Neurothrombectomy Devices Market Size & Share, by Product Type (Clot Retrieval Devices, Aspiration Devices, Snares); End-user (Hospitals, Emergency Clinics, Specialty Clinics, Ambulatory Surgical Centers) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4615
  • Published Date: Feb 22, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Neurothrombectomy Devices Market size is estimated to cross USD 1.3 Billion by the end of 2033, growing at a CAGR of 7% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of neurothrombectomy devices was USD 660 Million. The growth of the market can be attributed to the growing concern about the rising incidences of strokes, where neurothrombectomy devices are required when a clot occurs in one of the blood vessels that supply oxygen and nutrients to the brain, causing a condition of stroke. According to the statistics, each year, there are more than 8 million new cases of ischemic stroke. Ischemic strokes account for more than 63% of all incident strokes worldwide. Further, the growing awareness among people regarding strokes, coupled with surging incidences of acute ischemic stroke among people across the globe, is also expected to add to the market growth. Additionally, escalating development of highly advanced novel suction or aspiration devices, and aspiration catheters for stroke is another significant factor that is estimated to drive the market growth further by the end of 2033.

In addition to these, factors that are believed to fuel the growth of neurothrombectomy devices market include the rising impact of stress, modern lifestyle, and unhealthy diet habits among people that have been affecting people. Moreover, surging demand for minimally invasive procedures is another significant factor that is anticipated to push the market growth during the forecast period. Besides this, the increase in the aged population is another major factor that is boosting the growth of the market, as aged people have higher chances of getting severe strokes. For instance, strokes affect around 78% of adults aged 66 and above in the United States. In other words, it becomes a bigger issue as we get older. It is predicted that the risk of getting a stroke doubles every ten years after the age of 55. Additionally, the growing investment in the research and development of advanced devices is also predicted to present the potential for market expansion over the projected time frame.


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Neurothrombectomy Devices Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Per Capita Medical Expenditure – With advanced healthcare facilities and better diagnostics development, now people are spending more money on healthcare than ever to keep themselves disease-free which in turn is expected to escalate the neurothrombectomy devices market in the upcoming years. According to the OECD, health expenditure and financing in the United States increased from USD 11859 in 2020 to USD 12318 in 2021.
  • Rapidly Increasing Death Toll of Strokes on Public Health – For instance, according to research, with over 5 million fatalities each year, stroke is the second most common cause of death in the world.
  • An Upsurge in Government Spending on Healthcare – As per figures, United States government spending on healthcare increased by nearly 35% in 2020 which denotes a major increase from the 6% growth in 2019.
  • Rising Cases of Ischemic Stroke - According to research, over 3.3 million people died of an ischemic stroke in 2020 throughout the world. Ischemic stroke accounts for more than 80% of stroke cases.
  • Increased Risk of Thromboembolic and Ischemic Diseases as of COVID-19 – For instance, people with COVID-19 have a higher risk of incident cardiovascular disease in general, including cerebrovascular disorders, dysrhythmias, ischemic, and thromboembolic disease, following the 30 days of infection.

Challenges

  • Extreme Cost of Neurothrombectomy Devices – Mechanical thrombectomy is a highly specialized process through which the blood clot is removed by a neurologist. This procedure necessitates the application of thrombectomy devices that are high in cost. Hence, this factor is anticipated to lower the market’s growth over the projected time frame.
  • High Competition Among Major Market Players
  • Delay in the Research and Testing Process of Neurothrombectomy Devices

Neurothrombectomy Devices Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

7%

Base Year Market Size (2022)

USD 660 Million

Forecast Year Market Size (2033)

USD 1.31 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Neurothrombectomy Devices Segmentation

Product Type (Clot Retrieval Devices, Aspiration Devices, Snares)

The global neurothrombectomy devices market is segmented and analyzed for demand and supply by product type into clot retrieval devices, aspiration devices, and snares. Out of these three types of segments, the clot retrieval devices segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing count of blood clot procedures, coupled with the surging ratio in acute ischemic stroke throughout the world. For instance, in the United States, acute ischemic stroke is one of the major causes of mortality and disability, affecting around 8500 000 individuals annually. Acute ischemic stroke is caused majorly as a result of unhealthy lifestyles of individuals, followed by hypertension, high cholesterol level, diabetes, and so on. Moreover, patients that have a history of transient ischemic attack (TIA) are also highly prone to get an acute ischemic stroke.

End-user (Hospitals, Emergency Clinics, Specialty Clinics, Ambulatory Surgical Centers)

The global neurothrombectomy devices market is also segmented and analyzed for demand and supply by end-user into hospitals, emergency clinics, specialty clinics, and ambulatory surgical centers. Amongst these segments, the hospitals segment is expected to garner a significant share owing to the rising number of hospitals, followed by the high preference of patients to receive medical treatment for brain diseases in hospitals as a result of the presence of skilled professionals and sufficient technical help, which is also predicted to raise the market’s growth in the coming years. Hence, it is anticipated to create numerous opportunities for the growth of the segment in the coming years. On the other hand, the ambulatory surgical centers segment is also projected to witness a massive CAGR during the forecast period, owing to the shorter waiting time duration that is offered by the ambulatory surgical centers to patients, followed by the rising demand for minimally invasive procedures throughout the world. For instance, more than 11 million minimally invasive procedures are performed worldwide each year. Such a staggering ratio of minimally invasive procedures is estimated to further increase the segment’s growth in the market.

Our in-depth analysis of the global market includes the following segments:

         By Product Type

  • Clot Retrieval Devices
  • Aspiration Devices
  • Snares

          By End-User

  • Hospitals
  • Emergency Clinics
  • Specialty Clinics
  • Ambulatory Surgical Centers

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Neurothrombectomy Devices Industry - Regional Synopsis

North American Market Forecast

The North American neurothrombectomy devices market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the increasing occurrence of ischemic strokes in the region. For instance, each year, around 798,000 people in the United States suffer from a stroke. Out of these strokes, approximately 615,000 are first or new strokes. Moreover, ischemic strokes account for around 88% of all these strokes. Further, the high spending on healthcare, along with adequate reimbursement policies for the treatment of ischemic strokes, is also anticipated to contribute to the market growth in the region. In addition, an upsurge in the geriatric population, followed by escalating investment in the healthcare sector, and proliferating adoption of neurology devices are also anticipated to boost the market growth in the region during the forecast period.

Europe Market Forecast

Furthermore, the Europe neurothrombectomy devices market is also projected to display notable market growth by the end of 2033. The growth of the market can be attributed to the growing patient ratio who are suffering from acute ischemic stroke. In addition to this, the surging count of mechanical thrombectomy processes done in this region is another significant factor that is estimated to accelerate the growth of the market during the forecast period. Moreover, growing public and private investment in healthcare is another key factor that is expected to boost market growth further throughout the projected time frame in the European region.

Research Nester
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Companies Dominating the Neurothrombectomy Devices Landscape

top-features-companies
    • Penumbra Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • AngioDynamics, Inc.
    • Edwards Lifesciences Corporation
    • Medtronic
    • Stryker Corporation
    • Vesalio
    • ACANDIS GmbH
    • Boston Scientific Corporation
    • Abbott Laboratories
    • phenox GmbH

In-the-news

In The News

  • Penumbra Inc. has received the CE Mark for its technologies, Lightning 7 and Lightning 12 which are a part of the Indigo Aspiration System, with mechanical thrombectomy technology.

  • AngioDynamics, Inc. announced that its AlphaVac., a mechanical thrombectomy system, has been approved by the US FDA under section 510(k).

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 4615
  • Published Date: Feb 22, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing per capita medical expenditure, rapidly increasing death toll of strokes on public health, and an upsurge in government spending on healthcare are the major factors driving the market growth.

The market is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2023-2033.

Extreme cost of neurothrombectomy devices, high competition among major market players, and delay in research and testing process of neurothrombectomy devices are estimated to be the growth hindering factors for the market expansion.

The market in the North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Penumbra Inc., AngioDynamics, Inc., Edwards Lifesciences Corporation, Medtronic, Stryker Corporation, Vesalio, ACANDIS GmbH, Boston Scientific Corporation, Abbott Laboratories, and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product type, end-user, and by region.

The clot retrieval devices segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Neurothrombectomy Devices Market Report Scope
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