Blood Clot Retrieval Devices Market Size to Hit 4.5 Bn by 2030

According to Precedence Research, the global blood clot retrieval devices market size is expected to hit around US$ 4.5 billion by 2030 and growing at a registered CAGR of 14.79% from 2022 to 2030.

Pune, INDIA


Ottawa, June 17, 2022 (GLOBE NEWSWIRE) -- The global blood clot retrieval devices market size was estimated at US$ 1.3 billion in 2021. Rise in the health conditions such as transient ischemic attack, hemorrhagic stroke and ischemia as a result of the sedentary lifestyle practices has given rise to the blood clot retrieval devices market. It is mainly or surgical process which includes the retrieval of a blood clot from the brain of the individual in order to reduce the risk of stroke disabilities, paralysis and speech disorders. The unhealthy lifestyle which is practiced by the younger generation and the geriatric age group has led to the increase in the prevalence of such grave diseases. The demand for least invasive procedures and reimbursement facilities provided by the insurance companies has helped to boost the market during the forecast period.

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Regional Snapshots

As a result of the rapid development and the use of advance technology in the leading Nations such as the North America, prevalence of numerous heart and brain disorders have increased going to the sedentary and unhealthy lifestyles existing in these regions. The Asia Pacific countries such as China and India have also adopted to a number of advanced technology which has increased the sedentary lifestyle practices by the population and giving rise to increase chances of strokes and ischemic attacks among the individuals.

Report Coverage

Report ScopeDetails
Market Size in 2021USD 1.3 Billion
Revenue Forecast by 2030USD 4.5 Billion
CAGR14.79% from 2022 to 2030
Base Year2021
Forecast Year2022 to 2030
Key PlayersAngioDynamics, Terumo Co., Johnson and Johnson, ECKOS Co., Bayer HealthCare LLC, Boston Scientific Co., Argon Medical Devices, Medtronic Plc, Teleflex Incorporated, Penumbra

Report Highlights

  • By stroke type, the blood clot retrieval devices market the Ischemic segment will dominate the global blood clot retrieval devices market during the forecast. Due to an increase in the number of ischemic strokes across the globe the demand blood clot retrieval devices is expected to grow. Of all the cases of strokes repeated globally 80% are ischemic strokes.
  • By end user, the hospital segment dominated the global blood clot retrieval devices market as hospitals are preferred by most of the patients. The hospital segment is expected to grow during the forecast as the interventional processes are carried out in the hospitals. Due to the large infrastructure of the hospitals with the availability of all the facilities under one roof the segment is expected to grow during the forecast period.
  • By geography, the Asia Pacific region is expected to dominate the blood clot retrieval devices market in the coming years. Due to an investment for development of healthcare infrastructure across many countries in the Asia Pacific region the market is expected to grow in this region. The availability of the devices at lower cost as compared to the other countries or regions will provide opportunity for the growth of the market.

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Market Dynamics

Drivers

The use of developed medical products used for inserting urine catheters has made the process easier and quicker. The increase in the geriatric population has increased the number of people suffering with cardiac and neurological disorders which mostly consist of clots and blockages. These disorders are treatable with the minimum invasive procedures which are done with the help of clot retrieval equipments. This helps to reduce the number of side effects which the patient has to suffer during the post operative period. Hence the life expectancy of the people belonging to the geriatric age group has also seen a steady growth in recent years. These multiple factors which provide better healthcare facilities to the population helps the market to record a significant growth during the forecast period.

Restraints

The use of blood clot retrieval equipments includes the use of highly advanced technologies that help to perform complete clot removal with the help of surgical procedures. In order to perform surgical procedures with the help of these advanced equipments highly skilled and experienced individuals are required. The lack of skilled and trained employee for the operation of these advanced equipments proves to be a restraining factor for the growth of the market during the forecast period. A few surgical procedures which fail due to the mechanical faults or conditional errors hampers the confidence that the population might show in these equipments. Hence it hampers the growth of the market worldwide. The malfunctioning of the equipment after installation of the same in the human body increases the total suffering of the patients by way of reopening of the treated areas and thus doubling the expenses.

Opportunities

The outbreak of the pandemic has made the people aware about healthcare facilities and health practices that are beneficial for the body. Hence people have shown a drastic shift to minimally invasive surgical techniques rather than big and long procedures that have greater side effects and take a longer period of time to heal. The high number of people belonging to the geriatric age group has propelled the number of people suffering with chronic and complex cardiovascular diseases, neurological disorders and vascular impairments. Hence the use of blood clot retrieval equipments has seen a surge during the recent times.

Challenges

The high cost which needs to be paid for these advanced technologies for the removal of blood clots from the clogged vascular systems challenges the growth of the market during the forecast period. The countries with lower socioeconomic background and which have not yet developed cannot afford these equipment and surgical procedures. My function of the blood driving machinery during the course of a procedure is still a challenge in front of the market which needs to your come and the earliest to maintain the trust on this new technology. In the event of a failure of the procedure, a second surgery needs to be performed to make things perfect.

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Recent Developments

  • A recently developed stent retrieval machine is developed by the Cerenovus Co., which is global manufacturer of medical equipment. It is known as the Embotrap 2, which removes the life threatening blood clots from the brain resulting in ischemic stroke. It has received it's clearance from the FDA (US) which will help the company to develop its product value and sales. This took place in 2018.
  • In 2021, TigerRetriever was launched by Rapid Medical. It is a huge manufacture of responsive, adjustable devices relating to the neurovascular system. The main role of the device is to revascularise the channels during the procedures for ischemic stroke.
  • In 2021, a patient was treated by ENVI .SR mechanical thrombectomy system by the NeuroVasc technologies. It is a universal medical device manufacturer. This product was used as a stent retriever which was made by the company. It was mainly used for removing blood clots.

Market Segmentation

By Stroke

  • Ischemic Stroke (blood clot)
  • Hemorrhagic Stroke (rupturing of arteries)
  • Transient Ischemic Attack

By Device

  • Mechanical Embolus Removal Devices
  • Penumbra Blood Clot Retrieval Devices
  • Stent Retrievers
  • Aspiration Device
  • Ultrasound Assisted Devices

By Application

  • Coronary Arteries
  • Peripheral Arteries
  • Cerebral Arteries

By End User

  • Hospitals
  • Diagnostic Centers
  • Clinics
  • Ambulatory Surgical Centers

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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