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.
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