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The key driving factors for the growth of clot management devices include increasing prevalence of cardiovascular diseases, rise in geriatric population and growing awareness which is leading to increased use of clot management devices. According to the World Health Organization (WHO), cardiovascular diseases cause 17.9 million deaths each year worldwide. Furthermore, increasing prevalence of stroke and heart attack, growing demand for minimally invasive procedures in the treatment of blood clots is expected to bolster the market growth.
In addition, advances in clot management technologies and efforts of the companies in innovating the treatments for blood clot management are further fuelling the market growth. However, stringent regulatory policies and availability of alternative treatments are expected to hamper the market growth.
Key Market Trends
Neurovascular Embolectomy is Expected to Register Significant Growth
- Neurovascular embolectomy projected to have significant growth rate owing to increasing R&D investments and continuous innovations in product technologies.
- Furthermore, growing demand for minimally invasive procedures coupled with rising awareness in patients regarding these treatments is expected to fuel the segment growth.
- According to the World Health Organization (WHO), the number of people suffering from deep vein thrombosis (DVT) and pulmonary embolism (PE) is much larger than people suffering from AIDS, and Cancer. During the year 2015, around 9,00,000 people were diagnosed by DVT & PE in the United States.
- Furthermore, rise in hip, knee and spinal surgeries which are high-risk factors for stroke are expected to boost the stroke-related catheter-directed thrombolysis market. Moreover, sedentary lifestyle and unhealthy food habits leading to obesity and other vein related diseases expected to boost the market growth over the forecast period.
North America is Expected to have Significant Market Share
North America is projected to have significant market share over the forecast period owing to favourable reimbursement policies and availability of well-established healthcare infrastructure. In addition, the burden of cardiac patients and technological advancements in devices to produce better clinical outcomes are driving the market growth in the United States. According to the Center for Disease Control (CDC), approximately, 795,000 people in the United Sstates are having stroke as of 2019. Of these, 610,000 are first or new strokes. Furthermore, stroke annually costs 34 billion in the United States alone.
The Asia Pacific region is projected to have notable growth rate over the forecast period owing to the factors such as improving healthcare infrastructure, urbanization leading to the sedentary lifestyle and growing burden of stroke in the region. Moreover, a large patient pool growing healthcare spending in the region expected to bolster the regional growth over the forecast period.
Global clot management devices market is moderately consolidated and competitive. Market players are focusing on product innovations, new product launches and regional expansions to increase their market share. The key market players operating in clot management devices market include Medtronic Plc, Boston Scientific Corporation, Edward Lifesciences, AngioDynamics, Inc. and LeMaitre Vascular, Inc. among others.
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