Press release
Embolic Protection Devices Market to See 10% CAGR Growth to 2024: Growth Factor & Trends
Rising prevalence of cardiac diseases along with shift towards minimally invasive procedures is likely to stimulate embolic protection devices market growth. According to American Heart Association, cardiovascular diseases are identified to be the most common cause of death globally, claiming more than 17 million deaths in 2013. Citing this, various companies strive to enter the market by developing devices to protect brain injuries during various cardiac procedures.
Embolic Protection Devices Market is set to exceed USD 1.8 billion by 2024; according to a new research report.
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The demand for embolic protection devices is predominantly driven by the increasing adoption of minimally invasive heart procedures such as carotid artery stenting and transcatheter aortic valve replacement (TAVR). Moreover, growing awareness among physicians regarding risks of brain injuries during cardiovascular interventions should drive the market penetration of embolic protection devices.
Increasing aging population has further contributed to rise in number of cardiovascular disease deaths globally. According to estimates, the percentage of population aged 60 and above is likely to reach to 1.6 billion by 2050. Since, aging is one of the significant factors responsible for cardiovascular diseases, the potential patient pool serves as a huge market opportunity for embolic protection devices in the coming years.
Growing patient awareness regarding peripheral vascular diseases and coronary artery diseases stands to be another significant factor driving the embolic protection devices market. Various government bodies, educational and non-government institutes are engaged spreading awareness about diseases and its treatment by launching awareness programs.
However, strict regulatory framework, and lack of notable reimbursement in certain countries may restrain embolic protection devices industry during the forecast timeframe. Moreover, increasing competition from new device manufacturers has created price competition, which may decrease the average selling prices in the years to come.
Carotid artery diseases segment contributed largest share to the overall embolic protection devices market, mainly due to increase in the number of carotid artery stenting procedures. The adoption of minimally invasive procedures has led to popularity of carotid artery stenting over carotid endarterectomy. Further, increasing prevalence of carotid artery diseases should drive the segment growth during forecast period.
Peripheral artery diseases segment represents a significant market opportunity, since this segment is less penetrated. Embolic protection is required to prevent blood clots travelling into blood stream during peripheral artery interventions.
Distal filters are the largest revenue generators in embolic protection devices market owing to the advantages offered such as easy deployment, maintenance of antegrade blood flow, and non-interference with lesion visualization. Most of the manufacturers operating in this industry provide distal filter embolic protection devices.
U.S. dominated the embolic protection devices market in 2016. The largest share of the region should be attributed to increasing aging population. People aged 65 and above are set to increase to 20% of U.S. population in 2030 from 13% in 2000. In addition, increased adoption of new technologies to reap immediate benefits and favorable reimbursement scenario should further propel embolic protection devices market.
Japan was the largest embolic protection devices market in Asia Pacific region, followed by China and India in 2016. India and China are likely to witness lucrative growth during forecast period owing to rapid developments in healthcare infrastructure, increasing income levels, and presence of large patient pool of cardiovascular diseases.
Prominent industry players include Abbott Laboratories, Cardinal Health, Medtronic, Boston Scientific, Gore Medical, Claret Medical, Allium Medical, Innovative Cardiovascular Solutions, Edward Lifesciences, and Transverse Medical among others. In order to further strengthen its competitive advantage, the market players are investing into research and development of embolic protection devices for expanded clinical applications such as cerebral emboli protection and lower extremities procedures.
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