The presence of a copious number of and local players features a fragmented business landscape of the thrombectomy devices market, as per a new report by Transparency Market Research (TMR). However, the market features the prominence of a few large players such as Stryker Corporation who are pouring in money on research and development to introduce novel products that will help them steal a march over their competitors. For example, in July 2016, Penumbra launched ACE 68 Repercussion Catheter to be commercially available in the U.S. thrombectomy devices market.
Strategic alliances and mergers and acquisitions to expand geographical footprint and efforts for strengthening sales force are some other key growth strategies that players in this market have resorted to.
Some other key players in the thrombectomy devices market are Argon Medical Devices Inc., Johnson & Johnson, Spectranetics Corporation, Boston Scientific Corporation, Medtronic plc, Terumo Corporation, BTG International Ltd., and Teleflex among others.
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As per the TMR report, the thrombectomy devices market will expand at a healthy 6.1% CAGR vis-à-vis revenue over the forecast period between 2017 and 2022. Rising at this rate, the opportunities in the market will attract a revenue of US$1,974.5 mn by 2022-end. The market was valued at US$1,470.6 mn in 2017. Among the various products, aspiration thrombectomy devices account for the maximum share in the overall market. Geography-wise, driven by the U.S., North America is currently the most attractive market for thrombectomy devices.
Rising Pool of Patients Likely to Require Secondary Treatment Augments Demand
Majorly fuelling the thrombectomy devices market is the increasing incidence of cerebrovascular diseases. Cerebrovascular diseases or stroke has been identified as the world’s second most deadly disease, as per the World Health Organization. The rising use of thrombectomy devices for cardiovascular diseases especially among the growing geriatric population who are susceptible to cardiac surgeries and increasing preference for minimally invasive surgeries are some other prominent factors behind the growth of thrombectomy devices market.
Apart from this, factors such as technological advancements, rising healthcare expenditure in emerging economies, rising preference for minimally invasive procedures for thrombectomy, favorable medical reimbursement policies are acting in favor of the growth of this market.
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Acquisition of specialty thrombectomy clinics by tier-1 hospitals is another favorable factor that has come to the fore in recent years. Consequently, nurses and technical staff at tier-1 hospitals receive specialty training for patient care from trained personnel at specialty thrombectomy clinics.
In addition, rising incidence of cerebrovascular and cardiovascular diseases and advent of laser and ultra-violet radiation based novel thrombectomy devices is likely to take thrombectomy devices market to new heights, adds the report.
Lastly, increasing setup of manufacturing units in emerging economies and strengthening of distribution networks via collaborations are benefitting the thrombectomy devices market.
Lack of Skilled Personnel Challenges Growth
Despite several favorable factors, the growth of the thrombectomy devices market is challenged as well. Stringent regulations and long hauls for approval of thrombectomy devices, lack of experienced surgeons, increasing number of product recalls, low awareness regarding new treatments for peripheral vascular diseases, and ill-effects of thrombectomy devices are proving to be a roadblock to the market’s growth.
The review presented here is based on the findings of a TMR report, titled “Thrombectomy Devices Market (Product – Aspiration, Mechanical, and Hydrodynamic; End-User – Hospitals, Clinics, and ASCs; Application – Cardiovascular, Neurovascular, and Peripheral Vascular) – Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.”
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