Thrombectomy Devices Market is Estimated to be Worth US$ 1,974.5 Million by 2022

With the presence of a large number of global as well as local players, the global thrombectomy devices market is fragmented in nature, reveals a fresh market intelligence study by Transparency Market Research (TMR). Nevertheless, the market is led by a few players, such as Stryker Corporation who are focused hard on expanding their product portfolio and have resorted to partnerships and acquisitions to expand their outreach. Investments in research and development for advanced products, strategic acquisitions, aggressive product pricing, and emphasis on strengthening sales force are some other growth strategies that players in the global thrombectomy devices market are expected to adopt in the future. A case in point is Penumbra. In July 2016, the company launched thrombectomy device ACE 68 Repercussion Catheter to be commercially used across the U.S. Boston Scientific is another prominent player in the thrombectomy devices market, which spearheads innovation for the treatment of peripheral vascular diseases and is consistently expanding its product portfolio.

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In addition, players that hold a prominent position in the global Thrombectomy Devices Market include Argon Medical Devices Inc., BTG International Ltd., Johnson & Johnson, Penumra Inc., Spectranetics Corporation, Teleflex, Boston Scientific Corporation, Edwards Lifesciences Corporation, Medtronic plc, Phenox GmbH, and Terumo Corporation.

As per estimations of the TMR report, the global thrombectomy devices market will clock a healthy 6.1% CAGR in terms of revenue during the forecast period between 2017 and 2022. At this pace, the demand in the market will attract a revenue of US$1,974.5 mn by 2022 from its estimated worth of US$1,470.6 mn in 2017. Among the key product segments, aspiration thrombectomy devices displays the leading segment; the segment is predicted to hold 28.6% market share by the end of 2017. Geography-wise, powered by the U.S., North America is the most lucrative region which poised to attract a revenue of US$776.3 mn by the end of 2022.

The growth of the global thrombectomy devices market is fuelled by a number of factors, among which the rising incidence of cerebrovascular disorders is a prominent one. The World Health Organization has identified cerebrovascular accident or stroke to be the world’s second leading cause for death.

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Apart from this, technological advances, increasing healthcare spending in emerging economies, favorable medical reimbursement scenarios, and rising demand for minimally invasive procedures for thrombectomy are some other prominent factors driving this market’s growth.

Acquisition of specialized clinics for thrombectomy by tier-1 hospitals is another growth trend coming to the fore in the global thrombectomy devices market. This is helping to boost patient care management for the specialized training received by staff, nurses, and physicians at tier-1multi-specialty hospitals.

Further, rising prevalence of cardiovascular and cerebrovascular diseases and technological advances leading to the advent of laser and UV radiation are some other key factors augmenting the demand for thrombectomy devices.

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Despite a number of favorable factors, the thrombectomy devices market faces growth challenges as well. Stringent regulatory scenario for approval of thrombectomy devices, lack of skilled and experienced surgeons, low level of awareness regarding newest treatments for peripheral vascular diseases, ill-effects of thrombectomy devices, and increasing number of product recalls are some of the key growth challenges faced by the global thrombectomy devices market.

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