Mechanical Thrombectomy Devices Market Size to be Worth USD 1.8 billion by 2031, Grow at CAGR of 6.4%| Report by Transparency Market Research, Inc.
Transparency Market Research
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Transparency Market Research
Increasing healthcare infrastructure and technological advancements are expected to boost demand for mechanical thrombectomy devices.
Wilmington, Delaware, United States, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The mechanical thrombectomy devices industry was valued at US$ 1.1 billion in 2022. Between 2023 and 2031, the market is expected to expand at a CAGR of 6.4%, resulting in revenues exceeding US$ 1.8 billion. As technology advances, mechanical thrombectomy devices are likely to become more effective and efficient. The advancement of device technology and materials, as well as the development of navigational technologies and imaging systems, could lead to more precise and efficient clot removal.
Devices for mechanical thrombectomy may become smaller and easier to navigate in the future. The procedure might be applicable to a broader group of patients because of being more accessible to vessels and anatomies of different sizes and types. Mechanical thrombectomy devices may become more prevalent with the advancement of invasive imaging technologies, such as artificial intelligence (AI) and real-time imaging guidance. Because of this integration, clots will be detected more accurately and treatment outcomes will be optimized.
Mechanical thrombectomy may be indicated beyond acute ischemic stroke with the accumulation of clinical evidence and more research. It is possible that these devices can be used for treating other vascular conditions by researchers and clinicians, potentially extending their usefulness. As emerging markets adopt mechanical thrombectomy devices, the demand for these devices may continue to grow. Increased access to advanced medical technologies and improvements in healthcare infrastructure may be contributing factors to this expansion.
Key Findings of the Market Report
Based on application, peripheral vascular thrombectomy is expected to grow rapidly during the forecast period.
Globally, mechanical thrombectomy devices were dominated by North America in 2022.
In terms of components, stent retrievers held the largest market share in 2022 for mechanical thrombectomy devices.
Based on end-user, hospitals & specialty clinics are most likely to drive demand for mechanical thrombectomy devices.
Global Mechanical Thrombectomy Devices Market: Growth Drivers
Stroke rates, particularly ischemic strokes, are on the rise, which drives the mechanical thrombectomy market. Increased aging also leads to more patients suffering from strokes and associated conditions, creating a greater need for effective treatment options. Technological advances have made mechanical thrombectomy devices more sophisticated and efficient. As the market expands, there will be better systems for retrieving blood clots, more accurate navigation tools, and imaging technologies that are more advanced.
Mechanical thrombectomy devices are widely adopted when positive clinical outcomes and guidelines are supportive. The utilization of these devices tends to increase as evidence supports their effectiveness for certain patient populations. Early intervention and treatment-seeking behaviors are driven by greater awareness of stroke symptoms and the availability of modern treatment options like mechanical thrombectomy.
Educating patients and raising awareness is one of the primary objectives of healthcare professionals and advocacy groups. Government initiatives and reimbursement policies can significantly influence the adoption of mechanical thrombectomy devices. When healthcare systems provide adequate reimbursements, healthcare facilities and practitioners invest in these technologies.
Global Mechanical Thrombectomy Devices Market: Regional Landscape
North America is expected to drive demand for mechanical thrombectomy devices. Strokes in North America, especially ischemic strokes, have been on the rise. As the population ages and lifestyle factors increase, stroke incidence increases, making mechanical thrombectomy more popular. Healthcare technology innovation and adoption are highly prevalent in the region. Thrombectomy devices continue to be improved, including materials, designs, and imaging technology, driving demand from healthcare providers.
A clinical guideline or recommendation from a healthcare organization can influence the adoption of mechanical thrombectomy devices. Positive regulatory guidance and endorsement can drive increased demand for these devices. Medical facilities and healthcare professionals in North America are generally well-established. As a result, modern medical techniques such as mechanical thrombectomy are adopted.
Global Mechanical Thrombectomy Devices Market: Key Players
With many players, the mechanical thrombectomy devices market is fragmented. These companies invest in research and development to gain market share and revenue and merge with other companies.
Medtronic
Abbott
Boston Scientific Corporation
Becton, Dickinson & Company (BD)
Stryker Corporation
Merit Medical Systems, Inc.
Koninklijke Philips N.V.
Terumo Corporation
Key Developments
In June 2023, Inari Medical unveiled two new thrombectomy catheters for treating venous stent thrombosis and venous thromboembolism (VTE). In-stent thrombosis is a diagnosis and treatment problem caused by venous blood clots. RevCore is the company's first mechanical thrombectomy device.
In October 2023, Akura Medical, a Shifamed portfolio company, secured $35m in funding through its Series B financing round. It will use the funds to submit a 510(k) application to the US Food and Drug Administration (FDA) for its mechanical thrombectomy platform.
Global Mechanical Thrombectomy Devices Market: Segmentation
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