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Press Release: Thrombectomy Devices Market to Surpass US$ 2,227.7 Million by 2027
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 refers to physical removal of soft thrombus from blood vessels. A thrombectomy device is easy to use and consistently opens blood vessels for the removal of blood clots. Use of thrombectomy devices can improve long-term neurological outcomes by providing higher rates of procedural recanalization. Once recanalization starts, clot softens and partially dissolves, indicating clinical recovery. Thrombectomy devices can be used in patients, where pharmacological treatments such as thrombolysis are likely to be ineffective or inappropriate for instance, in case of recent cardiovascular surgery or in patients taking oral anticoagulants.
The global thrombectomy devices market size was estimated to be valued at US$ 1,371.6 Million in 2020, and is expected to witness a CAGR of 7.2% over the forecast period (2020-2027).
Figure 1.Global Thrombectomy Devices Market Value (US$ Million) & Y-o-Y Growth (%), 2020
The increasing launches of new products and regulatory approvals for thrombectomy devices are expected to propel the growth of the global thrombectomy devices market over the forecast period
For instance, in January 2021, Control Medical Technology announced that the U.S. FDA (Food and Drug Administration) cleared Control 11F Mechanical Thrombectomy system, which is invented to remove large blood clots from patients with deep vein thrombosis (DVT). Furthermore, in May 2020, Control Medical Technology announced that the U.S. FDA cleared Aspire MAX 7 – 11F Mechanical Thrombectomy platform to remove blood clots from peripheral vessels. Moroever, in March 2021, Vetex Medical Ltd. announced that the U.S. Food and Drug Administration (FDA) provided 510 (K) clearance for the ReVene thrombectomy catheter. ReVene uses dual-action technology and is designed to de-clot peripheral vessels including deep vein thrombosis (DVT), in a single session without the use of thrombolytics.
Figure 2. Global Thrombectomy Devices Market Share (%), By Application 2020
Global Thrombectomy Devices Market – Market Opportunity
Rising development of advance thrombectomy devices and adoption of inorganic growth strategies like acquisition, collaboration, etc., by market players are expected to propel the market growth during the forecast period. For instance, in April 2019, Edwards Lifesciences Corporation acquired CAS Medical Systems, Inc., a medical technology company and developer of non-invasive monitoring of tissue oxygenation in the brain.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Market Size in 2020: | US$ 1,371.6 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 7.2% | 2027 Value Projection: | US$ 2,227.7 Mn |
| Geographies covered: |
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| Companies covered: |
LeMaitre Vascular, Inc., Boston Scientific Corporation, Control Medical Technology, Edwards Lifesciences Corporation, Johnson & Johnson, Medtronic Plc., Merit Medical Systems, Inc., Stryker Corporation, Terumo Corporation, Penumbra, Inc., Argon Medical Devices, Teleflex Incorporated, Vetex Medical Ltd. |
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| Restraints & Challenges: |
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Global Thrombectomy Devices Market– Impact of Coronavirus (COVID-19) Pandemic
Governments are taking various initiatives to combat COVID-19. For instance, in May 2020, the Centers for Disease Control and Prevention started working with the All-of-Government and All-of-America Approach (i.e. join activities performed by diverse ministries and public administrations) in order to increase testing capacity of Covid-19, improve case detection, and contact tracing across all countries of the U.S. and to re-open America. The coronavirus or COVID-19 outbreak that started from Wuhan, China has spread across continents, affecting various industries globally. Supply of key materials such as probes required for interventional ablation have been severely disrupted due to forced quarantine, and imposed lockdowns in various countries, which has led to disruption in the link between warehouses. This shortage of thrombectomy devices and components used in the thrombectomy procedures have affected the supply chain of the global thrombectomy devices market. The COVID-19 pandemic caused major disruptions to clinical trial execution in the U.S., impacting key stakeholders across the medical devices industry. As per a publication by Medrio, May 2020, an estimated 80% of non-COVID-19 trials were stopped or interrupted as a result of the COVID-19 pandemic.
Global Thrombectomy Devices Market: Restraint
The high cost of thrombectomy devices eventually increases its procedure cost, thereby, affecting adoption of these devices, which is further expected to hinder the market growth. In emerging economies of Africa, Latin America, and Asia Pacific adoption of such expensive procedures is low. For instance, according to data published by the National Institute for Health and Care Excellence (NICE), in July 2018, the cost of mechanical thrombectomy devices worldwide ranged 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, 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 functioning of kidney or heart. Thus, aforementioned factors are expected to hamper market growth during the forecast period.
Key Players
Major players operating in the global thrombectomy devices market include LeMaitre Vascular, Inc., Boston Scientific Corporation, Control Medical Technology, Edwards Lifesciences Corporation, Johnson & Johnson, Medtronic Plc., Merit Medical Systems, Inc., Stryker Corporation, Terumo Corporation, Penumbra, Inc., Argon Medical Devices, Teleflex Incorporated, and Vetex Medical Ltd.
Thrombectomy procedures allow surgeons to use a mechanical thrombectomy device such as intracoronary catheters to break up or remove the blood clot and restore normal blood flow in the human body. It helps neurosurgeons to improve patients’ health, especially those experiencing a large artery stroke. Thrombectomy is widely used in major economies of Asia Pacific such as China, India, Australia, and others, due to high number of stroke incidences and increased spending in healthcare. 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.
Market Dynamics
Thrombectomy devices are used to treat blood clots present in the arteries, veins, and capillaries. Thrombectomy devices are carefully designed to minimize damage to the vessel wall during a blood clot removal procedure, with minimum blood loss. The rising demand for minimally invasive thrombectomy procedures is expected to drive the growth of the global thrombectomy devices market. For instance, as per a publication by the American Heart Association (AHA) Journals in 2020, patients with COVID-19 suffer from a number of cardiovascular complications, including 16.7% patients suffer from arrhythmia and 23% of patients suffer from heart failure, thus increasing risk for acute ischemic stroke. Cerebrovascular complications have been reported in 5% to 6% of patients with severe COVID-19, globally. This has increased concerns to improve the accessibility and shorten the time to endovascular therapy (EVT) for stroke to give patients better outcome after strokes.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 211 market data tables and 79 figures on "Global Thrombectomy Devices Market” - Global forecast to 2027
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