Global Clot Management Devices Market Is Expected to Reach USD 2.92 Billion by 2027 : Fior Markets
Fior Market Research LLP
7 min read
Clot Management Devices Market by Product (Inferior vena cava filters (IVCF), Catheter-Directed Thrombolysis (CDT) devices, Percutaneous Thrombectomy Devices, Embolectomy Balloon Catheters, Neurovascular Embolectomy Devices), End-User (Diagnostic Centers, Hospitals), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027
Newark, NJ, Feb. 02, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global clot management devices market is expected to grow from USD 1.93 billion in 2019 to USD 2.92 billion by 2027, at a CAGR of 5.27% during the forecast period 2020-2027.
Blood clot leads to blockage of blood supply to the legs, brain, heart, and lungs. Blood clots form in the arteries and cause heart attack, stroke, and severe leg pain. Also, the development of blood clots is a principal cause of mortality in cancer patients. The rising prevalence of kidney diseases and coronary heart diseases, as well as the growing aging population, are some of the principal factors propelling the growth of the global clot management devices market.
It has been recorded that stroke is the fifth leading cause of death in the United States, according to the Centers for Disease Control and Prevention. Each year approximately 130,000 U.S. citizens die because of stroke. Ischemic stroke is the primary type of stroke, with around 87% of the cases. It happens when blood flow to the brain is blocked. Changing lifestyle habits, high blood pressure, lack of physical exercise, smoking, and cholesterol are some of the significant factors behind strokes. The demand for clot management devices is expected to grow as a result of increasing peripheral artery diseases, coronary heart diseases, venous thromboembolism, and strokes. A rising aging population, which is at higher risk of contracting these diseases, also contributes to the development of the global clot management devices market.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the clot management devices market. With less disposable income and broken supply chains, the market's growth is expected to slow down. A shortage of skilled professionals due to medical workers being shifted to covid-19 frontlines also negatively impacts the market.
Key players operating in the global clot management devices market include Applied Medical Resources Corporation, Boston Scientific Corporation, EKOS Corporation, Medtronic, Inc., Volcano Corporation, AngioDynamics, Inc., Edwards Lifesciences Corporation, Bayer HealthCare AG, Stryker Corporation and Janssen Pharmaceuticals, Inc., among others. To gain a significant market share in the global clot management devices market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Boston Scientific Corporation and Stryker Corporation are some of the biggest players in the global clot management devices market.
Neurovascular embolectomy devices is projected to grow at the highest CAGR of 6.1% from 2020 to 2027
The product segment includes inferior vena cava filters (IVCF), catheter-directed thrombolysis (CDT) devices, percutaneous thrombectomy devices, embolectomy balloon catheters and neurovascular embolectomy devices. The neurovascular embolectomy devices segment is anticipated to show the highest growth over the forecast period. Rising demand for cost-effective devices, continuous investments in research and development, and development of patient health outcomes are anticipated to propel this segment over the forecast period.
Hospitals dominated the market and held the largest market share of 62.9% in the year 2019
The end-user segment includes diagnostic centers and hospitals. Hospitals held the highest share in 2019 in the clot management devices market. The clot elimination methods involve a huge risk for patients. In most stroke cases, the patients are transferred to the critical care units or emergency services as these units are fully equipped with the framework required for high-tech operations. Further, the reimbursement criteria for a patient-administered in the hospital's emergency unit differ from other departments' standards, such as diagnostic centers and ambulatory services.
Regional Segment Analysis of the Clot Management Devices Market
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global clot management devices market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 51.6% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the high occurrence of cardiovascular & peripheral diseases, increasing geriatric population, growing smoking rate, increasing drinking rate, obesity, substance abuse, and the existence of a developed reimbursement framework. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. The increasing prevalence of target disorders coupled with enhanced healthcare infrastructure, as well as the introduction of technologically superior products, are anticipated to propel the demand for clot management devices during the forecast period.
The global clot management devices market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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