(EMAILWIRE.COM, November 24, 2018 ) Market growth factors
The growing target patient population, ongoing technological advancements, favorable medical reimbursements, rising demand for minimally invasive thrombectomy procedures, and increasing healthcare expenditure across emerging markets are some key factors propelling the growth of this thrombectomy devices market.
What experts says about the growth of this market?
The global Thrombectomy devices market over the forecast period of 2017 to 2022. The market is expected to reach USD 1.45 Billion by 2022 growing at a CAGR of 6.7%.
Thrombectomy Devices Market by Type (Hydrodynamic, Ultrasound, Aspiration, Mechanical Thrombectomy), Application (Cardiovascular, Peripheral, Neurovascular), End User (Hospitals, Surgical Centers, Ambulatory, Academia, CROs) - Global Forecasts to 2022
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On the basis of type, the global thrombectomy devices market is segmented into aspiration, mechanical/fragmentation, rheolytic/hydrodynamic, and ultrasonic thrombectomy devices. The mechanical/fragmentation thrombectomy devices segment accounted for the largest share of the market in 2016. This large share is attributed to the ongoing commercialization of mechanical thrombectomy products, favorable reimbursement scenario, established therapeutic efficacy, growing market demand for stent retrievers among medical professionals, and rising end-user preference for minimally invasive thrombectomy procedures.
On the basis of application, the global thrombectomy devices market is segmented into neurovascular, cardiovascular, and peripheral vascular applications. The cardiovascular applications segment accounted for the largest share of the market in 2016. The large share of this segment is attributed to the increasing prevalence of cardiovascular diseases, procedural benefits offered by mechanical thrombectomy in cardiac surgeries, higher prevalence of thrombotic diseases among geriatric individuals, and growing preference of surgeons for image-guided and minimally invasive cardiac surgeries.
(Source: MarketsandMarkets™)
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Key players
The key players focused on various strategies such as product launches and enhancements; agreements and collaborations; strategic acquisitions; and expansions to increase their shares in the global thrombectomy devices market. Product launches & enhancements is the strategy adopted by major industry players to achieve the desired market growth during 2013-2017.
This strategy was adopted by Stryker Corporation (U.S.), Medtronic plc (Ireland), Boston Scientific Corporation (U.S.), Johnson & Johnson (U.S.), Terumo Corporation (Japan), Penumbra, Inc. (U.S.), Spectranetics Corporation (U.S.), Edwards Lifesciences Corporation (U.S.), Argon Medical Devices, Inc.
(U.S.), and Teleflex Incorporated (U.S.). Apart from product launches and enhancements, many prominent players also adopted agreements and collaborations as their key growth strategy to strengthen their market presence, enhance their R&D capabilities, and to expand their distribution networks to generate additional demand by sensitizing end users through an increase in availability of thrombectomy devices.
Stryker Corporation held the leading position in the market in 2016. The company offers its thrombectomy devices through the Neurotechnology & Spine segment.
Know the strategies adopted by market players
Geographic Overview
The global thrombectomy devices market was dominated by North America; mainly due to significant adoption of technologically advanced thrombectomy products, growing number of clinical trials, and significant medical reimbursement available in the U.S. for thrombectomy procedures.
However, Asia-Pacific market is expected to grow at the highest CAGR during 2017-2022.
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