Clot Management Devices Market: Rapidly Evolving Industry…… COVID-19….


The global clot management devices market size was valued at USD 1.26 billion in 2015 and is further expected to reach a value of USD 1.88 billion by 2024, according to a new report by Grand View Research, Inc. The market is expected to grow with a CAGR of 4.6% owing to the key drivers such as increasing prevalence of stroke, Pulmonary Embolism (PE), Deep Vein Thrombosis (DVT), obesity, growing geriatric population, technological advancements, and improvement in health insurance coverage & availability of emergency medical services.
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
Globally, the number of people impacted by PE and DVT, which are collectively known as Venous Thromboembolism (VTE), is much larger than AIDS, cancer, and road traffic accidents combined together.
Some of the key industry players are Medtronic; Boston Scientific Corporation; iVascular; Teleflex; Edwards Lifesciences; LeMaitre Vascular;Vascular Solutions, Inc.; Straub Medical; and others. The factors such as technological advancements, investment in research & development, and compliance with the regulatory policies are constantly driving the introduction of new clot management devices and techniques The clot management market is a high risk segment and the huge costs of clinical trials, new product development, and marketing activities are expected to act as entry barriers for the industry.
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The data published by the U.S. CDC indicates that stroke is amongst the leading cause of disabilities and is the fifth leading cause of deaths in the U.S. According to the estimates of CDC, PE and DVT affect nearly 900,000 people in the U.S. Furthermore, the CDC estimates also suggest the following:
·         Approximately 60,000 to 100,000 Americans die due to VTE and nearly 10% to 30% of the people are expected to die within 1 month of their diagnosis
·         Nearly 33% of the people with VTE will have a recurrence within 10 years
·         In the U.S.,VTE accounts for over USD 10 billion in medical costs
The various risk factors that lead to VTE and stroke are classified as high, medium, and other risks. The high risk factors include hospitalization; spinal, hip, knee, & cancer surgeries; and inactivity for long time due to various reasons, such as postsurgery, sedentary lifestyle, etc. The moderate risk factors include age above 60 years, family history of blood clots, chemotherapy, and excessive use of estrogen-based medications. The other risk factors include obesity, pregnancy, smoking, and alcohol consumption.
Further Key Findings from the Study Suggest:
·         In 2015, percutaneous thrombectomy devices accounted for the maximum share of over 35%. However, the neurovascular embolectomy devices segment is expected to register the maximum CAGR of 6.2% over the forecast period
·         Hospitals accounted for the maximum share of over 80%, as majority of the stroke, DVT, and PE cases are treated in emergency and critical care units. The demand for low-risk clot removal procedures is anticipated to drive the diagnostic center segment.
·         In 2015, North America held the majority revenue share of over 60.5%. The growing awareness about DVT/PE, access to advanced healthcare facilities, and presence of robust reimbursement and regulatory framework are some of the key reasons attributed to the high market share.
·         Asia Pacific is anticipated to be the fastest growing region with a CAGR of 5.7% over the forecast period.
·         Some of the key players in the clot management devices market include Boston Scientific Corporation; Edwards Lifesciences; Teleflex; Vascular Solutions, Inc.; Straub Medical; LeMaitre Vascular; Medtronic; iVascular; and others
The clot management devices market is also anticipated to grow due to technological advancements and the launch of new-generation thrombectomy devices, such as Penumbra’s AC68 Reperfusion Catheter; Trevo clot retrieval device manufactured by the Concentric Medical, Inc.; and EmboTrap II Revascularization Device manufactured by Neuravi.
Stroke is amongst the leading cause of disabilities and is the fifth leading cause of deaths in the U.S. according to the CDC. Each year around 130,000 of the U.S. population dies due to stroke.Ischemic stroke accounts for about 87% of the cases and occurs when the blood flow to the brain is blocked.Changing lifestyle, lack of physical exercise, high blood pressure, cholesterol, and smoking are some of the major factors causing stroke.
Furthermore, the U.S. FDA approval for marketing of the clot retrieval systems as an initial therapy for stroke is expected to drive the industry growth. For instance, Trevo, a clot retrieval device manufactured by the Concentric Medical, Inc. is a clot removal device and has received FDA approval for marginalizing the disability associated with stroke.
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Grand View Research has segmented the global clot management devices market by product, end user:
Clot Management Devices Product Outlook (Revenue, USD Million; 2013 - 2024)
·         Neurovascular Embolectomy Devices
·         Embolectomy Balloon Catheters
·         Percutaneous Thrombectomy Devices
·         Catheter-Directed Thrombolysis (CDT) devices
·         Inferior VenaCava Filters (IVCF)
Clot Management Devices End-User Outlook (Revenue, USD Million; 2013 - 2024)
·         Hospitals
·         DiagnosticCenters
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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