The global blood clot retrieval devices market is anticipated to grow at a CAGR of around ~18.4% during the forecast period 2021 to 2028 and to reach around US$ 3.9 Bn by 2028.
High penetration of advanced medical devices across the globe, rapid increase in number of patients suffering from strokes and increasing awareness among patients related to enhanced treatment are major factors expected to drive the growth of global blood clot retrieval devices market. There is increase in number of surgeries pertaining to thrombectomies across the globe. Countries such as US and China are seen with high flow of surgeries. In the US the surgeries related to mechanical thrombectomies in 2016 reached 13,010 according to National Library of Medicine. Rise in mortality due to stroke is on peak which is increasing demand for blood clot retrieval devices. According to World Health Organization, across the globe 15 million people suffer from stroke each year out of which 5 million die of stroke and 5 million are permanently disabled. In addition, 795,000 people in the US suffer from stroke and 6 out of 1 death in the cardiovascular diseases is due to stroke. Government of developed and developing countries is spending high in the development of present healthcare infrastructure. They are focused on delivering better and enhanced care to the patients. Establishment of new research facilities in order to support the product development and encourage regional players to enhance the business is expected to impact the growth of blood clot retrieval devices market.
The government of India in 2021 as a part of future plan invested US$ 30.7Bn in the infrastructure development. Countries such as India and Singapore are providing favorable business policies. Through various schemes such as tax benefits, FDI, etc. they are supporting the opportunity aspect. This is attracting players across the globe with the intention to shift the production facilities to these emerging economies. Easy availability of raw material and low cost labor aid in easy product development at low cost this is expected to boost the growth of blood clot retrieval devices market. Major players are focused on new product launches their approach towards enhancing the customer base and increase the revenue is expected to impact the growth of blood clot retrieval devices market.
The government is increasing the awareness among patients related to availability of advanced treatment among consumers. Hospitals are focused on providing necessary care in order to lower the effect of post stroke. The Huntington Hospital, a Pasadena-based healthcare organization well known for its patient care received Stroke Gold Plus Quality Achievement Award from American Heart Association in 2021. The award was related to the hospital’s commitment to ensuring stroke patients receive the most appropriate treatment.
Factors such as stringent government regulations related to product approval and lack of trained professionals are expected to hamper the growth of global blood clot retrieval devices market. The regulator bodies are closely monitoring the products approvals as there are certain side-effects of the products. In case of any noticed the product recall is strictly followed. In 2021, the FDA issued a product recall of the blood clot stent developed and marketed by Penumbra as the FDA received reports of 14 deaths linked to these blood clot removal devices. In addition, availability of alternative methods is expected to challenge the growth of target market. Doctors usually prefer IVC filter a manual invasive technique that aid to trap large blood clots and prevent them from traveling into the heart and lungs. However, increasing penetration of 3D technology in healthcare sector, high spending from the government, and new cost-effective product launches are factors expected to create new opportunities for players operating in the blood clot retrieval devices market over the forecast period. In addition, increasing merger & acquisition activities by major players in order to enhance the business is expected to support the revenue transaction of the target market.
Blood Clot Retrieval Devices Market Segment Analysis, 2020
The global blood clot retrieval devices market is segmented into type and application. The type segment is divided into aspiration device and stent retrievers. Among type the stent retrievers segment is expected to account for a revenue share of ~73% in 2020 in the global blood clot retrieval devices market. Rapid technological advancement is taking place in stent devices as they tend to be a better alternative to traditional methods. Demand for minimal invasive surgical procedures among old age population is increasing and stent retrievers are expected to be an enhanced solution. The application segment is bifurcated into coronary arteries, peripheral arteries, and cerebral arteries. Among application cerebral arteries segment is expected to account for significant revenue share in target market. The percentage of people suffering from long term brain damage due to stroke is increasing at alarming rate. Rapid clinical trials are taking place in order to enhance its effect.
Players operating in the global blood clot retrieval devices market are Medtronic, Inc., Penumbra, Inc., Stryker Corporation, Terumo Corporation, CERENOVUS, Rapid Medical, Boston Scientific and NeuroVasc Technologies, Inc. The global market is highly competitive due to high presence of large number of players operating in the market. Enterprises are focused on enhancing the business through acquisition this is intensifying the competition. In 2021, Boston Scientific, a global medical device manufacturer acquired Devoro Medical. The ac acquisition was worth US$ 336 Mn and is expected to help company enhanced its product portfolio and increase the business.
Market by Type:
Market by Application:
Market By Geography
CAGR of around ~18.4% during the forecast period 2021 to 2028 and to reach around US$ 3.9 Bn by 2028
Medtronic, Inc., Penumbra, Inc., Stryker Corporation, Terumo Corporation, CERENOVUS, Rapid Medical, Boston Scientific and NeuroVasc Technologies, Inc
North America dominated the global blood clot retrieval devices market in terms of revenue and Asia Pacific region exhibited the fastest growing CAGR