Neurothrombectomy Devices Market Share, Size, Trends, Industry Analysis Report, By Product (Clot Retrievers, Aspiration/Suction Devices, Vascular Snares); By End-Use; By Region; Segment Forecast, 2023 - 2032
- Published Date:Oct-2023
- Pages: 118
- Format: PDF
- Report ID: PM1798
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global neurothrombectomy devices market was valued at USD 701.9 million in 2022 and is expected to grow at a CAGR of 7.9% during the forecast period.
The neurothrombectomy devices market refers to the industry focused on the development, manufacturing, and sales of medical devices used in the treatment of stroke caused by blood clots in the brain. Neurothrombectomy is a minimally invasive procedure that involves removing the blood clot from the cerebral blood vessels using specialized devices.
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The market for neurothrombectomy devices has experienced significant growth due to the increasing prevalence of stroke, the rising geriatric population, and advancements in medical technology. Stroke is a leading cause of death and disability worldwide, and neurothrombectomy has emerged as a highly effective treatment option, improving patient outcomes and reducing the risk of long-term disability.
Furthermore, neurothrombectomy devices typically include stent retrievers, aspiration catheters, and suction devices. Stent retrievers are the most commonly used devices designed to remove the clot from the blood vessel mechanically. Aspiration catheters and suction devices are used to suction out the clot directly. These devices are usually deployed through a catheter inserted into an artery in the groin and guided to the blocked vessel in the brain.
The COVID-19 pandemic affected the market. The postponement of elective procedures and disruptions in the supply chain posed difficulties, leading to a decline in procedures performed and device sales. However, the increased risk of stroke associated with COVID-19 created opportunities for neurothrombectomy procedures. Adopting telemedicine expanded access to stroke care and increased the potential device market. The emphasis on infection control also increased the demand for single-use and disposable devices. As the healthcare system adapts to the new normal, the market is expected to recover and continue its growth trajectory, driven by increasing stroke awareness, technological advancements, and the need for effective treatments.
Industry Dynamics
Growth Drivers
The growth of the market, driven by the increasing incidence of stroke worldwide, fuels the demand for effective treatment options. Neurothrombectomy procedures have emerged as highly successful in removing blood clots and improving patient outcomes, making them a preferred choice for stroke management.
Advancements in medical technology have significantly enhanced the efficacy and safety of neurothrombectomy devices. Innovations like stent retrievers and improved imaging techniques have improved these procedures' precision and success rates. The continuous development of new devices and methods further propels the market growth.
The aging population is also a crucial demographic driver for the market. As the elderly population grows, the incidence of stroke increases. The geriatric population is more susceptible to stroke-related conditions, creating a higher demand for neurothrombectomy procedures and devices.
Moreover, the market is influenced by factors such as increasing awareness and education about stroke, favorable reimbursement policies that support neurothrombectomy procedures, geographical expansion of healthcare infrastructure, and strategic collaborations among key players in the market. These combined drivers contribute to the growth and development of the market.
Report Segmentation
The market is primarily segmented based on product, end-use, and region.
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By Product |
By End-Use |
By Region |
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Clot retrievers segment accounted for the largest revenue shares in the market
The clot retriever segment holds the largest revenue shares in the market due to its effectiveness in removing blood clots from cerebral arteries. This segment's dominance can be attributed to the increasing prevalence of ischemic heart diseases and the introduction of new products. Additionally, the segment benefits from the growing cases of blood-related hereditary disorders, further contributing to its growth within the neurothrombectomy devices industry.
However, the aspiration devices segment is expected to exhibit the highest growth rate during the forecast period. Surgeons prefer these devices, and their popularity is bolstered by the increasing adoption of neurothrombectomy devices and the expanding elderly population. Furthermore, aspiration devices excel in vacuuming clots from blood vessels and re-establishing blood flow in cases of large occlusions with a high level of accuracy, making them a favorable choice among healthcare professionals.
Hospital segment holds the largest revenue shares of the market in 2022
The hospital segment holds the largest revenue share in the market. This is primarily due to patients' preference for hospitals over other healthcare facilities. Hospitals are favored because they possess advanced medical infrastructure and employ skilled surgeons, providing comprehensive care. Hospitals often have partnerships with insurance companies, facilitating easier access to medical insurance for patients. These factors contribute to the dominance of the hospital segment in the market.
However, the market segment for Ambulatory Surgical Centers (ASCs) is expected to exhibit a lucrative growth rate during the forecast period. Patients are increasingly opting for ASCs due to their shorter treatment cycle times. ASCs are well-suited for outpatient surgeries, offering streamlined processes and reduced patient waiting times. The ability to receive prompt treatment and experience favorable patient outcomes in ASCs contributes to the growth of this market segment within the neurothrombectomy devices industry.
Europe dominated the global market in 2022
Europe holds a significant market share and will likely continue its dominance over the forecast period. The market's growth is driven by advanced healthcare infrastructure, high incidence of stroke, technological innovations, favorable reimbursement coverage, and the presence of key market players. The region's well-developed medical facilities and advanced technologies enable the efficient delivery of neurothrombectomy procedures. The prevalence of stroke cases and the region's focus on technological advancements foster the demand for effective stroke treatments and drive market growth.
Additionally, favorable reimbursement policies and the presence of key industry players further contribute to Europe’s dominance in the market.
North America region also holds the significant revenue shares of the market. The Neurothrombectomy Devices Market in North America continues to expand with advancements in stroke treatment, driven by technological innovation and growing demand for minimally invasive procedures.
Competitive Insight
The prominent market players operating in the neurothrombectomy devices industry are Medtronic, Stryker Corporation, Acandis GmbH, Phenox GmbH, Penumbra Inc., and Vesalio.
Recent Developments
- In April 2022, Medtronic has launched PRAAN, a registry to collect real-world data on the use of revascularization devices in acute ischemic stroke patients. It is an industry-first initiative in India to assess clinical outcomes associated with Medtronic's market-released devices for stroke treatment.
- In September 2021, Boston Scientific Corporation has acquired Devoro Medical, Inc. Devoro Medical is known for its innovative WOLF Thrombectomy Platform. It utilizes WOLF technology to capture and eliminate blood clots using finger-like prongs within the blood vessels. With this acquisition, Boston Scientific aims to expand its portfolio of neurovascular devices and strengthen its position in the neurothrombectomy market.
Neurothrombectomy Devices Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 741.8 million |
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Revenue forecast in 2032 |
USD 1,465.2 million |
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CAGR |
7.9% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
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Segments Covered |
By Product, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
Medtronic, Stryker Corporation, Acandis GmbH, Stryker Corporation, Phenox GmbH, Penumbra Inc., and Vesalio. |
FAQ's
The neurothrombectomy devices market report covering key segments are product, end-use, and region.
Neurothrombectomy Devices Market Size Worth $1,465.2 Million By 2032
The global neurothrombectomy devices market is expected to grow at a CAGR of 7.9% during the forecast period.
Europe is leading the global market
key driving factors in neurothrombectomy devices market are Increasing incidence of stroke worldwide.
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