Neurovascular Thrombectomy Devices Market Forecast By Product Type (Clot Retreivers, Aspiration Devices, and Others), By End User (Hospitals, Ambulatory Surgical Centers, and Others), By Geography is anticipated to grow at a static CAGR forecast till 2026 owing to increase in prevalence and incidence of neurovascular disorders such as ischemic stroke, hemmorhagic stroke and introduction of technologically advanced products.
Global Neurovascular Thrombectomy Devices market was valued at USD 681.36 million in 2020, growing at a CAGR of 6.11% during the forecast period from 2021 to 2026 to reach USD 969.17 million by 2026. The rise in demand for Neurovascular Thrombectomy Devices/Neurothrombectomy Devices is predominantly imputed to the rising prevalence of neurovascular disorder across the globe which require Neurovascular Thrombectomy Devices/Neurothrombectomy Devices for their treatment such as ischemic stroke and hemmorhagic stroke, growing burden of old age population.
In addition, shifting key players focus towards development of technologically advanced product and initiatives to increase awareness regarding neurovascular diseases and their prevention are some of the factors among others that are likely to upsurge the market for Neurovascular Thrombectomy Devices/Neurothrombectomy Devices.
Neurovascular Thrombectomy Devices Market Dynamics
Growing geriatric population worldwide is likely to augment the demand for Neurovascular Thrombectomy Devices/Neurothrombectomy Devices in the forthcoming period. This is because old prople are more susceptible to get affected by strokes and other neurovascular disorders. According to the World Population Ageing 2020 Highlights, there were an estimated 727 million persons aged 65 years or over worldwide in the year 2020 and the number was projected to reach 1.5 billion by the year 2050.
Also, as per the World Stroke Organization 2019 data almost 60% of all strokes occur in people under 70 years of age. Thus, the above mentioned fator could potentially drive the global Neurovascular Thrombectomy Devices/Neurothrombectomy Devices market as these devices are intended to retrieve or destroy blood clots in the cerebral neurovasculature.
Moreover, rising incidence and prevalence of neurovascular disorders such as acute ischemic stroke, hemmohragic stroke, and others can also be projected to propel the demand for these devices. According to a study: Facing the stroke burden worldwide by Lanas F. and Seron P. published in LANCET in the year 2021, stroke was the second leading cause of disability-adjusted life-years worldwide in both the 50–74 years and 75 years and older age groups and around 70% of strokes occured in low-income and middle-income countries in which people have proportionally more haemorrhagic strokes in 2019.
In addition, the demand for Neurovascular Thrombectomy Devices/Neurothrombectomy Devices could also surge due to increase in patients who have either failed intravenous recombinant tissue plasminogen activator (IV rtPA) therapy or who are either ineligible for or have contraindications to IV rtPA use. Hence all the factors are expected to bolster the global market for Neurovascular Thrombectomy Devices/Neurothrombectomy Devices.
However, certain factors such as complication with the implementation of Neurovascular Thrombectomy Devices/Neurothrombectomy Devices and few product recalls are expected to slow down the market growth for Neurovascular Thrombectomy Devices/Neurothrombectomy Devices.
Neurovascular Thrombectomy Devices Market Analysis
Neurovascular Thrombectomy Devices/Neurothrombectomy Devices Market By Product Type (Clot Retreivers, Aspiration Devices, And Others), By End User (Hospitals, Ambulatory Surgical Centers, And Others), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In the Neurovascular Thrombectomy Devices/Neurothrombectomy Devices product segment, the clot retreivers segment is anticipated to hold the largest share during the forecasted period. This is due to the rising focus of manufacturers towards developing technologically advanced clot retreivers for an improved and efficient removal of clots from the intracranial region. For instance, recently in the year 2020, CERENOVUS, a part of Johnson & Johnson company launched CERENOVUS Stroke Solutions™, which includes a suite of three devices designed to aid physicians in clot removal procedures.
One of the three devices is EMBOTRAP® III Revascularization Device, the latest generation stent retriever which is designed to engage a wide range of clot types, improve procedural confidence and provide more tailored options to achieve the First Pass Effect (FPE).
Moreover, increase in approval of clot retreivers by the regulatory bodies for the treatment of acute ischemic stroke is also a driving factor for the segmental growth. Recently, in July 2020, Rapid Medical, a company focused on the development of next generation neurovascular devices received CE Mark for TIGERTRIEVER XL, the newest addition to the stent retriever portfolio designed to treat ischemic stroke.
In addition, the aspiration segment is also expected to witness a lucrative growth during the forecasted period owing to its increasing preference by physicians. Few of the prominent aspiration devices in the market are Penumbra System®, AXS Universal Aspiration Set, among others.
North America is expected to dominate the overall Neurovascular Thrombectomy Devices/Neurothrombectomy Devices Market:
Among all the countries, North America is anticipated to dominate the overall Neurovascular Thrombectomy Devices/Neurothrombectomy Devices market during the forecast period. This domination is due to the growing government initiatives to raise awareness regarding effective treatment of stroke, proper reimbursement scenario, and presence of an advanced healthcare facilties in the region will boost the Neurovascular Thrombectomy Devices/Neurothrombectomy Devices market.
Further, In the United States, the rising cases of ischemic stroke is anticipated to spur the demand for Neurovascular Thrombectomy Devices/Neurothrombectomy Devices. According to the CDC 2021 report, every year, more than 795,000 people in the United States have a stroke and about 610,000 of these are first or new strokes. In addition, the report also stated that 87% of all strokes are ischemic strokes, in which blood flow to the brain is blocked.
Moreover, presence of key manufacturers such as Johnson & Johnson, Vesalio, Stryker, among others will also boost the market in the region. In addition, product launches by the manufacturers will augment the Neurovascular Thrombectomy Devices/Neurothrombectomy Devices market. For instance, On April 30, 2019, Medtronic announced the commercial launch of Solitaire X revascularization device in the United States. Also, Medtronic introduced the Phenom 21 catheter to facilitate the delivery of all sizes of the Solitaire X device.
Furthermore, Europe will also exhibit a lucrative neurothrombectomy market growth due to the strategic initiative by the market players for market expansion in the region, along with frequent product approvals. For instance, recently in October 2020, CERENOVUS launched the CERENOVUS NIMBUS™ in Europe, designed to remove tough clots for successful revascularization in patients with acute ischemic stroke caused by a large vessel occlusion.
In addition, in September 2020, Vesalio LLC entered into exclusive distribution agreements in Europe, Latin America, Asia, and the Middle East that expand market coverage in 53 countries for the company’s NeVa neurovascular thrombectomy system for first-pass recanalization in acute ischemic stroke.
Additionally, key companies initiative to access to mechanical thrombectomy for stroke in pilot countries is also expected to have a positive impact on the Neurovascular Thrombectomy Devices/Neurothrombectomy Devices growth in the region.
In March 2021, Medtronic and SVIN Mission Thrombectomy 2020+ (MT2020+) enetered into a new and exclusive partnership on the IMMEDIATE program to advance stroke care globally. This unique partnership between MT2020+ and Medtronic will combine specialist expertise from both organizations, thereby transforming and advancing a new standard of care in stroke treatment and accelerate access to mechanical thrombectomy for stroke.
Hence all the above mentioned is expected to grow the regional market for Neurovascular Thrombectomy Devices/Neurothrombectomy Devices.
Neurovascular Thrombectomy Devices Market Companies:
Some of the key market players operating in the Neurovascular Thrombectomy Devices/Neurothrombectomy Devices market include Stryker, Penumbra, Inc., Vesalio, LLC., Acandis GmbH, Rapid Medical, Johnson & Johnson, Teleflex Incorporated, Medtronic, NeuroVasc Technologies, Inc., Perflow Medical, Edward LifeSciences Corporation, Terumo Europe NV, Koninklijke Philips N.V., MicroVention Inc., phenox GmbH, BIOMEDICAL SOLUTIONS INC., Ceretrieve Ltd., Anaconda Biomed SL, Genesis Medtech., and others.
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