The global thrombectomy devices market is likely to witness intense competition among a large number of players existing in the market. The market structure is fragmented in nature. The leading players are investing in research and development activities to come up innovative products to offer their customers. They are also collaborating and acquiring small players in the market to strengthen their position and expand their geographical reach. To name some of the prominent players in the market are Teleflex Inc., Stryker Corporation, Argon Medical Devices Inc., Boston Scientific Corporation, Medtronic PLC, and Terumo Corporation.
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As per Transparency Market Research, the global thrombectomy devices market is expected to rise at steady CAGR of 6.1% during the forecast period between 2017 and 2023. Rising at a healthy CAGR, the market is projected to reach a valuation of US$1.94 bn by the end of 2023 progressing from US$1.47 as estimated in 2017.
The aspiration thrombectomy devices, a segment under the type of product is leading the segment and is likely to continue its dominance in the coming years. According to the report, this segment is projected to rise at a 4.4% CAGR during the forecast tenure. Geographically, the contribution of U.S. in terms of adopting newer technology devices has marked the dominance of North America in the global thrombectomy devices market. In addition, favorable regulatory policies and development in healthcare infrastructure are some of the other factors contributing to the growth of this market.
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Increasing Incidence of Cerebrovascular Accident to Boost Demand for Thrombectomy Devices
According to the stats provided by the World Health Organization, it has been estimated that a stroke or cerebrovascular accident is the second cause of death across the globe from the last few years. Wherein the use of thrombectomy devices has increased as they are used to remove blood clots that block blood circulation. Thus, the use of this devices is likely to provide better recovery, higher surgical restoration rate, reduced scarring and bleeding, and other such benefits that could help the market to grow significantly. Moreover, growing technological advancements, rising expenditure on healthcare, and increasing number of target patient population are some of the crucial factors responsible for the growth of this market.
In addition, growing demand for minimally invasive thrombectomy procedures and promising medical reimbursement are also driving the demand in the thrombectomy devices market globally. Some of the other growth potentials for the market are growing incidence of chronic disorders, large geriatric population, genetic disorders, and changing lifestyle.
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Lack of Awareness to Deter Growth in Thrombectomy Devices Market
Despite there are various favorable factors assisting in the growth of thrombectomy devices, there are few restraints that may obstruct the thrombectomy devices market to grow at its fullest. One such restraint is lack of awareness about the technological advancements and benefits of using thrombectomy devices. Moreover, strict regulatory policies in various developing economies also impacted the growth of this market. However, the rising application of thrombectomy devices and increasing efforts in research and development activities by various players to improve the product quality by using innovative techniques is likely to offer better growth prospects for this market in the coming years.
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