According to The Insight Partners market research titled 'Thrombectomy Devices to 2027 – Global Analysis and Forecasts by Type, Application, and End User.' The global Thrombectomy Devices market is anticipated to reach US$ 2,101.29 Mn in 2027 from US$ 1,282.07 Mn in 2018. The market is anticipated to grow with a CAGR of 5.9% from 2019-2027. The report provides the trends prevailing in the global Thrombectomy Devices market and the factors driving the market along with those that act as hindrances.
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The global thrombectomy devices market, based on the type, is segmented into mechanical thrombectomy devices, aspiration thrombectomy devices, rheolytic thrombectomy devices and ultrasonic thrombectomy. In 2018, the mechanical thrombectomy devices segment held the largest market share of the thrombectomy devices market. This segment is also projected to dominate the market in 2027 due to the various applications of mechanical thrombectomy such as neurovascular, peripheral vascular, and cardiovascular, among other procedures.
The market for thrombectomy devices is expected to grow, owing to factors such as elevating incidences of CVDs and neurological diseases, ongoing technological advancements, and favorable medical reimbursement scenario. Moreover, growing healthcare expenditure and increasing research and studies in field of thrombectomy are likely to have a positive impact on the growth of the market in the coming years.
The leading companies operating in the thrombectomy devices market include Penumbra, Inc, Edwards Lifesciences Corporation Koninklijke Philips N.V., Teleflex Incorporated, Johnson & Johnson Services, Inc (DePuy Synthes), Argon Medical, Inari Medical, Medtronic, Stryker Corporation, Terumo Corporation among others. The market has observed various organic as well as inorganic developments during recent years in the thrombectomy devices market. For instance, in February 2019, Edwards Lifesciences Corporation announced that it has received CE Mark approval for PASCAL transcatheter valve repair system which is used for treatment of patients with mitral regurgitation. The launch has enabled the company to offer better innovative products in the market.
Favorable Medical Reimbursement Scenario
In January 2018, European Tech Reimbursement Consulting (MTRC) released a 62-page reimbursement report for mechanical thrombectomy for stroke. The report covers procedure coding, payment mechanism, reimbursement tariffs, and policy restrictions in 11 EU countries, including Austria, Belgium, Denmark, England, France, Germany, Italy, the Netherlands, Norway, Sweden, and Switzerland. The report also covers essential information about reimbursement and national funding, including a brief overview of reimbursement system for medical devices, procedure coding for technology, diagnosis coding, payment mechanism for technology, reimbursement tariffs for technology, restrictions in indications or scenarios for use of technology, and technology-related policy considerations by payers and policymakers.
Growing Healthcare Expenditure
As per OECD, the US GDP was highest at 17.1% in 2017, followed by Switzerland (12.3%) and France (11.3%) to be the second- and third-highest spenders. However, Turkey (4.2%), Luxembourg (5.4%), and Mexico (5.4%) were among the lowest health care spenders, in terms of share of GDP. Moreover, from Asia Pacific region, India's expenditure on the health sector has increased from 1.2% of the GDP in 2013–2014 to 1.4% in 2017–2018. The National Health Protection Scheme (Ayushman Bharat National Health Protection Mission) presents the financial protection of up to INR 5 lakh per family per year to 10.74 crore families for secondary and tertiary hospitalization. The cost by the government (central and state) has increased the total public health expenditure from INR 1.49 lakh crore in 2014–2015 to Rs 2.25 lakh crore in 2017–2018. Thus, such rise in the healthcare expenditure of countries is providing growth opportunities for the thrombectomy devices market players.
Global Thrombectomy Devices Market – By Type
- Mechanical Thrombectomy Devices
- Aspiration Thrombectomy Devices
- Rheolytic Thrombectomy Devices
- Ultrasonic Thrombectomy Devices
Global Thrombectomy Devices Market – By Application
- Peripheral Vascular
Global Thrombectomy Devices Market – By End User
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Academic & Research Institutes
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- South and Central America
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