Neurothrombectomy devices Market Expected to Reach $1.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Neurothrombectomy devices Market," The neurothrombectomy devices market size was valued at $481.10 million in 2021, and is estimated to reach $1.2 billion by 2031, growing at a CAGR of 9.5% from 2022 to 2031.

Neurothrombectomy is an innovative surgical procedure used to remove blood clots from arteries and veins. Blood clots can disrupt the normal flow of blood to a part of the body, causing life-threatening conditions such as pulmonary embolism or an acute stroke. During a thrombectomy procedure, the surgeon inserts a catheter into the patient’s blood vessel to remove the blockage and restore blood flow to the affected area. Depending on the location of the clot and severity of the blockage, immediate treatment is often crucial.

The neurothrombectomy devices market growth is majorly driven by rise in head injuries due to accidents and surge in incidence rate of ischemic strokes & atherosclerosis. In addition, surge in use of body building supplements, steroids, and oral contraceptives among general population exert an extremely high risk of developing blood clots that may lead to growing demand for treatment devices. Globally, the neurothrombectomy devices market is witnessing significant growth due to increase awareness regarding neurothrombectomy devices and surge in incidence of acute ischemic stroke along with the demand for minimally invasive procedures. For instance, according to the National Hospital Care Survey Demonstration Projects, in 2014, 38% of people hospitalized for stroke were less than 65 years old. Moreover, according to the Brain Injury Statistics, about two million head injuries of all types (including skull and facial fractures) occur each year in the U.S. (175 to 200 per 100,000 population). Traumatic brain injuries account for an estimated 34% of all injury deaths in the U.S.Thus, the above mentioned factors are anticipated to fuel the adoption of neurothrombectomy devices. Furthermore, the market is highly competitive in nature, with major players focused on creating awareness regarding the neurothrombectomy devices. Major players in the market host exhibition and seminars to display and promote the use of neurothrombectomy devices for diverse medical applications.

In addition, increase in investments in development of neurothrombectomy devices  and adoption of various strategies among key players such as acquisition, collaboration, and agreement foster the market growth. For instance, in April 2022, Wallaby Medical announced that it acquired Phenox GmbH, including Phenox’s Femtos GmbH—a German-based global innovation and technology leader in the neurovascular space—to develop and commercialize neurovascular interventional products for treating stroke.

However, unfavorable reimbursement scenario, risks associated with neurothrombectomy devices, and high cost of neurothrombectomy devices restrain the market growth. The growth of the neurovascular thrombectomy devices market is further hampered due to lack of expert neurosurgeons in emerging countries. On the contrary, surge in healthcare investments in public as well as private sectors, increase in patient population, unmet medical demands in developing economies are anticipated to open new avenues for the expansion of the neurothrombectomy devices market during the forecast period.

By product type, the clot retrieval devices generated maximum revenue in 2021, owing to rise in number of temporary as well as permanent blood clot surgeries. The aspiration devices segment is expected to witness highest CAGR during the forecast period, owing to increase in prevalence of ischemic stroke, significant improvement in clinical outcome with a good safety profile leading to increase in popularity of aspiration devices among healthcare professionals, and rise in awareness regarding neurothrombectomy devices among patients.

On the basis of end user, the hospitals segment generated maximum revenue in 2021, owing to increase in healthcare units, rise in number of patient admissions for surgery of blood clots in neurovascular region, and surge in venous thromboembolism cases. The specialty clinics segment is expected to witness highest CAGR during the forecast period, due to increase in trend experienced in particular treatment and rise in effectiveness of treatment given by specialty clinics.

North America accounted for major neurothrombectomy devices market share in 2021, owing to increase in cases of neurothrombectomy of different organs, robust healthcare infrastructure, presence of key players, and rise healthcare expenditure. However, Asia-Pacific is expected to witness highest CAGR during the forecast period, owing to rise in geriatric population, unmet medical demands, initiatives by government & non-governmental organizations (NGOs) to promote awareness regarding neurothrombectomy devices, and increase in public–private investments in the healthcare sector.

KEY FINDINGS OF THE STUDY

• The study provides an in-depth analysis of the market and the current neurothrombectomy devices market trends & future estimations to elucidate imminent investment pockets.
• Depending on product type, the clot retrieval devices segment held the largest share in the global neurothrombectomy devices market in 2021; however, the aspiration devices segment is expected to dominant during the forecast period.
• On the basis of end user, the hospitals segment held the largest market share in 2021, whereas the specialty clinic is expected to dominant during the forecast period.
• North America held the largest market share of neurothrombectomy industry in 2021; however, Asia-Pacific is expected to dominate during the forecast period.