The blood clot retrieval devices market has been gaining significant traction over the recent years owing to the rising prevalence of cardiovascular diseases and growing geriatric population across the globe. Blood clot retrieval devices are medical tools used to remove blood clots from arteries and veins which reduce and block normal blood flow. Some key advantages of these devices are their ability to effectively remove clots with minimal risk of reperfusion injury and provide immediate restoration of blood flow. The increasing cases of strokes and heart attacks caused due to blood clots have boosted the need for safe and efficient clot retrieval devices.
The global blood clot retrieval devices market is estimated to be valued at USD 1.62 Bn in 2024 and is expected to reach USD 4.40 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 15.3% from 2024 to 2031.
Key Takeaways
Key players operating in the blood clot retrieval devices are Stryker Corporation, Medtronic plc, Johnson & Johnson, Boston Scientific Corporation, Penumbra, Inc., Terumo Corporation, Edwards Lifesciences Corporation, Argon Medical Devices, Inc., Cook Medical Inc., Control Medical Technology, Acandis GmbH, Phenox GmbH, B. Braun Melsungen AG, Teleflex Incorporated, MicroVention, Inc., Merit Medical Systems, W. L. Gore & Associates, Inc., and Inari Medical, Inc. These key players are focusing on new product launches and strategic collaborations to gain a competitive edge in the market.
The rising awareness about treatment options for cardiovascular diseases and growing healthcare expenditure across developing nations are expected to create significant growth opportunities for players in the Blood Clot Retrieval Devices Market Growth. Additionally, growing preference for minimally invasive endovascular procedures over open surgeries is fueling the demand for advanced clot retrieval devices globally.
Major players are engaging in new product development and geographical expansion strategies to strengthen their global footprint. For instance, in 2022, Penumbra Inc. launched the Indigo System® XP/XT Pro Flex Aspiration Catheter in Europe which was cleared for clot aspiration and clot removal in the peripheral vasculature.
Market Drivers
Growing geriatric population susceptible to cardiovascular diseases: The risk of developing cardiovascular diseases and suffering from strokes increases with age. According to the WHO, approximately 1.5 million deaths occur every year due to strokes. The rapidly growing geriatric demographic worldwide is expected to significantly drive the demand for clot retrieval devices over the forecast period.
Increasing healthcare expenditure in emerging nations: Emerging countries across Asia Pacific and Latin America are witnessing substantial economic growth. This has favorably impacted the healthcare budgets of governments in these nations allowing them to invest more in advanced medical technologies and devices. Higher healthcare spending is anticipated to boost the adoption of clot retrieval devices in developing markets.
Market Restraints
High costs associated with clot retrieval procedures: The devices involved in clot extraction procedures are technologically advanced but expensive in nature. This poses a major barrier in developing nations and price sensitive regions where a significant patient population lacks adequate health insurance. The high expenditure may restrict the demand for clot removal devices to some extent.
Lack of skilled professionals: Blood clot removal requires experienced radiologists, vascular surgeons and well-trained medical staff to efficiently navigate the complex micro-catheters during endovascular procedures. Shortage of capable healthcare personnel with procedural expertise remains a challenge, especially in underdeveloped and certain developing regions. This too can impede the market growth up to a certain level.
Segment Analysis
The Blood Clot Retrieval Devices Market Analysis is segmented based on product (stent retrievers, aspiration devices, thrombus removal devices, clot management devices), end user (hospitals, diagnostic centers, ambulatory surgical centers, others), and application (heavy clot burden, acute ischemic stroke, large vessel occlusion, others). The stent retrievers segment accounts for the largest share in the global market. This is attributed to the advancements in stent retriever technologies, growing clinical efficacy of stent retrievers for thrombectomy procedures. Stent retrievers are increasingly being used in thrombectomy procedures for faster as well as safer removal of blood clots from occluded arteries.
Global Analysis
Regionally, North America dominates the global blood clot retrieval devices market. This is attributed to the high prevalence of acute ischemic stroke in the region and growth in number thrombectomy procedures performed using blood clot retrieval devices. According to estimates by Centers for Disease Control and Prevention (CDC) in the U.S., more than 800,000 people suffer a stroke annually. Rising healthcare spending on emerging interventions for stroke treatment in the U.S. and copyright is also propelling the blood clot retrieval devices market in North America. Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to growing awareness about acute ischemic stroke, increasing healthcare expenditure, infrastructure improvements, and expansion of key market players in countries such as China, India, and Japan.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)