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The neurothrombectomy devices market size was valued at $481.10 million in 2021, and is estimated to reach $1.2 billion by 2031, growing at a CAGR of 9.5% from 2022 to 2031.
Neurothrombectomy is an innovative surgical procedure used to remove blood clots from arteries and veins. Blood clots can disrupt the normal flow of blood to a part of the body, causing life-threatening conditions such as pulmonary embolism or an acute stroke. During a thrombectomy procedure, the surgeon inserts a catheter into the patient’s blood vessel to remove the blockage and restore blood flow to the affected area. Depending on the location of the clot and severity of the blockage, immediate treatment is often crucial.
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Key Takeaways:
The global neurothrombectomy devices market is expected to experience significant growth in the coming years, due to increasing prevalence of neurovascular diseases, such as stroke, and the growing aging population.
Neurothrombectomy devices are used to remove blood clots from the brain, and are typically used in conjunction with other treatments, such as clot-busting drugs. These devices can improve patient outcomes and reduce the risk of disability or death.
The market for neurothrombectomy devices is highly competitive, with several key players, including Stryker Corporation, Medtronic, Penumbra, Inc., and Johnson & Johnson. These companies are constantly innovating to improve the performance and efficacy of their devices.
The North American market is expected to account for the largest share of the global neurothrombectomy devices market, due to the high prevalence of stroke in the region and the availability of advanced healthcare infrastructure.
However, the Asia Pacific region is expected to experience the fastest growth in the neurothrombectomy devices market, due to increasing healthcare expenditure, growing awareness about neurovascular diseases, and improving healthcare infrastructure in the region.
Despite the potential for growth, the neurothrombectomy devices market also faces several challenges, including the high cost of these devices and the availability of alternative treatments, such as drug therapy and surgical interventions.
In addition, increase in investments in development of neurothrombectomy devices and adoption of various strategies among key players such as acquisition, collaboration, and agreement foster the market growth. For instance, in April 2022, Wallaby Medical announced that it acquired Phenox GmbH, including Phenox’s Femtos GmbH—a German-based global innovation and technology leader in the neurovascular space—to develop and commercialize neurovascular interventional products for treating stroke.
However, unfavorable reimbursement scenario, risks associated with neurothrombectomy devices, and high cost of neurothrombectomy devices restrain the market growth. The growth of the neurovascular thrombectomy devices market is further hampered due to lack of expert neurosurgeons in emerging countries. On the contrary, surge in healthcare investments in public as well as private sectors, increase in patient population, unmet medical demands in developing economies are anticipated to open new avenues for the expansion of the neurothrombectomy devices market during the forecast period.
By product type, the clot retrieval devices generated maximum revenue in 2021, owing to rise in number of temporary as well as permanent blood clot surgeries. The aspiration devices segment is expected to witness highest CAGR during the forecast period, owing to increase in prevalence of ischemic stroke, significant improvement in clinical outcome with a good safety profile leading to increase in popularity of aspiration devices among healthcare professionals, and rise in awareness regarding neurothrombectomy devices among patients.
On the basis of end user, the hospitals segment generated maximum revenue in 2021, owing to increase in healthcare units, rise in number of patient admissions for surgery of blood clots in neurovascular region, and surge in venous thromboembolism cases. The specialty clinics segment is expected to witness highest CAGR during the forecast period, due to increase in trend experienced in particular treatment and rise in effectiveness of treatment given by specialty clinics.
North America accounted for major neurothrombectomy devices market share in 2021, owing to increase in cases of neurothrombectomy of different organs, robust healthcare infrastructure, presence of key players, and rise healthcare expenditure. However, Asia-Pacific is expected to witness highest CAGR during the forecast period, owing to rise in geriatric population, unmet medical demands, initiatives by government & non-governmental organizations (NGOs) to promote awareness regarding neurothrombectomy devices, and increase in public–private investments in the healthcare sector.
KEY FINDINGS OF THE STUDY:
The study provides an in-depth analysis of the market and the current neurothrombectomy devices market trends & future estimations to elucidate imminent investment pockets.
Depending on product type, the clot retrieval devices segment held the largest share in the global neurothrombectomy devices market in 2021; however, the aspiration devices segment is expected to dominant during the forecast period.
On the basis of end user, the hospitals segment held the largest market share in 2021, whereas the specialty clinic is expected to dominant during the forecast period.
Competitive Landscape:
Medtronic, Stryker Corporation, Acandis GmbH, Penumbra Inc., Phenox GmbH, Vesalio, MicroVention Inc., Boston Scientific Corporation, Teleflex Incorporated
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North America held the largest market share of neurothrombectomy industry in 2021; however, Asia-Pacific is expected to dominate during the forecast period.
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