The global blood clot retrieval devices market size was valued at US$ 1.40 billion in 2022 and it is projected to surpass around US$ 5.4 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 14.50% during the forecast period 2023 to 2032. The North America region has captured 38% of the total revenue share in 2022.
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The blood clot retrieval devices or also known as thrombectomy devices which are help in removing blood clots by opening the blood vessels. Blood clot retrieval devices extremely useful in case of blood clots in the brain. Poor blood supply to the brain cell could lead to beep but with the use of thrombectomy devices the blood clot could be removed. Growing awareness regarding the availability of these devices and the efficiency and reliability of these devices is expected to drive the market during the forecast period.
Blood clot retrieval devices are used to lower the risk of paralysis or brain damage. This surgical process helps in extracting the blood clots from the brains of the patient. It is an invasive procedure which is performed on the peripheral arteries, coronary arteries and cerebral arteries patient suffering with blood clots in the brain. Two different types of strokes are treated with blood clot retrieval devices. Hemorrhage stroke and ischemic stroke which is caused by internal bleeding and reduced blood flow through the brain. The patient suffering with his troops may be paralyzed and there may be an inability to move. The patient may suffer with speech related problems and at times there is vision impairment or loss of vision due to this kind of stroke.
Almost all the industries were affected due to the COVID-19 pandemic. The process of elective surgeries carried out by the healthcare system had slowed down the market for non essential surgical procedures. They were lined as per necessity to avoid the risk of cross infection among the patients and the healthcare workers. Significant interventions by the government in developing as well as the developed nations are expected to change the demand and supply chain. Strict lockdown imposed by the government of various nations hampered the transport facility of the respective regions, which led to the shortage of the raw material. This affected the demand and supply chain to a great extent, as a result of the disrupted production channel. It is expected that there shall be some changes in the consumer behavior regarding these non invasive surgeries to avoid future complications and promote easy healing of the post operative wounds. Hence lessening the post operative side effects hence caused.
Report Scope of the Blood Clot Retrieval Devices Market
|Market Size by 2032||USD 5.4 Billion
|Growth Rate from 2023 to 2032||
CAGR of 14.50%
|Largest Market||North America|
|Fastest Growing Region||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||Stroke, Device, Application, End User, Geography|
|Companies Mentioned||AngioDynamics, Terumo Co., Johnson and Johnson, ECKOS Co., Bayer HealthCare LLC, Boston Scientific Co., Argon Medical Devices, Medtronic Plc, Teleflex Incorporated, Penumbra|
Increasing geriatric population across all the developed as well as developing nations is expected to drive the market. On an average about 8 Lac patients suffer with strokes add this number is driving the market growth. Development in the technologies used which are funded by various public and private institutions is expected to drive the market. Rapid urbanization and rapid industrialization is also expected to drive the growth of the market.
An increasingg unhealthy lifestyle of people due to long working hours which do not provide a lot of mobility is expected to drive the growth of the market. Increasing geriatric population is increasing the prevalence of stroke in the elder patients which is fueling the growth of the blood clot retrieval devices market. Blood clot retrieval devices are of great use in case of patients who are under treatments that have proven to be inefficient for treating the blood clots. Due to an increase in the advancements of the technology and the launching of new products the market is expected to grow increasing regulatory approval for these devices which meet all the rules and regulations will also propel the growth of the market.
The use of blood clot retrieval devices helps in reducing the disability in the patients after the stroke. For guiding the catheter placement advanced instruments are used for the removal of blood clots. Use of images and clinical results are helping for the same. Continuous research on providing advanced blood clot retrieval devices which will help in improving the quality of performance of these devices is expected to drive the market during the forecast period. Increasing number of deaths due to stroke in many developed nations like Canada and United States will create a great demand for these devices in the future. Increase in the sedentary lifestyle and unhealthy eating habits are driving the growth of the market.
Growing awareness amongst the people regarding the favorable reimbursement policies across all the developed nations and the availability of minimally invasive surgery options is creating a demand for blood clot retrieval devices. The availability of advanced healthcare infrastructure and favorable reimbursement policies in the North American region is driving the growth of the blood clot retrieval devices market. Increase in the disposable income of the people in developing nations is also driving the growth of the market. Increased disposable income has led to an increase in the amount of money spent on the medical facilities. As there is a growing preference for image guided surgeries by the surgeons the market is expected to grow well during the forecast.
Type of Stroke Insights
By type of stroke, the ischemic stroke segment has dominated the global market for blood clot retrieval devices in the recent years. The ischemic stroke segment is expected to dominate the market in the coming years. About 85% of the strokes that occur across the globe are ischemic and the rest of them are the other type. The lack of blood supply is the feature of the ischemic stroke which is caused due to the blood clots and it may lead to loss of vision and also paralysis.
The movement of the individual comes to a halt due to this stroke. There is a disruption in the functioning of the brain due to this type of stroke. In case of the brain hemorrhagic stroke the arteries are ruptured and there is no supply of blood which may lead to death. The functioning of the body may stop. The hemorrhagic segment is also expected to grow well during the forecast period.
Device Used Insights
By devices, the mechanical embolus removal devices segment is expected to dominate the market during the forecast period and has grown well in the recent years. This device is extremely cost effective when it it's compared to all the other devices available for blood clot retrieval in the market. This device is expected to have a great share for the growth of the worldwide blood clot retrieval devices in the coming years. The use of blood clot retrieval devices is expected to increase the life span of a person post surgery. As there is an increase in the survival time due to the use of these devices as compared to the previously used medical care these devices are expected to have a larger market share and they're expected to be in great demand during the forecast period.
The use of these devices is expected to grow in the coming years due to the increasing geriatric population across the developed as well as the developing economies. Growing awareness relating to the availability of these devices for the surgery the market is expected to grow. In order to treat acute ischemic stroke the devices will be used across all the medical facilities. The availability of reimbursement policies in the developing nations we will support the growth of the market.
End User Insights
By end user, the hospital segment will have a larger market share in terms of revenue as compared to all the other end users as patients pilfer hospitals over all the other available options for treatment. The availability of all the facilities under one roof will drive the market growth. Hospitals happen to be the most convenient place for the surgical treatments involving the use of blood clot retrieval devices. In all the countries across the globe this segment is expected to have a greater demand as compared to all the other segments available.
The diagnostic centers and clinics are also expected to have a good demand for the blood clot retrieval devices for detecting and treating the disease. Hospitals have a very large setup as compared to the other entire end user segment and hence the segment will grow at a high compound annual growth rate during the forecast period.
The Asia Pacific market is expected to grow faster as compared to the European and North American region as there are many policies and the government in these regions is investing to a large extent in order to provide better health care services to its citizens. The Asia Pacific region will have a good growth as the government is continuously working on providing better facilities to the individuals.
In the countries like China, India and Australia there is a progress in the healthcare sector and the healthcare sector is undergoing tremendous transformation. Due to the increase in the number of acquisitions in the medical sector and changing government laws are two major reasons which are contributing to the growth of the market. In these developing nations labor is available at a low cost and the raw materials are also easily available at cheaper rates. These two factors favor the growth of developing economies. In order to provide better medical facilities and for the company situated in developed economies to find better markets for expansion they are moving to developing economies for growth. Due to these growing partnerships between the international players and the regional market players the blood clot retrieval devices market in the Asia Pacific region will grow well during the forecast period.
Availability of technologically advanced medical devices in the North American region will drive the market growth. There's an increase in the number of patients undergoing the surgeries due to the recovery rate. European region is also expected to have a good grow during the forecast period and the demand for blood clot retrieval devices will grow in the coming years as the number of patients dying due to stroke every year is increasing.
Key Market Developments
Segments covered in the report
By End User
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