The global neurothrombectomy devices market was valued at USD 635.4 million in 2020 and is expected to grow at a CAGR of 6.7% during the forecast period. Increasing incidence of acute ischemic heart strokes, faulty lifestyles, coupled with increasing number of smokers and drinkers, and ever rising old age population are the key factors responsible for the neurothrombectomy devices market growth. Such devices used to retrieve blood clots in the cerebral neuro-vascular blood vessels.
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These procedures improve patient outcome and lowers patient mortality rate, therefore regarded as preferred treatment option for the heart strokes. Acute ischemic stroke is more severe and common form of all the strokes, particularly among old age people and occurs frequently in women as compared to men. According to the market estimates of the UK Stroke Association, in UK, each year more than 100,000 strokes were reported, and around 1 in 10 people having hemorrhage, die prematurely.
Stroke or heart attack is the most common form of casualty across the globe, favoring the adoption of the concerned product. According to the estimates of the WHO, in 2016, around 15.1 million deaths were occurred due to stroke. Moreover, according to the Center for disease and control, over 87 percent of strokes were ischemic in the U.S. alone. This is expected to drive market growth for neurothrombectomy devices.
On the same ground, to further substantiate arguments, Southwestern Medical Center published that each year around 795,000 people suffer from a stroke. Thus, the rising prevalence of ischemic heart diseases is anticipated to drive the adoption of such neurothrombectomy devices.
Moreover, several government initiatives to spread awareness and prevention of heart strokes. For instance, the WISEWOMAN program was started by the U.S.-based CDC in states to minimize the risks of stroke and to promote healthy lifestyles. Such programs were targeted at un-insured women in low-income group populations. Thus, such initiatives are expected to provide awareness about the ill effects of stroke in the market.
The market is primarily segmented on the basis of product, end-use, and region.
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Based on the product, the global market for neurothrombectomy devices is bifurcated into clot retrievers, aspiration/suction devices, and vascular snares. In 2020, the clot retriever segment accounted for the largest revenue share. It is mostly used for removing blood clots from the cerebral arteries. Neurothrombectomy devices industry’s product segment’s high share is attributed to the rising prevalence of ischemic heart diseases and new product launches. Moreover, rising cases of blood-related hereditary disorders also favoring the segment’s growth for neurothrombectomy devices.
However, the aspiration devices segment is expected to register the highest growth rate over the projected period, owing to its preference among surgeons. The rise in neurothrombectomy devices and increasing old age population also supplementing the segment’s growth. Moreover, such devices vacuum clots from blood vessels and re-vascularize large occlusions with high accuracy.
Based on the end-use, the global market for neurothrombectomy devices is bifurcated into hospitals, emergency clinics, and ambulatory surgical centers. In 2020, the hospital market segment accounted for the largest revenue share of global market for neurothrombectomy devices. This is because, hospitals are preferred over other healthcare facilities, by patients, owing to the presence of advanced medical facilities and skilled surgeons. Moreover, hospitals have partnerships with insurance companies, which makes it easier for the patients to access their medical insurance.
However, the ASCs market segment is projected to register a lucrative growth rate over the projected period. The rising preference of patients towards ASCs is attributed to its low treatment cycle time, since a significant number of out-patient surgeries are performed in ASCs. Such low waiting time and patient outcome favoring the growth of the market segment for neurothrombectomy devices.
Geographically, the global market for neurothrombectomy devices is bifurcated into North America, Asia Pacific, Europe, Latin America, and MEA. North America is the largest revenue contributor followed by Europe and the Asia Pacific region. In 2020, the European region accounted for over 32 percent of the global neurothrombectomy devices market.
Regional factors responsible for such market growth include enhanced risk of ischemic heart stroke in the region, rising cases of hemorrhagic, consumer’s preference towards minimally invasive surgeries, and rising funding towards research and development. According to the estimates of the EM Consult, around 1.1 million people suffer from stroke, coupled with the product launch of innovative products.
The prominent market players operating in the neurothrombectomy devices industry are Medtronic, Stryker Corporation, Acandis GmbH, Stryker Corporation, Phenox GmbH, Penumbra Inc., and Vesalio. The companies in the market are focusing on product launches to stay competitive in the market for neurothrombectomy devices.
For instance, in 2019, August Stryker Corporation introduced Sonopet iQ ultrasonic aspirator system. Technology was designed to increase power with customized control and precision. The launch would help company to expand its product portfolio in the market for neurothrombectomy devices.