Thrombectomy Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Thrombectomy Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Thrombectomy Devices Market By Product (Aspiration Thrombectomy Devices, Mechanical Thrombectomy Devices, Ultrasonic Thrombectomy Devices, And Others), Application (Cardiovascular Thrombectomy, Neurovascular Thrombectomy, And Peripheral Vascular Thrombectomy), End-User (Hospitals & Clinics, Ambulatory Surgical Centers, And Others), and geography is expected to grow at a steady CAGR forecast till 2030 owing to the increasing cases of blood clots owing to rising prevalence of various cardiovascular and neurological diseases and the growing figures of various risk factors such as obesity, age, and others

The global thrombectomy devices market is poised for significant growth, projected to achieve a remarkable Compound Annual Growth Rate (CAGR) of 5.24% during the forecast period from 2024 to 2030. The demand for thrombectomy devices is being boosted by the increasing prevalence of lifestyle disorders such as low blood pressure, diabetes, obesity, age, and others. Further, the increasing prevalence of venous thromboembolism, cardiovascular diseases, cancer, and neurological diseases such as ischemic stroke, hemorrhagic stroke, and peripheral diseases, among others will lead to the formation of blood clots, thereby leading to the increased demand for thrombectomy devices. In addition, the increasing demand for minimally invasive approaches for treatment, lack of physical activity, rising adoption of smoking, rising device launches and approvals, surging innovations in product development, and shifting key players' focus towards the development of technologically advanced product and initiatives to increase awareness regarding neurovascular diseases and their prevention among others are thereby contributing to the overall growth of the thrombectomy devices market during the forecast period from 2024-2030.

Thrombectomy Devices Market Dynamics:

The thrombectomy devices market is witnessing a growth in product demand owing to various factors, one of the key factors being the increase in the prevalence of venous thromboembolism.

For instance, as per the Centers for Disease Control and Prevention (CDC) 2023, it was estimated that approximately 900,000 people could be affected by deep vein thrombosis (DVT) or pulmonary embolism (PE) each year in the United States. Further, nearly one-third to one-half of people suffering from vein thrombosis (DVT) or pulmonary embolism (PE) may have long-term complications (post-thrombotic syndrome) such as swelling, pain, discoloration, and scaling in the affected limb.

Thrombosis UK (2023), stated that every 37 seconds someone in the Western world dies from venous thromboembolism (VTE). Also, nearly 55 to 60 percent of VTE cases occur during or following hospitalization. Thus, the increasing prevalence of venous thromboembolism will increase the demand for devices used in the treatment of venous thromboembolism such as thrombectomy devices, thereby propelling the overall market growth.

Neurothrombectomy devices are critical in treating ischemic stroke, a commonly occurring phenomenon of stroke among older adults. Stroke is one of the leading causes of disability among the elderly with around 65% of patients requiring physical assistance or support post an episode of stroke. As per the source, World Stroke Organization 2023, stated that globally 1 in 4 adults over the age of 25 will have a stroke in their lifetime and over 110 million people in the world have experienced stroke. The World Health Organization (WHO) 2023, estimated that annually, 15 million people worldwide suffer a stroke and of these, 5 million die, and another 5 million are left permanently disabled, placing a burden on family and community. Since the neurothrombectomy procedure improves functional outcomes and lowers the mortality rate in patients, therefore, it is the most preferred treatment for acute ischemic stroke.

Thus, the increasing prevalence of stroke will increase the demand for thrombectomy devices in the market.

The need to introduce cutting-edge items to the market has been brought on by the rise in ischemic stroke incidence. The market is driven by the development and introduction of new ischemic stroke-related suction devices, clot retrievers, and aspiration catheters. For instance, to advance its technique for acute ischemic stroke, Phenox GmbH launched pRESET 6-50 mechanically thrombectomy devices globally in 2021.

Also, in April 2022, Penumbra obtained a CE Mark for its Indigo Aspiration System with Lightning 7 and Lightning 12 mechanical thrombectomy technologies. The two technologies are designed for the removal of single-session blood clot in peripheral arterial and venous systems, including the pulmonary embolisms treatment.

Therefore, the above-mentioned factors are contributing to the growth of the thrombectomy devices market during the forecast period from 2024-2030.

However, device-related complications, stringent regulatory scenarios, and others may restrict the thrombectomy devices market growth in the upcoming years.

Thrombectomy Devices Market Segment Analysis:

Thrombectomy Devices Market by Product (Aspiration Thrombectomy Devices, Mechanical Thrombectomy Devices, Ultrasonic Thrombectomy Devices, and Others), Application (Cardiovascular Thrombectomy, Neurovascular Thrombectomy, and Peripheral Vascular Thrombectomy), End-User (Hospitals & Clinics, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, Rest of the World)

In the product segment of the thrombectomy devices market, the mechanical thrombectomy category is expected to amass a significant revenue share in the year 2023. This can be ascribed to the applications and advantages related to the segment.

Mechanical thrombectomy is a type of minimally invasive procedure in which an interventional radiologist uses specialized equipment to remove a clot from a patient’s artery. It is a new technique of stroke treatment that eliminates blood clots from the brain's major blood arteries. Patients who experienced an acute ischemic stroke brought on by a significant artery blockage in the anterior circulation of the brain are advised to undergo the mechanical thrombectomy procedure.

When combined with a type of systemic thrombolytic agent and other medical procedures, mechanical thrombectomy greatly reduces the number of patients who experience stroke-related impairments. During the forecast period, demand for mechanical thrombectomy devices is anticipated to increase due to the rise in demand for less invasive surgical procedures and favorable reimbursement policies for cardiovascular and neurovascular operations.

Furthermore, various companies are conducting research and development related to mechanical thrombectomy devices to increase their product portfolio. For instance, in May 2023, Akura Medical, a Shifamed portfolio company initiated its first-in-human clinical study of the Akura Mechanical Thrombectomy Platform. The Akura platform is a low-profile solution designed to easily access and efficiently remove large volume, mixed morphology clots, and eliminate the guesswork around the procedure.

Also, in July 2021, Surmodics, Inc., acquired privately held Vetex Medical Limited, an Ireland-based medical device developer and manufacturer. The transaction expands Surmodics’ thrombectomy portfolio with a second U.S. Food and Drug Administration (FDA) 510(k)-cleared device, the ReVene™ Thrombectomy Catheter. The ReVene mechanical thrombectomy catheter is designed to remove large, mixed-morphology blood clots commonly found with venous thromboembolism (VTE).

Therefore, the advantages offered by mechanical thrombectomy are predicted to contribute to the increasing demand for this product, thereby driving the growth of the overall thrombectomy devices market during the forecast period.

North America is expected to dominate the overall Thrombectomy Devices Market:

Among all the regions, North America is estimated to account for the largest share of the thrombectomy devices market in the year 2023. Owing to the significance of key growth factors including the rising prevalence of cancers, neurological diseases, cardiovascular diseases, venous thromboembolism, and others, the rising burden of the geriatric population base prone to afore-said diseases, the increasing number of obese people, early adoption of new technologies, innovative technologies and infrastructure resulting in significant healthcare facilities and patient care, increase in investments by government & private institutions, and escalating regulatory approvals among others, the North America thrombectomy devices market is expected to witness positive growth.

For instance, as per CDC 2023, one-third (about 33%) of people suffering from deep vein thrombosis (DVT) or pulmonary embolism (PE) in the US will have a recurrence of the disease within 10 years.

According to the CDC 2021 report, every year, more than 795,000 people in the United States have a stroke and about 610,000 of these are first or new strokes. In addition, the report also stated that 87% of all strokes are ischemic strokes, in which blood flow to the brain is blocked.

The above sources, clearly indicate that the prevalence of cardiovascular diseases and neurological diseases is surging in the region, ultimately increasing the demand for thrombectomy devices which are used for the management or treatment of the aforementioned diseases.

Coupled with the factors mentioned above, the increasing regulatory approvals and launches in the region will also drive the market of thrombectomy devices. For instance, in August 2021, Stryker Neurovascular received the US FDA approval for their Trevo NXT Pro Vue Retriever, a class II medical device classified as a neurovascular mechanical thrombectomy device for acute ischemic stroke.

Also, in February 2020, Stryker received the US FDA approval for Trevo NXT ProVue Retriever indicated for use to restore blood flow in the neurovasculature by removing thrombus for the treatment of acute ischemic stroke.

Thus, such strategic steps help to increase the demand for thrombectomy devices, thereby driving the North America thrombectomy devices market forward during the forecast period.

Thrombectomy Devices Market Key Players:

Some of the key market players operating in the thrombectomy devices market include Koninklijke Philips N.V., Terumo Corporation, Medtronic, Boston Scientific Corporation, Penumbra, Inc., Thrombolex, Imperative Care Inc., Stryker, Argon Medical Devices Inc., Edwards Lifesciences Corporation, Johnson & Johnson, BD, phenox GmbH, DSMAREF CO.LTD, Teleflex Incorporated, AngioDynamics, Abbott, inari medical, Merit Medical Systems, Acandis GmbH, and others.

Recent Developmental Activities in the Thrombectomy Devices Market:

In September 2022, Vesalio announced European CE Mark approval of the company’s NeVa Net thrombectomy device, which features integrated clot microfiltration technology.

In September 2021, Abbott acquired Walk Vascular, LLC, a commercial-stage medical device company with a minimally invasive mechanical aspiration thrombectomy system designed to remove peripheral blood clots. Walk Vascular's peripheral thrombectomy systems will be incorporated into Abbott's existing endovascular product portfolio.

In May 2020, Control Medical Technology obtained the US Food and Drug Administration (FDA) approval for its Aspire MAX 7 – 11F Mechanical Thrombectomy platform. Aspire MAX 7 – 11F Mechanical Thrombectomy platform has been designed to remove blood clots from the peripheral vessels.

Key Takeaways from the Thrombectomy Devices Market Report Study

Market size analysis for current thrombectomy devices market size (2023), and market forecast for 6 years (2024-2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global thrombectomy devices market

Various opportunities are available for the other competitors in the thrombectomy devices market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current thrombectomy devices market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for thrombectomy devices market growth in the coming future?

Target Audience who can be benefited from this Thrombectomy Devices Market Report Study

Thrombectomy devices providers

Research organizations and consulting companies

Thrombectomy devices -related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in thrombectomy devices

Various End-users who want to know more about the thrombectomy devices market and the latest technological developments in the thrombectomy devices market.

Frequently Asked Questions for the Thrombectomy Devices Market:

1. What are thrombectomy devices?

Thrombectomy is an interventional procedure performed to remove clots from a blood vessel. It is commonly performed in coronary arteries, peripheral arteries, and cerebral arteries.

2. What is the market for global thrombectomy devices?

The global thrombectomy devices market is poised for significant growth, projected to achieve a remarkable Compound Annual Growth Rate (CAGR) of 5.24% during the forecast period from 2024 to 2030.

3. What are the drivers for the global thrombectomy devices market?

The demand for thrombectomy devices is primarily being heightened by the rising cases of cardiovascular diseases and cancers, the growing prevalence of neurological disorders such as acute ischemic stroke, and hemohragic stroke, the rising number of obese and geriatric population, rising product launches and approvals, along with a growing number of research and development activities, thereby contributing to the overall growth of thrombectomy devices market during the forecast period from 2024-2030.

4. Who are the key players operating in the global thrombectomy devices market?

Some of the key market players operating in the thrombectomy devices market include Koninklijke Philips N.V., Terumo Corporation, Medtronic, Boston Scientific Corporation, Penumbra, Inc., Thrombolex, Imperative Care Inc., Stryker, Argon Medical Devices Inc., Edwards Lifesciences Corporation, Johnson & Johnson, BD, phenox GmbH, DSMAREF CO.LTD, Teleflex Incorporated, AngioDynamics, Abbott, inari medical, Merit Medical Systems, Acandis GmbH, and others.

5. Which region has the highest share in the thrombectomy devices market?

North America is expected to dominate the overall thrombectomy devices market during the forecast period from 2024-2030.

Factors such as the rising prevalence of venous thromboembolism, cardiovascular diseases, neurovascular, and peripheral diseases, among others, the rising geriatric population, technological advancements in medical devices used for capturing blood clots, the presence of key players in the region, and the escalating regulatory approvals are said to drive the growth of North America thrombectomy devices market.