Blood Clot Retrieval Devices Market Size Will Achieve USD 5.6 Billion By 2030 Growing At 18.4% CAGR - Exclusive Report by Acumen Research and Consulting

The global blood clot retrieval devices market size is estimated to attain a value of USD 5.6 Billion by 2030 growing with a CAGR of 18.4% for the forecast period 2022 to 2030, as reported by Acumen Research and Consulting

Blood Clot Retrieval Devices Market Statistics

• Global blood clot retrieval devices market value was USD 1.2 Billion in 2021 and expected to grow at CAGR of 18.4% from 2022 to 2030
• North America blood clot retrieval devices market occupied over 35% market share in coming years
• According to the American Heart Association, Inc., global prevalence of stroke in 2019 was 101.5 million people
• Asia-Pacific blood clot retrieval devices market will grow at fastest CAGR during the forecast period from 2022 to 2030
• Among types, stent retrievers occupied USD 737 Million share in 2020

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Blood Clot Retrieval Devices Market Report Coverage

The number of people suffering from acute ischemic stroke was 3.1%. A sedentary lifestyle and a high consumption of unhealthy foods are causing a variety of health problems. Every year, the number of people who suffer from a stroke rises. According to statistics provided by Stroke, more than 795,000 people in the United States suffer from strokes each year, and stroke is responsible for one out of every six cardiovascular disease deaths. Stroke also causes long-term disability in patients. Consumers' awareness of stroke is growing, as is their demand for advanced solutions, and various hospital initiatives to reduce post-stroke problems are gaining traction. Huntington Hospital, a Pasadena-based healthcare facility, received the American Heart Association's Stroke Gold Plus Quality Achievement Award in 2020. The award was given in recognition of the hospital's dedication to ensuring that stroke patients receive the best possible care.

Enterprise expenditure on R&D and product development is increasing, and their emphasis on developing better and more efficient products is gaining traction. Their tactic to new product introduction is expected to have an impact on the growth of the blood clot retrieval devices market. Control Medical Technology, a global medical device manufacturer, received FDA clearance for a mechanical thrombectomy system in 2021. The product launch is anticipated to help the company improve its operations and increase its revenue share. The collaborative R&D approach among enterprises, doctors, and innovative treatment solutions is expected to boost market growth. In 2021, a vascular surgeon at Sanford Health invented a novel pulmonary embolism catheter that can simplify blood clot surgery.

Blood Clot Retrieval Devices Market Dynamics

The approach of major players to enhancing their business through acquisition is expected to have a positive impact on the growth of the target market. Boston Scientific, a global medical device manufacturer, acquired Devoro Medical in 2021. The USD 336 million acquisition is expected to help the company improve its product portfolio and grow its business. Factors such as a scarcity of skilled labor and stringent government regulations governing device approval are expected to stymie the growth of the global blood clot retrieval devices market. Rapid advancements in medical devices make it difficult for physicians to gain operational knowledge because product availability is limited. Because of a lack of developed infrastructure in hospitals and institutes, advanced devices are not widely used. Global regulatory bodies are focused on maintaining strict product approval regulations because faulty devices are potentially lethal. The US FDA issued a product recall of Penumbra's blood clot stent in 2021 after receiving reports of 14 deaths linked to these blood clot removal devices. Furthermore, the availability of alternative methods is expected to pose a challenge to the target market's growth. Doctors typically prefer inferior vena cava (IVC) filters, a manual invasive technique that aids in the trapping of large blood clots and their prevention from travelling into the heart and lungs.

However, increasing product advancement investment by major players, changing government regulations, and increased healthcare sector spending are expected to create new opportunities for players in the blood clot retrieval devices market over the forecast period. Enterprises are focusing on developing advanced products that will further reduce surgical failure rates with the help of 3D technology and AI. The use of improved robotic operational devices for high precision surgery is expected to grow in importance. Furthermore, increasing strategic partnerships by major players to enhance its product presence is expected to support the target market's revenue transaction.

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Blood Clot Retrieval Devices Market Segmentation

The global blood clot retrieval devices market is divided into two categories: type and application. The segment is divided into two types: aspiration devices and stent retrievers. The stent retrievers segment is expected to account for US$ 737 Mn in revenue in the global blood clot retrieval devices market in 2020. Stent devices are rapidly evolving technologically because they are a better alternative to traditional methods. The demand for minimally invasive surgical procedures among the elderly is growing, and stent retrievers are expected to be an improved solution. Coronary arteries, peripheral arteries, and cerebral arteries comprise the application segment. The cerebral arteries segment is expected to account for a sizable revenue share in the target market. The number of people suffering from long-term brain damage as a result of a stroke is rising at an alarming rate. Rapid clinical trials are underway to develop effective treatment solutions to address this situation.

Blood Clot Retrieval Devices Market Regional Outlook

North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the regional categorization of the Blood Clot Retrieval Devices market industry.

The market in North America is expected to account for revenue share of around 35% in 2020 due to rapid technological advancements in medical devices. There is noticeable increase in number of patients in the hospitals related to thrombectomies and embolectomies in developed countries. According to National Library of Medicine, there were approximately 13,010 mechanical thrombectomies performed in 2016.

The market in Asia Pacific is expected to witness faster growth in the target market due to increasing government spending on development of healthcare infrastructure. Countries such as India, China and Australia are spending high on infrastructure development in order to deliver enhanced care to the patients. Country such as India is advancing its footsteps which can be witnessed by the investment made by the government through its Union Budget. In 2021, the government invested US$ 30.7 Bn in the health sector. The YoY investment in development of healthcare infrastructure grew by 137%. The healthcare sector in India is witnessing rapid change. Changing government regulations, increasing investment and rising acquisitions activities are augmenting the medical sector growth. Players across the globe are inclining towards developing economies due to easy availability of raw material and low cost labor. Favorable business policies by the government and increasing partnership between regional and international players are factors expected to boost the growth of blood clot retrieval devices market in this region.

The rapid increase in the number of stroke patients and rising consumer awareness about the availability of advanced treatment are major factors expected to drive the growth of the global blood clot retrieval devices market. According to the American Heart Association, Inc., the incidence of ischemic stroke in China ranged from 47.0 per 100,000 males in Shanghai to 507.6 per 100,000 Mongolian men in Northern China. The rapid increase in R&D activities by major players with the goal of introducing new products to improve the business and increase revenue share is expected to fuel the growth of the blood clot retrieval devices market.

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Blood Clot Retrieval Devices Market Players

CERENOVUS, Medtronic, Inc., Penumbra, Inc., Stryker Corporation, Terumo Corporation, Rapid Medical, and NeuroVasc Technologies, Inc. are some of the leading blood clot retrieval device competitors. Because of the large number of players in the market, the global market is highly competitive. In order to attract new customers, players are constantly under pressure to deliver improved and safe products. The availability of government business policies and regional players offering innovative products is lowering the adoption of high-cost devices. Players are focusing on increasing their market and revenue share in the blood clot retrieval devices market through partnerships and acquisitions.

• NeuroVasc Technologies, Inc., a global medical device company, will treat its first patient in 2021 with the "ENVITM-SR Mechanical Thrombectomy System," a stent-retriever developed by the company. The device is used to remove blood clots from stroke patients.
• Rapid Medical, a global manufacturer of responsive, adjustable neurovascular devices, will release the "TIGERTRIEVER" revascularization device in 2021. The device is used to treat ischemic strokes. The new product launch is expected to help the company improve its business and expand its customer base.
• CERENOVUS, a global medical device manufacturer, introduced the "EMBOTRAP II Revascularization Device" in 2018. The medical device was approved by the US Food and Drug Administration for capturing and removing life-threatening blood clots from the brain caused by an ischemic stroke. This next generation stent retriever is expected to help company enhance its product offerings.

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