Blood Clot Retrieval Devices Market
Number of pages: 100 | Report Format: PDF | Published date: June 12, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 1.54 billion |
|
Revenue Forecast in 2031 |
US$ 4.50 billion |
|
CAGR |
12.63% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Indication, Device Type, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global blood clot retrieval devices market was valued at US$ 1.54 billion in 2022 and is expected to register a revenue CAGR of 12.63 % to reach US$ 4.50 billion by 2031.
Blood Clot Retrieval Devices Market Fundamentals
Blood clot retrieval devices are essential tools utilized in interventional radiology to eliminate blood clots from blood vessels. They serve a critical function in treating medical conditions like deep vein thrombosis, pulmonary embolism, and ischemic stroke by efficiently removing blood clots, restoring proper blood flow, and preventing further complications.
Over the past few years, the demand for blood clot retrieval devices has significantly increased due to their effectiveness and minimally invasive nature. Advanced clot retrievals techniques, such as stent retrievers and aspiration devices, have emerged as a prominent trend in this field, providing higher success rates and better patient outcomes. Additionally, the rising aging population and the prevalence of lifestyle-related diseases, such as obesity and diabetes, have increased the incidence of conditions associated with blood clot formation. As a result, there is a substantial opportunity for the growth of the blood clot retrieval device market.
Many companies have been working diligently on improving blood clot retrieval devices through extensive research and development. Their goal is to enhance these devices' design, functionality, and effectiveness. Some companies are investing in creating next-generation stent retrievers with advanced features like better flexibility and superior clot engagement. Moreover, an increasing emphasis is on incorporating artificial intelligence and machine learning algorithms into these devices. These technologies can help identify clots in real-time and provide valuable insights to clinicians, thereby optimizing treatment strategies.
Blood Clot Retrieval Devices Market Dynamics
The global blood clot retrieval devices market is primarily driven by the increasing incidences of stroke and vascular diseases such as deep vein thrombosis and pulmonary embolism, which is a significant driver for the blood clot retrieval devices market. Every year in the United States, approximately 900,000 people are impacted by Pulmonary Embolisms. Typically, this condition is caused by blood clots in the legs, known as Deep Vein Thrombosis, that eventually make their way to the lungs. These conditions can lead to severe complications and even death if not treated promptly. The growing awareness among healthcare professionals and patients regarding the benefits of clot retrieval devices in improving outcomes has fuelled the demand for these devices.
Rapidly increasing technological advancements in blood clot retrieval devices are increasing their adoption. These devices are becoming the standard of care for patients suffering from acute ischemic stroke. The use of these devices has shown significant improvements in patient outcomes, including reduced disability and improved survival rates. For instance, a recent study found that patients who received treatment with a blood clot retrieval device within six hours of stroke onset had a 50% higher chance of achieving functional independence than those who received standard medical therapy alone. Additionally, using these devices has allowed for more efficient and effective removal of clots, leading to shorter hospital stays and decreased healthcare costs.
Restraining factors in the global blood clot retrieval devices market include strict regulatory guidelines and the high cost associated with the devices. Additionally, the lack of awareness among healthcare professionals and patients about the benefits of blood clot retrieval devices is also hindering market growth.
Blood Clot Retrieval Devices Market Ecosystem
The global blood clot retrieval devices market is analyzed from five perspectives: indication, device type, and end users.
Blood Clot Retrieval Devices Market by Indication
Based on indication, the global blood clot retrieval devices market is segmented as hemorrhagic stroke, ischemic stroke, and transient ischemic attack.
The ischemic stroke segment has dominated the global blood clot retrieval devices market. This is majorly attributed to the increasing prevalence of ischemic stroke. According to the Centers for Disease Control and Prevention, over 795,000 individuals experience a stroke annually in the United States. Of these cases, approximately 610,000 are first-time or new strokes, while nearly 185,000 are recurrent strokes. Almost one in four of these strokes are experienced by individuals who have previously had a stroke. Additionally, 87% of all strokes are classified as ischemic strokes, which occur when blood flow to the brain is obstructed.
Moreover, these devices, also known as mechanical thrombectomy devices, are designed to physically remove blood clots from the brain's blood vessels. Studies have shown that mechanical thrombectomy can significantly improve outcomes for patients with ischemic stroke, particularly when performed within the first few hours of symptom onset. The American Heart Association and American Stroke Association have established mechanical thrombectomy as the primary treatment option for eligible patients diagnosed with acute ischemic stroke.
Blood Clot Retrieval Devices Market by Device Type
Based on device type, the global blood clot retrieval devices market is segmented as ultrasound-assisted devices, stent retrievers, penumbra blood clot retrieval devices, mechanical embolus removal devices, and others.
The mechanical embolus removal devices segment accounted for the majority of revenue share in 2022. This is attributed to their ability to rapidly restore blood flow, potentially reducing the risk of long-term damage to the affected tissue. Additionally, these devices can be used in various clinical settings and effectively treat various conditions, including acute ischemic stroke and pulmonary embolism. In some cases, mechanical embolus removal devices may also be less invasive than traditional surgical approaches, allowing for quicker recovery times and reduced risk of complications.
Blood Clot Retrieval Devices Market by End User
Based on end user, the global blood clot retrieval devices market is segmented into hospitals, diagnostic centers, clinics, and ambulatory surgical centers.
The hospitals segment has dominated the global blood clot retrieval devices market. This dominance can be attributed to the high demand for these devices in hospitals, especially in emergency departments and intensive care units. Additionally, the increasing prevalence of cardiovascular diseases and stroke has also contributed to the growth of this market. As hospitals continue to invest in advanced medical technologies, the demand for blood clot retrieval devices is expected to increase further. However, the market is also witnessing a shift towards adopting these devices in ambulatory surgical centers and clinics, which is expected to provide lucrative opportunities for market players in the coming years.
Blood Clot Retrieval Devices Market by Region
Based on the region, the global blood clot retrieval devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the highest revenue share in 2022, owing to the increasing prevalence of stroke and cardiovascular diseases in the region. The rise in the geriatric population and the growing adoption of advanced medical technologies have also contributed to the market growth in North America. Additionally, the availability of favorable reimbursement policies and well-established healthcare infrastructure has further boosted the demand for blood clot retrieval devices in the region. The United States has emerged as the major contributor to the market growth in North America, owing to the high incidence of stroke and the presence of major market players in the country.
The Asia Pacific region is projected to grow rapidly in the forecast due to the increasing prevalence of stroke and other cardiovascular diseases in the region. According to the World Health Organization, stroke is Asia's leading cause of death, accounting for almost one-third of all deaths. Additionally, the aging population in countries like Japan and China is expected to drive demand for blood clot retrieval devices as the risk of stroke increases with age. The growing healthcare infrastructure and increasing investments in research and development activities are also expected to contribute to the market growth in the region.
Blood Clot Retrieval Devices Market Competitive Landscape
Several companies emphasize development activities, such as new product launches and product approvals. The market saw acquisition, partnership, and cooperation activities as inorganic development tactics. These initiatives have enabled the expansion of future economic business prospects and increased demand for calcitonin in the global blood clot retrieval devices market.
Some of the prominent companies having the largest revenue share in the global blood clot retrieval devices market are:
Strategic Developments
Blood clot retrieval devices are essential tools utilized in interventional radiology to eliminate blood clots from blood vessels.
The global blood clot retrieval devices market was valued at US$ 4.50 billion by 2031.
The global blood clot retrieval devices market has grown significantly over the years, owing to the increasing prevalence of cardiovascular diseases and stroke cases worldwide.
The global blood clot retrieval devices market is expected to register a revenue CAGR of 12.63 % by 2031.
The estimated market size of the blood clot retrieval devices market in 2031 will be US$ 4.50 billion.
*Insights on financial performance are subject to the availability of information in the public domain
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