromboembolism. Inappropriate treatment of acute DVT can result in thrombus organization and post-thrombosis syndrome (PTS) in patients, seriously affecting their quality of life. According to University of California, about 10-15% of stroke patients are candidates for thrombectomy, and about 4.7% of patients underwent the treatment in 2015, up from 1.5% in 2009.
Despite high demand and applicability of thrombectomy devices, it also poses certain limitations, which can restrain growth of the market during the forecast period. For instance, side effects of thrombectomy include intracerebral hemorrhage, subarachnoid hemorrhage, device related injury to the vessel wall, and fragmentation of the target thrombus.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 30 market data tables and 33 figures on "Thrombectomy Devices Market” - Global forecast to 2026”.
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