Pune, India, March 21, 2022 (GLOBE NEWSWIRE) -- The global neurothrombectomy devices market size stood at USD 493.4 million in 2020. The market is estimated to rise from USD 562.2 million in 2021 to USD 1,090.7 million by 2028 at a 9.9% CAGR during the forecast period. Fortune Business Insights™ has deep-dived into these insights in its latest research report titled, “Neurothrombectomy Devices Market, 2022-2028.”
According to the study, surging cases of ischemic strokes across advanced and emerging economies are expected to lead to innovation in neurothrombectomy devices. For instance, 87% of all strokes reported in the U.S. are ischemic strokes, according to the CDC. Besides, soaring demand for minimally invasive procedures will further the penetration of advanced devices.
Key Industry Development
- June 2018 – MicroVention Inc. received FDA clearance for its SOFIA Catheter to treat patients with acute ischemic stroke.
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Reduction in Neurothrombectomy Procedures to Challenge Stakeholders
The COVID-19 pandemic had a notable influence on the healthcare sector, with quarantine and travel restrictions pronounced in 2020 and 2021. Notably, a dip in non-essential surgeries further challenged leading companies vying to expand their neurothrombectomy portfolio. According to the International Journal of Stroke, the total mechanical thrombectomy procedures decreased to 12.7% from March to May in 2020 globally. Prevailing trends indicate governments could boost investments in the healthcare industry, redefining the global landscape.
Device Type, End-User, and Region are Studied
In terms of device type, the market is segmented into clot retrievers and aspiration.
Based on end-user, the industry is segregated into specialty clinics, hospitals, and others.
With respect to geography, the market covers North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
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Report Coverage
The report delves into drivers, restraints, opportunities, and trends and focuses on reshaping the global outlook. The report includes a SWOT analysis to provide an in-depth view of the market. The report is prepared thoroughly through quantitative and qualitative research to offer a holistic view of the market. Further, primary interviews have been taken with major stakeholders and decision-makers. Primary data has been collected through telephonic conversations, emails, and questionnaires. Also, the secondary sources include government websites, SEC filings, and press releases.
Escalating Cases of Acute Ischemic Strokes to Trigger Product Demand
Stakeholders expect the neurothrombectomy devices market share to witness an upward growth during the assessment period. The robust outlook is majorly attributed to rising incidences of ischemic stroke. Global prevalence of ischemic stroke was 77.2 million, according to the American Heart Association. Stakeholders envisage heightened awareness and the demand for treatment to provide impetus to the industry growth. Moreover, the growing penetration of sophisticated technology and the prevalence of reimbursement policies will encourage decision-makers and other stakeholders to expand their footfall.
However, limited number of thrombectomy stroke centers and the rising cost of neurothrombectomy devices are expected to hamper the industry growth.
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North America to Witness Investments Galore with Presence of Leading Companies
Industry players are poised to increase their investments across the U.S. and Canada against the backdrop of a surge in people suffering from acute ischemic stroke. The North America market size was valued at USD 204.6 million in 2020 and will witness a similar trend due to favorable government policies and prevalence of stroke.
The Europe neurothrombectomy devices market growth will gain a substantial uptick during the forecast period, partially due to the availability of advanced and cost-effective treatment. National Institute for Health and Care Excellence claims that in England, one large 24-hour specialty clinic could perform 5 to 6 mechanical thrombectomy procedures per week. Major economies, such as the U.K., Germany, Italy and France, are anticipated to augment their healthcare budget, providing a favorable business outlook.
Asia Pacific market outlook will be strong on the back of the soaring geriatric population and penetration of stroke treatment facilities. Emerging economies, such as China and India, are likely to provide lucrative opportunities with the growing prominence of clot retrievers and aspiration devices. Furthermore, expansion of hospitals and investments in specialty clinics will bode well for the regional growth.
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Stakeholders to Focus on Strategic Approaches to Bolster Penetration
Leading companies are poised to emphasize product launches, mergers & acquisitions, geographical expansion, and R&D activities during the assessment period. Leading companies are expected to invest in technological advancements to gain ground.
Major Players Profiled in the Market Report:
• Stryker (U.S.)
• Medtronic (Ireland)
• Penumbra, Inc. (U.S.)
• Boston Scientific Corporation (U.S.)
• Phenox GmbH (Germany)
• MicroVention Inc. (U.S.)
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Incidence of Strokes, in Key Region/Countries, 2020
- New Device Type Launches, By Key Players
- Key Industry Developments – Mergers, Acquisitions, Partnership and etc.
- Impact of COVID-19 on Global Neurothrombectomy Devices Market
- Global Neurothrombectomy Devices Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Device Type
- Aspiration
- Clot Retrievers
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Specialty Clinics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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