Thrombectomy Devices Market Scope Report | Global Analysis 2027

[Research Report] The Thrombectomy Devices market was valued at US$ 1,282.07 million in 2018 and it is projected to reach US$ 2,101.29 million by 2027; it is expected to grow at a CAGR of 5.9% from 2019 to 2027.

Market Insights and Analyst View:

Surgical thrombectomy is a surgery performed for the removal of a blood clot from an artery or vein. The surgery is performed when the blood coagulates and clusters to form a blood clot in the blood vessels. In operation, an incision is made using thrombectomy devices in a blood vessel. The clot is eliminated, and the blood vessel is fixed; it repairs blood flow. Mechanical thrombectomy devices are most widely used for thrombectomy procedures as compared to the other methods. The elevating incidences of CVDs and neurological diseases, technological advancements, government initiatives towards prevention of diseases and favorable medical reimbursement scenario, are expected to propel the thrombectomy devices market growth during the forecast period.

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Thrombectomy Devices Market: Strategic Insights

Market Size Value in	US$ 1,282.07 Million in 2018
Market Size Value by	US$ 2,101.29 Million by 2027
Growth rate	CAGR of 5.9% from 2019-2027
Forecast Period	2019-2027
Base Year	2019

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Growth Drivers and Challenges:

Neurological diseases are disorders of brain, spine, and the nerves connecting the earlier two as well as supplying oxygenated blood. The neurovascular systems are highly dependent on the continuous supply of oxygen and nutrients supplied by the arteries and veins. Therefore, a defect in the system can impair the function, and it may quickly become a life-threatening issue. Thrombosis has been increasing in diseases such as peripheral vascular, neurovascular, and other diseases. Thrombosis is a biological response that is closely linked to cerebral aneurysms, which are balloon-like dilations of blood vessel walls, caused by the weakening of the wall layers.

The prevalence of cerebral aneurysms has increased excessively across the globe. ~30,000 people in the US suffer from brain aneurysm rupture every year. The brain aneurysm breaks every 18 minutes, and the annual rate of rupture in the US is found close to 8–10 per 100,000 people. Moreover, peripheral vascular diseases (PVD) decrease the blood flow and affect blood vessels outside of the heart and brain, and the most commonly affected parts of the body are legs and feet. This disease—a coronary artery disease—occurs in people facing problems with the arteries, which supply blood to heart. Thus, the increasing incidences of target patients and the severity of these conditions are likely to fuel the growth of the thrombectomy devices market during the forecast period.

Accelerated advances in devices and procedures have propelled the development of thrombectomy procedure over the decade, from rudimentary mechanical disruption, followed by intra-arterial thrombolytic infusions, to increasingly effective thrombectomy devices. Further, thrombectomy is being increasingly used in new therapeutic areas to treat acute stroke, DVT, pulmonary embolism (PE), and venous thromboembolism (VTE). Regulatory and reimbursement systems play a key role in creating an idea that promotes the adoption of thrombectomy devices for stroke or other diseases. Nonetheless, at present, the number of regulatory and reimbursement schemes for the neurovascular therapies is increasing significantly is increasing significantly, thereby boosting the neurovascular thrombectomy devices market.

However, According to the Centers for Diseases Control and Prevention (CDC), the incidence rate of peripheral arterial diseases (PADs) is narrowing the vessels that carry blood from the heart to the legs. Men and women are equally affected by PAD. However, the black ethnicity has been reported to be at a greater risk of getting PADs. ~8.5 million people in the US have PAD, including 12–20% of individuals that are older than 60 years of age. However, only 25% of the population is estimated to be aware of PADs. Limited awareness increases complications such as costs and delays the commencement of rehabilitation. This can be avoided, and the impact can be minimized with an early detection and appropriate management. Both neurointerventionists and stroke specialists need to be aware of the risk factors, strategies for prevention, and management of such complications.

Report Segmentation and Scope:

The “Global Thrombectomy Devices Market” is segmented based on product, application, end user, and geography. Based on product, the thrombectomy devices market is segmented into mechanical thrombectomy devices, rheolytic thrombectomy devices, aspiration thrombectomy devices, and ultrasonic thrombectomy devices. Based on application, the thrombectomy devices market is segmented into neurovascular, peripheral vascular, cardiovascular and others. Based on end user, the thrombectomy devices market is segmented into hospitals & clinics, ambulatory surgical centers, and academic & research institutes. The thrombectomy devices market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Spain, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)

Segmental Analysis:

Based on product, the thrombectomy devices market is segmented into mechanical thrombectomy devices, rheolytic thrombectomy devices, aspiration thrombectomy devices, and ultrasonic thrombectomy devices. Mechanical thrombectomy devices segment held the largest share of the market, and the segment is expected to register the highest CAGR of 6.4% in the market during the forecast period. Recombinant cell lines are preferred systems for the production of therapeutic recombinant proteins. Mechanical thrombectomy is an interventional procedure used for the removal of blood clots (thrombus) from a main cerebral artery or blood vessel. The method is also known as embolectomy and is used in restoring blood flow after acute ischemic stroke. The mechanical thrombectomy process involves a variety of endovascular tools for removing, fragmenting, or dispersing thrombus in veins, arteries, or bypass grafts. Based on their mode of action, and related advantages and also disadvantages, the Mechanical Devices are offered in two types, namely, stent retrievers and aspiration catheters. Various applications of mechanical thrombectomy include neurovascular, peripheral vascular, and cardiovascular, among other procedures. Thus, the growing adoption of mechanical thrombectomy devices is likely to grow the demand of the segment during the forecast period.

Thrombectomy Devices Market, by Product – 2018 and 2027

Based on application, the thrombectomy devices market is segmented into neurovascular, peripheral vascular, cardiovascular and others. In 2018, the cardiovascular segment held the largest share of the market. However, the peripheral vascular segment is also expected to register the highest CAGR of 6.5% in the market during the forecast period. Heart attacks generally develop as a result of coronary artery disease. Thrombectomy is a catheter-based procedure that involves targeting of these blood clots. There are several cardiovascular devices available in the market include a stent, cardiac catheter, guidewire, heart valve, and many more. Peripheral vascular disease (PVD) is a blood circulation disorder that causes the brain to block, narrow, or spasm. The procedure can be used to remove thrombi and emboli from vessels of the venous systems and peripheral arterial. The minimally-invasive devices are used to enable the rapid restoration of blood flow in such cases as deep vein thrombosis and acute limb ischemia. Moreover, acute embolism and thrombosis are the most common cause of peripheral vascular occlusion, thereby boosting the peripheral thrombectomy.

Based on end user, the thrombectomy devices market is segmented into hospitals & clinics, ambulatory surgical centers, and academic & research institutes. In 2018, the hospitals & clinics segment held the largest share of the market, and the same segment is expected to register the highest CAGR of 6.4% in the market during the forecast period. Hospitals also provide various diagnostics and treatment facilities that can be reimbursed under insurance claims. Hospitals are associated with various doctors, specialists’ doctors, and other professionals that provide better healthcare services. All the CVDs can be treated in hospitals, and also the staff provides better nursing services. Moreover, the reimbursement plans offered by the government bodies contribute to the significant growth of the segment. The clinics performs treatment for neurovascular, cardiovascular disorders. The clinics offer diagnosis as well as the treatment of neurologic conditions such as stroke and cerebrovascular diseases, neuro-oncology, multiple sclerosis, and others. Furthermore, the rise in the prevalence of neurologic, cardiovascular disorders such as stroke as well as brain aneurysms is driving the growth of hospitals.

Regional Analysis:

Based on geography, the thrombectomy devices market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. North America thrombectomy devices market has been analysed based on three major countries — the US, Canada, and Mexico. The US is estimated to hold the largest thrombectomy devices market share during the forecast period. The growth of the thrombectomy devices market in this country is attributed to a rising number of apheresis procedures at a growing numbers of apheresis centers, and access to the well-developed infrastructure. The growth of the market is ascribed to the growing advancements in the thrombectomy devices. The country has well-developed healthcare facility centers equipped with modern-age equipment and instruments. It is also experiencing increasing incidences of chronic diseases such as neurological conditions, cardiovascular diseases, and renal diseases. The abovementioned factors are expected to fuel the growth of the market in the US. The US is among the highly advanced countries having various technologies available for a robust medical infrastructure, and it is globally known for its involvement in the research and development pertaining to the therapeutic techniques. The country serves as a home for several national and international companies, which contributes significantly to the medical device market. Several companies in the country offer thrombectomy devices.

Asia Pacific accounted as the fastest growing region in the global thrombectomy devices market and was projected to grow at a faster pace over the forecast period. The growth of the thrombectomy devices market share in this region is primarily due to rising geriatric population, increasing chronic diseases, and other factors. In addition, growing healthcare expenditure is likely to increase the growth opportunities during the coming years. The market in the region is largely held by countries such as China and Japan. The countries such as Australia, India, and South Korea are estimated to serve various growth opportunities due to the rising development in the healthcare sector, in line with the rising healthcare expenditure. In addition, the governments of India and Australia are increasing their efforts to supply thrombectomy products across the country. Also, the rise in the incidence of CVDs is likely to provide greater growth opportunities to the market players in the coming years.

Industry Developments and Future Opportunities: 

Various initiatives taken by key players operating in the global thrombectomy devices market are listed below:

6. In January 2023, Penumbra, Inc., a global healthcare company, announced the approval and launch of Lightning FlashTM. It is the most advanced and powerful mechanical thrombectomy system on the market. Lightning Flash incorporates Penumbra's breakthrough Lightning Intelligent Aspiration technology, which currently includes two clot detection algorithms. In conjunction with innovative catheter technology, Lightning Flash is intended to quickly remove large blood clots in the body, such as venous thrombus and pulmonary embolism (PE).
7. In February 2022, Cernuous, part of Johnson & Johnson Medical Devices Companies, launched EMBOGUARD, a next-generation balloon guide catheter that is to be used in endovascular procedures, which also includes the patients with acute ischemic stroke.
8. In November 2021, Penumbra Inc., announced that the CHEETAH, a clinical study of its Indigo System CA RX Catheter had successfully met the primary endpoint and demonstrated high rates of blood clot removal, blood flow restoration, and myocardial perfusion in conjunction with percutaneous coronary intervention (PCI) in patients with high thrombus burden.
9. In October 2021, Phenox announced the global launch of its pRESET 6-50 mechanical thrombectomy device for treating acute ischemic stroke. The pRESET 6-50 is considered to be the longest stent retriever for mechanical thrombectomy procedures.
10. In September 2021, Boston Scientific Corporation announced the acquisition of Devoro Medical Inc. with its WOLF thrombectomy platform. This platform targets and retains blood clots using finger-like tines integrated with lytic-free WOLF technology. This strengthens the company's product portfolio in the thrombectomy devices market.
11. In September 2020, CERENOVUS, part of Johnson & Johnson, launched the CERENOVUS Stroke Solutions package, which includes the CERENOVUS large diameter catheter, the EMBOTRAP III revascularization device and the CEREBASE DA guide sheath for the treatment of blood clots. This expanded the company's product offerings in the important market and boosted the segment's revenue growth.

Covid-19 Impact:

The COVID-19 outbreak has significantly impacted the growth of the thrombectomy devices market. The strict lockdowns and government restrictions have halted the spread of the virus but slowed shipments of these devices. Also, the government has applied the guidelines to delay non-essential surgeries; As a result, many surgical procedures worldwide were delayed, and people suffered greatly. In addition, these government restrictions slowed neurological procedures and the rate of neuro-thrombectomy procedures worldwide. In 2021, data published by the International Journal of Stroke reported that mechanical thrombectomy procedures fell by 12.7% in the first three months of the pandemic. The outbreak of the COVID-19 pandemic has led to an increase in patients with chronic diseases. The impact of the coronavirus on patient health has led to an increase in respiratory failure leading to death. A significant decline in mechanical thrombectomy was observed worldwide at the pandemic's beginning. In addition, the postponement of mechanical thrombectomy treatments due to infection control measures has also hurt the market outlook. Therefore, the higher risk of thromboembolism in COVID-19 patients increased demand for thrombectomy procedures, thus increasing market sales.

Competitive Landscape and Key Companies:

Some of the prominent players operating in the global thrombectomy devices market include Penumbra, Inc., Stryker Corporation, Medtronic, Inc.; Edward Lifesciences Corporation, Terumo Corporation, Koninklijke Philips N.V, Teleflex Incorporated, Johnson & Johnson Services, Inc., Inari Medical, and Argon Medical among others. These companies focus on new product launches and geographical expansions to meet the growing consumer demand worldwide and increase their product range in specialty portfolios. They have a widespread global presence, which provides them to serve a large set of customers and subsequently increases their thrombectomy devices market share.