According to Acumen Research & Consulting, the Global Blood Clot Retrieval Devices Market size is anticipated to be worth nearly USD 3.9 Billion by 2028, growing at a CAGR of 18.4% between 2021 and 2028.
The increasing prevalence of blood clots in elderly patients is a major factor driving the global blood clot retrieval devices market revenue. As the name implies, blood clot retrieval devices are used to remove blood clots from blood vessels. Blood clots are the leading cause of avoidable hospital death in both the United States and around the world. According to the Centers for Disease Control and Prevention (CDC), blood clots in the lungs are responsible for approximately one in every ten hospital deaths.
Global Blood Clot Retrieval Devices Industry Dynamics
According to our blood clot retrieval devices industry analysis, growth in the number of elderly patients is expected to drive market growth. Blood clots are one of the foremost causes of death and disability in adults, with a significant global disease burden. Stroke risk increases with age, and strokes are becoming more common in countries with aging populations. In addition, increasing usage of advanced medical devices throughout the world is a prominent blood clot retrieval device market trend that is fueling the market demand. The COVID-19 pandemic had a subtle impact on blood clot retrieval devices, as some studies discovered that SARS-CoV-2 increased the risk of blood clots as well as strokes among infected patients.
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However, the high risk of post-surgery complications and the strict government regulations are some of the factors that are hampering the market growth. Furthermore, ongoing R&D activities to develop more advanced blood clot removal devices and rising awareness among patients about these devices especially in emerging economies are likely to open up widespread growth opportunities for the market in the coming years.
The increasing number of deaths due to strokes fuels the blood clot retrieval devices market growth
The most common cause of stroke in patients is a blood clot. A stroke is a serious medical condition that necessitates immediate medical attention and can result in permanent brain damage, long-term disability, or even death. Stroke is the leading cause of severe long-term disability. More than 50% of stroke survivors aged 65 and older have reduced mobility as a result of their stroke. Stroke is the fifth leading cause of death in the United States, and it is a major cause of serious disability in adults, according to the Centers for Disease Control and Prevention (CDC). Every year, about 795,000 citizens in the United States suffer a stroke. Ischemic strokes account for approximately 87 percent of all strokes. Between 2017 and 2018, the cost of stroke in the United States was nearly USD 53 billion. This figure includes the cost of healthcare services, stroke medications, and missed work days.
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A gradual increase in product approval from the FDA will spur the industry share
In 2018, the FDA approved the adoption of the Trevo clot retrieval device to treat specific stroke patients 24 hrs after symptom onset, broadening the device’s indication to a larger group of patients. In 2016, the FDA approved expanded marketing of the device for such patients in addition to t-PA treatment if used within six hours of symptom onset. Trevo is a clot-removal device that is introduced through a catheter into the blood vessel and up to the site of the blood clot. The FDA reviewed data from a clinical trial in which 107 patients were treated with the Trevo device and medical management versus 99 patients who only received medical management. Three months after their stroke, approximately 48% treated with the Trevo were functionally independent, compared to 13% of patients who were not treated with the Trevo device.
Global Blood Clot Retrieval Devices Market Segmentation
The blood clot retrieval devices market is divided into three categories: type, application, and geography.
Blood Clot Retrieval Devices Market by Type
- Aspiration Device
- Stent Retrievers
Our blood clot retrieval devices market forecast indicates that stent retrievers will generate significant revenue between 2022 and 2030. In 2021, stent retrievers are expected to account for roughly two-thirds of the total market share. This is due to an increase in the number of minimally invasive surgical procedures among the geriatric population.
Blood Clot Retrieval Devices Market by Application
- Cerebral Arteries
- Coronary Arteries
- Peripheral Arteries
As per our study, the cerebral arteries grabbed impressive blood clot retrieval devices share in 2021. The most common type of stroke is cerebral artery thrombosis, also known as ischemic stroke. This condition is responsible for approximately 88 percent of all strokes. Stroke has no age restrictions. People of all ages, including children, can be affected by the condition. The majority of people who have ischemic strokes are elder (60 or more).
Blood Clot Retrieval Devices Market Regional Outlook
The blood clot retrieval devices market is divided into five regions: North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa. North America is the leading region, with a significant market share in 2021, and is expected to maintain its dominance throughout the forecasted years. This is primarily due to an increase in the number of blood clots, an increase in strokes, particularly in the United States, and the presence of a large number of players in the region. On the other hand, the Asia-Pacific region is expected to grow at the fastest rate in the coming years. The rising number of stroke cases, increased patient awareness, a large patient base in China and India, and significant investments in the healthcare sector.
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Blood Clot Retrieval Devices Market Players
The leading blood clot retrieval devices companies presented in the report include Boston Scientific, CERENOVUS, Medtronic, Inc., NeuroVasc Technologies, Inc., Penumbra, Inc., Rapid Medical, Stryker Corporation, and Terumo Corporation.
In March 2022 – India Medtronic Private Limited announced the launch of The Prospective Registry for Assessment of Acute Ischemic Stroke Patients (PRAAN), India’s first-ever dedicated registry for the collection of real-world data associated with the use of revascularization devices in acute ischemic stroke (AIS) patients.
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