Wilmington, Delaware, United States, March 31, 2023 (GLOBE NEWSWIRE) -- According to a market report by TMR, the global chronic total occlusion devices industry was valued at USD 1.7 Bn in 2022 to reach USD 2.9 Bn by 2031. It is expected to expand at a CAGR of 6.1% during the forecast period from 2023 to 2031.
The research report by TMR is based on the extensive market survey conducted by an expert team of professionals who are involved in providing deep insights into the market. These inferences are based on various parameters including competitive landscape, key drivers, latest trends, regional landscape, and businesses profiled.
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Chronic total occlusion (CTO) refers to a medical condition that involves the blockage of the coronary artery and leads to irregularities in the functioning of the heart, increasing the risk of heart attack, and chest pain. It is commonly found among patients with a history of bypass surgery or heart attack.
CTO devices have gained popularity owing to their efficiency in improving patient outcomes through minimally invasive surgeries. Rise in demand for hassle-free and painless surgical procedures has created lucrative business opportunities in the global market.
Chronic Total Occlusion Devices Market: Growth Drivers
Increase in Incidence of Cardiovascular Diseases Across the Globe: Rise in demand for CTO devices globally to remove blockages in blood vessels which could lead to heart failure, angina, or other heart-related issues is expected to bolster global business. The chronic total occlusion devices market is estimated to witness significant growth from 2023 to 2031. This is ascribed to changes in lifestyle, increase in the geriatric population, and rise in cases of diabetes and obesity.
Integration of High-definition Imaging Technology with CTO Devices: Novel technological upgrades is anticipated to improve the efficacy of CTO devices. These technologies contribute to reducing complications and locating the blockages with higher efficiency. These advancements are likely to reduce the burden on healthcare professionals and ensure the safety of patients. These factor are expected to bolster business growth.
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Key Findings of Chronic Total Occlusion Devices Market
Guidewires Segment to Witness Robust Growth: Guidewires are essential components in devices used to diagnose and treat cardiovascular diseases. These wires can locate the blockages with precision. Integration of advanced technologies in chronic total occlusion devices is likely to drive the segment during the forecast period. Better efficacy of these products and reduced risk of transmissions has increased market demand for chronic total occlusion devices.
Hospitals Segment to Grow at a Rapid Pace: The hospitals segment is expected to grow at a rapid pace during the forecast period. This is ascribed to increase in incidence of cardiovascular diseases across the world. The severity of heart attack and other heart-related complexities can be addressed efficiently in hospitals. Hence, the segment is projected to witness substantial growth. The ambulatory surgical centers segment has also experienced strong growth due to provision of instant and efficient services.
Chronic Total Occlusion Devices Market: Regional Dynamics
North America is expected to account for major market share of the global market due to the high incidence of cardiovascular diseases. Well-equipped healthcare infrastructure has led to easy availability of CTO devices in healthcare centers. Furthermore, increase in initiatives to create product awareness among the people is fueling business growth. Government funding for healthcare infrastructural development offers lucrative opportunities in the chronic total occlusion devices market in North America.
The market in Asia Pacific is likely to witness robust growth during the forecast period. This is ascribed to rise in demand for minimally invasive procedures in this region. Technological advancements in the medical sector and development of advanced healthcare infrastructure has accelerated market progress.
Chronic Total Occlusion Devices: Competitive Landscape
Companies profiled in the chronic total occlusion devices market are focusing on developing technologically advanced products. Clinical trials and approvals are gaining traction due to the pressing need to have well-equipped healthcare facilities. Key players are engaging in strategic alliances and formulating growth strategies to meet market requirements. Novel product launches have broadened the scope of market expansion. Advertising, promotional activities, and government initiatives have expanded market reach. R&D activities to initiate novel integrations in the existing devices have also been crucial in creating opportunities in the chronic total occlusion devices market.
Major market participants active in the market are:
- Boston Scientific Corporation
- Abbot
- Cook Medical
- Cardinal Health
- Teleflex Incorporated
- Nitiloop
- Medtronic
- Beckton, Dickinson, and Company
- Asahi Intecc Co. Ltd.
- Merit Medical Systems
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Chronic Total Occlusion Devices Market: Segmentation
Product Type
- Microcatheters
- Guidewires
- Crossing Devices
- Re-entry Devices
- Others
End-user
- Hospitals
- Ambulatory Surgical Centers
- Others
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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