New York, July 12, 2023 (GLOBE NEWSWIRE) -- The global neurothrombectomy devices market size is expected to expand at ~7% CAGR from 2023 to 2033. The market is anticipated to garner a revenue of USD 1.3 Billion by the end of 2033, up from a revenue of ~USD 667 million in the year 2022.The market growth can be majorly ascribed to the growing concerns over the increasing incidence of stroke. A neurothrombectomy device is needed when a blood clot develops in one of the blood vessels that carry oxygen and nutrients to the brain, causing a stroke.
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According to statistics, in the United States in 2020, one of the six deaths from cardiovascular disease was due to stroke. The Food and Drug Administration (FDA) has defined a neurothrombectomy device as a device designed to remove or destroy blood clots in the brain's neurovascular system by laser, ultrasonic technology, mechanical means, or a combination of these techniques. Neurothrombectomy devices may offer many potential advantages over pharmacological thrombolysis. Although these putative advantages of neural thrombectomy devices have not yet been confirmed in direct comparisons with intravenous therapy, their advantages include rapid achievement of recanalization and efficacy in treating large vessel occlusions. It includes improvements such as a reduced risk of bleeding events and greater benefit. Hence, these are anticipated to be prime factors driving the growth of the global market.
Neurothrombectomy Device Market: Key Takeaways
- Market in North America to propel highest growth
- The hospitals segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Stroke Prevalence Around the World to Boost Market Growth
Neurothrombectomy device are important in the treatment of ischemic stroke, a common stroke phenomenon in the elderly. Modern lifestyles, stress, and diet have been observed to increase the risk of stroke in adults over the age of 40. Stroke is the leading cause of disability in the elderly, with approximately 65% of patients requiring physical assistance after a stroke. According to the World Health Organization (WHO), about 15 million people suffer a stroke each year worldwide. Therefore, neural thrombectomy is the most preferred treatment for acute ischemic stroke as it improves functional outcomes and reduces patient mortality. This is anticipated to drive the growth of the neurothrombectomy devices market during the forecast period. According to studies, up to 36% of COVID-19 hospitalized patients may present with neurological symptoms, with several cases associated with ischemic and hemorrhagic stroke. These results also suggest that COVID-19 could boost the neurology industry, especially sales of neurothrombectomy devices. Hence, this is also estimated to be a major factor that influences the market growth positively.
Neurothrombectomy Device Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising per Capita Healthcare Spending to Drive Market Growth in North America
The neurothrombectomy device market in the North American region is estimated to garner the largest revenue by the end of 2033. The region's growth is primarily backed by rising healthcare costs and increasing disposable income, which is driving the demand for new product development. According to CMS, the U.S. national health care spending increased 9.7% to USD 4.1 trillion (USD 12,350 per capita) in the year 2020. Additionally, the presence of strong medical networks in the region and the availability of regulatory support guidelines have allowed the regional companies to find more viable solutions to develop efficient treatment and diagnostic options. Furthermore, it encourages market participants to decide to invest in more research. It is expected to contribute to the growth of the market in this region. In addition, North American insurance companies offer efficient reimbursement policies for patients undergoing stroke treatment, encouraging patients to choose advanced treatments. Therefore, it is estimated that this will also contribute significantly to the growth of the market.
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Increasing Geriatric Population to Propel the Growth in the Asia Pacific Region
The neurothrombectomy device market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2033. The market growth in this region is mainly owing to the steady increase in the elderly population across the region. Older people are more likely to have a stroke and require a neurothrombectomy device for treatment. The Asia-Pacific population is aging faster than anywhere else in the world. About 60% of the total population, that is, 630 million people, are 60 and older. The population is projected to reach 1.3 billion by 2050. Moreover, the government's role in raising awareness for the use of neural thrombectomy devices is expected to spur market growth in the region. In addition, increasing stroke attacks, increasing funding for medical infrastructure, and unhealthy diets following inactive lifestyles are expected to influence the growth of the market in the region.
Neurothrombectomy Device Segmentation by End User
- Hospitals
- Emergency Clinics
- Specialty Clinics
- Ambulatory Surgical Centers
Amongst these four segments, the hospitals segment is anticipated to hold the largest share over the forecast period. A high number of patients requiring hospital care is estimated to contribute to the growth of this segment. Patients requiring a neural thrombectomy device often visit a hospital for treatment, making it easier and more convenient to purchase the device directly from the same hospital facility. It would be easier for them to arrange a doctor check-up at the same facility with the results after using the device. Moreover, increasing per capita medical spending globally is projected to boost the expansion of this market. According to a World Bank report, in the year 2019, the average per capita medical spending across the world was USD 1,121.97.
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Neurothrombectomy Device Segmentation by Product Type
- Clot Retrieval Devices
- Aspiration Devices
- Snares
Amongst these three segments, the "clot retrieval device" segment is anticipated to hold a significant share over the forecast period. A person has a stroke when insufficient blood flow leads to cell death. There are two types of stroke: ischemic and hemorrhagic. Ischemia occurs as a result of a lack of blood flow, and hemorrhage is due to internal bleeding. In such situations, the brain may not function well. Causes of ischemic thrombosis include blockage of blood vessels, while hemorrhagic stroke involves bleeding directly into or into the space around the brain. Brain aneurysms cause bleeding, and the diagnosis typically includes medical resonance imaging (MRI) and an electrocardiogram (ECG). In the year 2020, one in six cardiovascular disease deaths was caused by stroke in the United States. Hence, this is anticipated to influence segment growth positively.
Few of the well-known market leaders in the neurothrombectomy device market that are profiled by Research Nester are Edwards Lifesciences Corporation, Terumo Medical Corporation, Penumbra, Inc., Medtronic, Johnson & Johnson Services, Inc., Stryker Corporation, AngioDynamics, Inc., Acandis GmbH, Abbott, and Boston Scientific Corporation, and other key market players.
Recent Development in the Neurothrombectomy Devices Market
- Penumbra is CE marked for its Lightning 7 and Lightning 12 technology, part of the Indigo Aspiration System with mechanical thrombectomy technology.
- AngioDynamics announces that the US FDA has granted Section 510(k) clearance for AlphaVac., a mechanical thrombectomy system.
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