Mechanical Thrombectomy Devices Market to Advance at CAGR of 6.4% during 2023-2031: TMR Study
The industry's value stood at US$ 1.1 billion in 2022. It is forecasted to exhibit a compound annual growth rate (CAGR) of 6.4% from 2023 to 2031, reaching over US$ 1.8 billion by the conclusion of 2031.
The global mechanical thrombectomy devices market is being propelled by the escalating prevalence of cardiovascular disorders (CVD). Lifestyle shifts, including poor dietary habits, sedentary lifestyles, and an increase in tobacco usage, are contributing to the rise in CVD cases. Additionally, the growing geriatric demographic, which is more susceptible to CVDs, is another significant factor driving market expansion. Moreover, heightened awareness surrounding advanced treatments for CVDs is anticipated to further augment the size of the global mechanical thrombectomy devices industry throughout the forecast period.
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Market Overview:
The mechanical thrombectomy devices market offers specialized medical tools tailored for removing blood clots from blood vessels, primarily addressing conditions like stroke and peripheral artery diseases caused by vessel blockage.
Recent advancements focus on refining product designs to enhance clot extraction efficiency and accuracy. Ongoing technological improvements, including stent retrievers, suction aspiration systems, and catheters, aim to streamline the process while ensuring precision.
Smaller device sizes facilitate smoother navigation through complex vascular structures, allowing access to smaller vessels for clot removal with reduced risk of vessel damage.
Integration with advanced imaging technologies enhances visualization during procedures, ensuring precise clot targeting and removal. Innovations like microstents, direct aspiration systems, and AI-driven retrieval systems are broadening the scope of minimally invasive procedures and improving clot retrieval rates.
Rise in Prevalence of Cardiovascular Disorders Fueling Market Progress
The global mechanical thrombectomy devices market is being driven by the increasing prevalence of cardiovascular diseases (CVDs). Conditions such as stroke and peripheral artery diseases, often associated with blood clot formation, are on the rise. According to the World Health Organization (WHO), CVDs were the leading cause of global mortality, resulting in approximately 17.9 million deaths in 2019.
Lifestyle factors like poor diet, sedentary behavior, and tobacco use contribute to the growing prevalence of CVDs worldwide. Moreover, specific risk factors such as high blood pressure, elevated cholesterol, diabetes, obesity, and family history of heart disease elevate the risk of developing CVDs.
WHO data from 2022 indicates that nearly a quarter of adults globally were affected by CVDs, totaling around 1.86 billion individuals, with projections suggesting an increase to 2.3 billion by 2030.
Key Players:
Medtronic, Abbott, Boston Scientific Corporation, Becton, Dickinson & Company (BD), Stryker Corporation, Merit Medical Systems, Inc., Koninklijke Philips N.V., and Terumo Corporation
Segmentation:
Component
Stent Retrievers
Aspiration Catheters/Pumps
Guidewires
Others
Application
Peripheral Vascular Thrombectomy
Neurovascular Thrombectomy
End-user
Hospitals & Specialty Clinics
Ambulatory Surgery Centers
Others
Regions Covered:
North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)
Key Developments:
In October 2022, Medtronic plc introduced the Medtronic Neurovascular Co-Lab Platform, aimed at expediting essential advancements in stroke care and treatment
In June 2023, MicroVention, Inc., a global neurovascular enterprise and a wholly owned subsidiary of Terumo Corporation, has made the ERIC Retrieval Device accessible for ischemic stroke treatment in the U.S. ERIC received FDA 510(k) clearance on March 31, 2022.
In September 2021, Abbott announced acquisition of Walk Vascular, LLC, a company specializing in minimally invasive medical devices. Its thrombectomy system is designed for removing peripheral blood clots.
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Future Outlook: The future of the mechanical thrombectomy devices market looks promising, with continuous innovation and research aimed at enhancing treatment outcomes for stroke patients. As healthcare systems strive to provide efficient and cost-effective stroke care, the demand for these devices is expected to soar.
Key Market Study Points:
Analysis of market dynamics including drivers, challenges, and opportunities.
Assessment of market segmentation based on product type, application, and geography.
Examination of competitive landscape and key market players.
Evaluation of recent developments and technological advancements in the field.
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