According to the report published by Allied Market Research, the global Thrombectomy Devices Market generated $1.3 billion in 2020, and is estimated to generate $2.6 billion by 2030, witnessing a CAGR of 7.4% from 2021 to 2030. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.
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COVID-19 Scenario –
- The outbreak of Covid-19 negatively affected the global thrombectomy device market. The healthcare systems across the globe were severely hampered due to the Covid-19 pandemic and surgical procedures were also affected. This impacted the global thrombectomy device market.
- Several clinics and hospitals have been restructured to boost hospital capacity for patients diagnosed with Covid-19. Imposed and prolonged lockdown, due to the Covid-19 outbreak has decreased the number of elective surgeries conducted around the world.
Rise in a sedentary and unhealthy lifestyle and high occurrence of deep vein thrombosis (DVT), peripheral artery disease (PAD), acute myocardial infarction (AMI), and pulmonary embolism (PE) drive the growth of the global thrombectomy devices market. In addition, increase in healthcare infrastructure, rise in the geriatric population, surge in demand for minimally-invasive treatments, the growth in competition among key players, and technological advancements & innovations drive the thrombectomy devices market trends. However, lack of skilled professionals and awareness regarding thrombectomy devices and the complicated use of thrombectomy devices hinder the market growth. On the other hand, increase in demand for thrombectomy devices and increase in the number of approval for thrombectomy devices present new opportunities in the new few years.
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High occurrence of acute myocardial infarction (AMI), peripheral artery disease (PAD), deep vein thrombosis (DVT), and pulmonary embolism (PE) and rise in sedentary and unhealthy lifestyle drives the thrombectomy devices market growth. In addition, rise in healthcare infrastructure, increase in demand for minimally-invasive treatments, surge in geriatric population, growth in competition among key players, and technological advancements & innovations drive the thrombectomy devices market trends. For instance, in September 2021, Abbott, a pharmaceutical company, announced the acquisition of maker walk vascular, which is the mechanical thrombectomy device. Walk vascular offers JETi peripheral systems that helps to remove intravascular clots called a thrombus, which may minimize blood flow and lead to serious complications for patients. Moreover, in June 2021, AngioDynamics, a medical technology company, announced the U.S. Food and Drug Administration (FDA) clearance for alphaVac mechanical thrombectomy system, which is an off-circuit, multi-purpose mechanical aspiration thrombectomy device. It is used for the non-surgical removal of thrombi or emboli from the vasculature. Thus, increase in number of approval for thrombectomy devices, and increase in demand for thrombectomy device, surge the growth of thrombectomy devices industry. Unavailability of trained professionals, lack of awareness about thrombectomy devices, and complicated use of thrombectomy devices hinder the growth of the thrombectomy devices market share.
Region-wise, North America dominated the thrombectomy device market in 2020, and is expected to be dominant during the forecast period, owing to growth in advanced health care facility, rise in prevalence of neurological disorder, increase in number of approvals for thrombectomy devices, surge in number of surgical procedures, and rise in presence of key players in thrombectomy devices industry. However, Asia-Pacific is expected to register highest CAGR of 8.8% from 2021 to 2030, owing to growth in patient population, increase in government insurance coverage in developing countries, increase in prevelnce of cardiovascular disesaes and rise in approvals of new innovative embolization and mechanical thrombectomy products.
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The COVID-19 outbreak negatively impacted the thrombectomy device market. The COVID-19 pandemic hampered healthcare systems across the globe. Surgical procedures are affected by COVID-19 pandemic. Several clinics and hospitals were restructured to increase hospital capacities for patients diagnosed with COVID-19. Implementation of lockdown, owing to COVID-19 outbreak declined the number of elective surgeries performed across the globe.
KEY FINDINGS OF THE STUDY
- By technology, the mechanical thrombectomy device segment was the highest contributor to the market in 2020.
- On the basis of type, the manual thrombectomy device segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
- On the basis of utility, the disposable thrombectomy device segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
- On the basis of application, neural disease segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
- Region-wise, North America garnered the largest revenue share in 2020. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
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