Mechanical Thrombectomy Devices Market – A Revolutionary Treatment for Blood Clots
written by Medi-Tech Insights, Wednesday, November 16th, 2022
The Global Mechanical Thrombectomy Devices Market was valued at $760 million in 2021 and is set to witness a healthy growth rate of 6% in the next 5 years. The growing cases of stroke, venous thromboembolism (deep vein thrombosis & pulmonary embolism), approval/launch of novel mechanical thrombectomy devices, favorable clinical trial outcomes with mechanical thrombectomy, and acquisitions by leading players to fortify their vascular portfolio, and treat patients with blood clots are some of the key factors driving the global mechanical thrombectomy devices market.
However, some of the pivotal factors that are likely to hamper its market growth are inadequate specialists and limited awareness and education of both the physicians and the patients.
Blood clots are a common health concern that requires immediate medical attention. Mechanical thrombectomy devices are used in procedures used to treat arterial blockages caused by blood clots. The conditions that are treatable by a mechanical thrombectomy are ischemic stroke, pulmonary embolism (PE), and deep vein thrombosis (DVT).
Technological Advancements in Mechanical Thrombectomy Drives the Mechanical Thrombectomy Devices Market
The global mechanical thrombectomy devices market is expected to be bolstered by recent and constant technological advancements.
- In April 2022, Penumbra announced that its Indigo Aspiration System with Lightning 7 and Lightning 12 has secured CE Mark and are now commercially available in Europe. Both technologies are part of Penumbra’s Indigo Aspiration System – now with Intelligent Aspiration for mechanical thrombectomy -and are designed for single-session arterial and venous thrombus removal, including the treatment of pulmonary embolisms.
- In October 2021, Phenox GmbH (Leading manufacturer of stentrievers for mechanical thrombectomy) announced the global launch of the Preset 6-50 mechanical thrombectomy device for the treatment of acute large vessel occlusive (LVO) stroke.
- In July 2021, Surmodics acquired Vetex Medical Limited (Ireland-based medical device developer and manufacturer that has focused exclusively on venous clot removal solutions). 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 specifically designed to remove large, mixed-morphology blood clots commonly found with venous thromboembolism (VTE).
“Existing mechanical thrombectomy treatment options do not adequately treat VTE for several reasons. Most current mechanical thrombectomy devices are designed to aspirate fresher arterial clot, which is small and soft. As a result, these devices can be inadequate and ineffective for removing the larger, older clots associated with VTE.”–General Manager, Commercial-stage Medical Device Company, APAC
Covid-19 Impact on the Mechanical Thrombectomy Devices Market
Throughout 2020 and 2021, the Covid-19 virus spread rapidly and relentlessly across the globe and adversely impacted a multitude of industries worldwide. With lockdowns implemented, social distancing mandated, and widespread apprehension – Covid-19 had adversely impacted all the health services globally and the mechanical thrombectomy devices market was no different.
In 2020, the number of elective procedures reduced significantly due to Covid-19 which resulted in a decline in the market. Plausible reasons for the apparent reduction in the performance of mechanical thrombectomy during 2020- 2021 are as follows:
- Delays in accessing specialized care, resulting in patients presenting outside of the therapeutic window.
- Reluctance of acute ischemic stroke patients to present at emergency departments.
- Reduction in stroke occurrence during the COVID-19 pandemic as a result of mandated social distancing.
However, towards the end of 2021 fourth quarter, companies witnessed the pressure from COVID-19 gradually alleviated and businesses are now trending close to normalized run rates.
Organic and Inorganic Growth Strategies Adopted by Leading Market Players to Establish Their Strong Foothold in Mechanical Thrombectomy Devices Market
The leading players operating in the global mechanical thrombectomy devices market adopted both organic and inorganic growth strategies such as acquisitions and new product launches to garner a higher market share. For instance,
- In April 2022, Wallaby Medical acquired phenox GmbH. phenox has a broad product portfolio covering both ischemic and hemorrhagic stroke as well as Access & Support. The key product lines of phenox include the p64/p48 range of flow diverters for the treatment of intracranial aneurysms and the pRESET range of stent retrievers for the mechanical thrombectomy of ischemic strokes.
- In September 2021, Boston Scientific announced an agreement to acquire Devoro Medical, Inc. (developer of the WOLF Thrombectomy® Platform) to add the mechanical thrombectomy platform to its peripheral interventions portfolio.
The outlook for the mechanical thrombectomy devices market looks promising due to the rising geriatric population and cases of stroke, venous thromboembolism, technological advancements in mechanical thrombectomy devices, strong product pipeline, established coding & payments for mechanical thrombectomy in key markets such as the U.S. and growing awareness about mechanical thrombectomy due to patient advocacy groups and clinical society support.
Competitive Landscape Analysis: Mechanical Thrombectomy Devices Market
The mechanical thrombectomy devices market is marked by the presence of players such as Medtronic, Stryker, Penumbra, Boston Scientific, AngioDynamics, Control Medical, Inari Medical, among others.
TABLE OF CONTENTS
Key Strategic Questions Addressed
- What is the market size & forecast of the mechanical thrombectomy devices market?
- What are the historical, present, and forecasted market shares and growth rates of various segments and sub-segments of the mechanical thrombectomy devices market?
- What are the key trends defining the mechanical thrombectomy devices market?
- What are the major factors impacting the growth of the mechanical thrombectomy devices market?
- What are the opportunities prevailing in the mechanical thrombectomy devices market?
- Which region has the highest share in the global market? Which region is expected to witness the highest growth rate in the next 5 years?
- Who are the major players operating in the mechanical thrombectomy devices market?
- What are the key strategies adopted by players operating in mechanical thrombectomy devices market?
The study has been compiled based on the extensive primary and secondary research.
Secondary Research (Indicative List)
To validate research findings (market size & forecasts, market segmentation, market dynamics, competitive landscape, key industry trends, etc.), extensive primary interviews were conducted with both supply and demand side stakeholders.
Supply Side Stakeholders:
- Senior Management Level: CEOs, Presidents, Vice-Presidents, Directors, Chief Technology Officers, Chief Commercial Officers
- Mid-Management Level: Product Managers, Sales Managers, Brand Managers, R&D Managers, Business Development Managers, Consultants
Demand Side Stakeholders:
- Stakeholders in Hospitals, Specialized Treatment Centers, Interventional Cardiologists, Neurosurgeons, Interventional Radiologists, and Trained Neurologists Specializing in Endovascular Techniques, among others.
Breakdown of Primary Interviews
Market Size Estimation
Both ‘Top-Down and Bottom-Up Approaches’ were used to derive market size estimates and forecasts.
Research findings derived through secondary sources & internal analysis were validated with Primary Interviews, Internal Knowledge Repository, and Company Sales Data.
You May Find helpful!
The Global Spine Surgery Devices Market is expected to grow at a rate of ~5 % by
written by Medi-Tech Insights, Monday, January 30th, 2023Read More
The Global Obesity Drugs Market valued at $2.3 billion (2022) is expected to wit
written by Medi-Tech Insights, Monday, January 23rd, 2023Read More
The US Branded Generics Market was valued at US$ 19.1 billion in 2022 and is set