(I-BusinessNews.Com, August 10, 2021 ) According to research report the Thrombectomy Devices Market is expected to reach USD 1.45 Billion by 2022 growing at a CAGR of 6.7%.
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A number of factors such as growing target patient population, rising demand for minimally invasive thrombectomy procedures, ongoing technological advancements, favorable medical reimbursements and increasing healthcare expenditure across emerging markets are driving the growth of the thrombectomy devices market.
On the basis of application, the global thrombectomy devices market is segmented into neurovascular, cardiovascular, and peripheral vascular applications. The cardiovascular applications segment accounted for the largest share of the market in 2016.
On the basis of type, the global thrombectomy procedure market is segmented into aspiration, mechanical/fragmentation, rheolytic/hydrodynamic, and ultrasonic thrombectomy devices. The mechanical/fragmentation thrombectomy devices segment accounted for the largest share of the market in 2016.
The key players focused on various strategies such as product launches and enhancements; agreements and collaborations; strategic acquisitions; and expansions to increase their shares in the global thrombectomy devices market. Product launches & enhancements is the strategy adopted by major industry players to achieve the desired market growth during 2013-2017. This strategy was adopted by Stryker Corporation (U.S.), Medtronic plc (Ireland), Boston Scientific Corporation (U.S.), Johnson & Johnson (U.S.), Terumo Corporation (Japan), Penumbra, Inc. (U.S.), Spectranetics Corporation (U.S.), Edwards Lifesciences Corporation (U.S.), Argon Medical Devices, Inc. (U.S.), and Teleflex Incorporated (U.S.).
Apart from product launches and enhancements, many prominent players also adopted agreements and collaborations as their key growth strategy to strengthen their market presence, enhance their R&D capabilities, and to expand their distribution networks to generate additional demand by sensitizing end users through an increase in availability of thrombectomy devices.
Stryker Corporation held the leading position in the market in 2016. The company offers its thrombectomy devices through the Neurotechnology & Spine segment. The company has a strong presence in North America, Europe, the Middle East, Africa, Asia-Pacific and other countries. The company has more than 30 manufacturing facilities in countries such as the U.S., China, Turkey, Germany, Ireland, Switzerland, and France. It primarily focuses on growth strategies such as product development & commercialization, acquisitions, and market expansions. The market has witnessed several product launches & commercialization, expansions, and acquisitions by Stryker Corporation (U.S.) in the last three years.
Medtronic plc is one of the prominent players in the market, in 2016. The company has a strong foothold in the market with a broad range of thrombectomy products. The company has a strong geographic presence across Asia-Pacific, Eastern Europe, Latin America, the Middle East & Africa, Central Asia, Western Europe, South Asia, and North America. To strengthen its current position and to gain a larger share in the market, the company aggressively focuses on growth strategies such as acquisitions and market expansions.
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On the basis of region, North America accounted for the largest share of the market in 2017, while Asia-Pacific is projected to register the highest CAGR during the forecast period. The global thrombectomy procedure market was dominated by North America; mainly due to significant adoption of technologically advanced thrombectomy products, growing number of clinical trials, and significant medical reimbursement available in the U.S. for thrombectomy procedures.
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