The neurothrombectomy devices market is expected to register a CAGR of 6.5% over the forecast period, 2021-2026.
The outbreak of COVID-19 had an impact on the neurothrombectomy devices market, as hospital visits and the use of healthcare services significantly reduced due to the social distancing measures taken by governments worldwide. Moreover, the COVID-19 pandemic not only affected the global economy, but it also had a huge impact on the functioning of general hospital care for non-COVID-19 patients in hospitals across the world. The outbreak of COVID-19 impacted the neurothrombectomy devices market by directly affecting the production and demand, creating a disruption in the supply chain and increasing the financial burden on companies. Due to this ongoing pandemic, scientists and biologists were unable to work from their labs, thus stalling the progress in the clinical trials that had started pre-COVID-19. Therefore, the new therapies have been delayed.
Acute ischemic strokes are the most prevalent type of stroke, and they are caused due to the reduction of blood supply to the brain, leading to the death of the brain cells. This problem is very commonly seen in the geriatric population. Ischemic strokes are more common in women than men, particularly in the age group of 55 years or above. Therefore, the above-mentioned factors are likely to positively boost the growth of the market during the forecast period.
Key Market Trends
The Clot Retrievers Segment is Expected to Hold a Major Share in the Market over the Forecast Period
The clot retrievers segment is the dominant segment among all the other segments. This segment contributes the maximum revenue to the global neurothrombectomy devices market due to the high efficacy and flexibility these products offer. Moreover, there is a rise in the number of day-to-day cases of ischemic stroke in patients due to age and sedentary lifestyles. The rising government initiatives are expected to boost the market for clot retrievers during the forecast period. The increasing developments of novel drugs for clot retrievers may also help in boosting the market during the forecast period.
Due to the growing business expansion in the endovascular devices segment, there is growth in the vascular snares market. Increasing cardiac-related issues are another factor driving the market growth.
The hospital segment has also dominated the neurothrombectomy devices market due to increasing hospital visits compared to emergency clinics. Moreover, there is an availability of the latest technological products/devices in hospitals.
North America Dominated the Overall Market, and it is Expected to Retain its Dominance
North America is contributing to the maximum share of the overall neurothrombectomy devices market, and it may continue to register the same growth during the forecast period due to the increasing number of stroke-related cases in the region, increasing awareness among people about stroke-related problems, increasing government spending on spreading awareness, and the technological advancements in the detection of the disease and the associated therapy. In North America, the United States is contributing the maximum revenue, as women aged 55 years and more are being diagnosed with this disease. Furthermore, more healthcare players in the country are spending huge amounts on R&D and technological advancements. In the United States, there is an increased geriatric population, leading to an increase in the number of stroke-related issues.
Europe is also contributing a significant percentage to the overall revenue generation due to the increased number of patients suffering from acute ischemic stroke and the launch of new products by the manufacturers in the region.
Competitive Landscape
The neurothrombectomy devices market is highly competitive in nature, with many key players dominating the market. The presence of major market players, such as Abbott Laboratories, Johnson & Johnson, Medtronic, Stryker, and Vesalio, is intensifying the competition. The market players are adopting strategies, such as R&D, mergers, acquisitions, and product innovations, to sustain the increasing market rivalry.
In April 2019, Medtronic launched its fourth-generation Solitaire X revascularization device for AIS treatment.
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