Clot Management Devices Market

Global Clot Management Devices Market Size (2023 to 2028)

The global clot management devices market size is anticipated to be worth USD 2.35 billion by 2028 from USD 1.79 billion in 2023, growing at a CAGR of 5.54% from 2023 to 2028.

Global Clot Management Devices Market Share Insights:

• Based on the product, the neurovascular embolectomy devices segment had a significant share in the global clot management devices market in 2022.
• Based on end-user, the hospital segment accounted for the leading share of the global market in 2022.
• The North American clot management devices market held the major share of the global market in 2022.

Impact of COVID-19 on the clot management devices market:

During the pandemic, there was an elevated risk of cardiovascular diseases. The rising prevalence of severe COVID-19 cases, frequently accompanied by clotting complications, has resulted in an augmented need for clot management devices. The demand for effective clot management interventions has increased due to the rising number of patients with COVID-19-associated clotting disorders, including deep vein thrombosis or pulmonary embolism. The COVID-19 pandemic has caused a disturbance in regular medical procedures, resulting in postponed identification and management of clot-associated ailments. This has consequently increased the demand for clot management devices. The market encountered obstacles, including disturbances in the supply chain and decreased hospital capacity for elective procedures. The COVID-19 pandemic has posed several challenges, but it has also led to a surge in awareness, research, and development of clot management devices. This has the potential to drive market growth in the post-pandemic period.

MARKET DRIVERS:

The growing prevalence of cardiovascular diseases is one of the major factors propelling the clot management devices market growth. CVDs are one of the major causes of death worldwide. As per the Global Burden of Disease Study, an estimated 17.9 million people died of CVDs in 2019. As per the data published by the European Health Network, an estimated 3.9 million people dies of CVDs every year. The demand for clot management devices is growing equally with the increasing number of people suffering from cardiovascular diseases. Clot management devices play an important role in the effective and timely management of blood clots to reduce the risk of complications and improve patient outcomes in cardiovascular patients.

The increasing geriatric population, rising demand for minimally invasive surgeries and technological advancements majorly drive the growth of the clot management devices market. The growing number of elderly individuals globally is resulting in a range of health challenges. The rising number of surgeries and blood clots in the aged population has boosted the demand for clot management devices. The emergence of innovative next-gen thrombectomy tools and swift advancements in technology contributes to market growth. The swift regulatory approvals for self-monitoring technologies favor the growth rate of the clot management devices market.

The growing investments from the key market players to conduct R&D activities and develop new and innovative clot management devices that can provide improved patient companies and the growing demand for cost-effective clot management devices further fuel the growth rate of the market. An increasing number of collaborations, partnerships, mergers and acquisitions among manufacturers is a plus to the market’s growth rate.

MARKET RESTRAINTS:

Stringent regulatory requirements, high cost of devices and limited reimbursement coverage primarily hamper the growth of the clot management devices market. Lack of awareness among healthcare professionals and patients about the benefits and availability of clot management devices, the availability of alternative treatments such as anticoagulant medications or surgical interventions and safety concerns associated with using clot management devices further hinder the market growth. Limited access to healthcare facilities in developing and underdeveloped countries, resistance from healthcare providers to adopt new technologies, limited research and development in clot management devices and lack of standardized guidelines for clot management procedures are some other major roadblocks to the growth rate of the clot management devices market.

REPORT COVERAGE:

This research report on the global clot management devices market has been segmented and sub-segmented based on the product, end-user & region.

Clot Management Devices Market - By Product:

• Embolectomy Balloon Catheter
• Catheter Directed Thrombolysis Devices
• Percutaneous Thrombectomy Devices
• Inferior Vena cava Filters
• Neurovascular Embolectomy Devices

Based on product, the neurovascular embolectomy devices segment had the leading share of the global market in 2022 and is predicted to grow at a healthy CAGR during the forecast period. The rising incidence of ischemic stroke and the growing demand for minimally invasive clot removal procedures majorly drive the growth of the neurovascular embolectomy devices segment in the global market. The benefits associated with these devices such as enabling neuro-interventional specialists to remove clots safely and effectively from blood vessels in the brain leading to improved patient outcomes and reduced risk of long-term disabilities further propel the segmental growth in the worldwide market.

The percutaneous thrombectomy segment is predicted to account for a considerable share of the global market during the forecast period. The growing prevalence of deep vein thrombosis (DVT) and pulmonary embolism (PE) fuel the growth of the percutaneous thrombectomy segment. The ability of these devices to allow for the mechanical removal of blood clots from the affected veins, improve blood flow and prevent further complications associated with clot migration is another major factor contributing to segmental growth.

Clot Management Devices Market - By End-User:

• Hospitals
• Ambulatory Surgical Centers
• Other End Users

Based on end-user, the hospital segment held the largest share of the global clot management devices market in 2022 and the domination of the segment is likely to continue throughout the forecast period. The growing prevalence of cardiovascular diseases, deep vein thrombosis, and pulmonary embolism contributes to the demand for clot management devices in hospitals and propel segmental growth.

The availability of well-established infrastructure, specialized healthcare professionals, and advanced medical equipment in hospitals make them suitable settings for performing clot management procedures, which is further fuelling the growth rate of the hospital segment in the global market. The availability of reimbursement coverage and the ability to handle complex cases further drive the adoption of clot management devices in hospitals and contribute to the growth of the hospital segment.

The ambulatory surgical centers (ASCs) segment is predicted to account for a notable share of the global market during the forecast period. The convenience and cost-effectiveness of ASCs to perform clot management procedures compared to hospitals is one of the key factors driving segmental growth. The availability of skilled healthcare professionals, specialized equipment, and regulatory support for performing procedures in ASCs further drive the adoption of clot management devices in these settings and boost the growth rate of the ASCs segment.

Clot Management Devices Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America accounted for the largest share of the global market in 2022 and is likely to continue its domination throughout the forecast period. The rising prevalence of DVT and embolism resulting from the growing prevalence of obesity, hypertension, and diabetes primarily drive the North American market growth. The growing aging population, the rising prevalence of cancer, and increasing government initiatives aimed at raising awareness about disease treatment further fuel the growth rate of the North American market. The high disposable income, advanced healthcare infrastructure, a growing number of product approvals and increasing awareness among healthcare professionals regarding the potential benefits of clot management devices further support the North American market growth.

The Asia-Pacific region held a substantial share of the global market in 2022 and is anticipated to register a healthy CAGR during the forecast period due to changing lifestyles and growing disposable income. The growing patient population suffering from cardiovascular diseases, increasing number of improvements in the healthcare infrastructure and rising awareness about clot-related conditions drive the growth of the APAC market. The large population of the APAC region, particularly in countries like China and India presents a significant patient pool for clot management procedures and further propels the APAC market growth. The growing number of investments in healthcare facilities, rapid adoption of advanced medical technologies and the expansion of healthcare insurance coverage promote the growth of the clot management devices market in the Asia-Pacific region.

Europe is a noteworthy regional market for clot management devices and is predicted to witness a healthy CAGR during the forecast period. The high burden of cardiovascular diseases, the growing aging population, the presence of advanced healthcare systems, skilled healthcare professionals and favorable government initiatives for the prevention and management of clot-related conditions contribute to the European market growth. The rapid adoption of innovative technologies and the availability of sophisticated medical devices further contribute to the European market growth.

Latin America is expected to showcase a healthy CAGR during the forecast period. Factors such as the growing aging population, lifestyle changes, and increasing healthcare expenditure, the rising awareness about clot-related conditions and the availability of improved healthcare infrastructure in Latin America favor the Latin American market growth.

MEA accounted for a moderate share of the global market in 2022 and is predicted to register a steady CAGR during the forecast period owing to the increasing prevalence of cardiovascular diseases, government initiatives to improve healthcare infrastructure, and the rising adoption of advanced medical technologies.

KEY MARKET PLAYERS:

Medtronic PLC, Boston Scientific Corporation, Johnson & Johnson, Penumbra, Inc., Abbott Laboratories, BTG International Ltd., Edwards Lifesciences Corporation, Stryker Corporation, Teleflex Incorporated and AngioDynamics, Inc. are some of the key players in the global clot management devices market.

RECENT HAPPENINGS IN THE MARKET:

• In April 2022, Penumbra, Inc., a worldwide healthcare enterprise specializing in inventive treatments, unveiled its Indigo Aspiration System with Lightning 7 and Lightning 12. The system is intended for the elimination of blood clots in peripheral arterial and venous systems, including the management of pulmonary embolisms, all in a single session. Following the acquisition of the CE Mark, the product has been released for commercial distribution in the European market.
• In April 2022, Medtronic announced the launch of a registry aimed at gathering real-world data about revascularization devices used in the treatment of acute ischemic stroke (AIS) patients.
• In August 2021, Stryker Neurovascular obtained regulatory approval from the US Food and Drug Administration (USFDA) for their Trevo NXT Pro Vue Retriever, a class II medical device categorized as a neurovascular mechanical thrombectomy device for acute ischemic stroke. This development took place.
• In September 2021, Abbott revealed its acquisition of Walk Vascular, LLC, a commercial-stage medical device company that specializes in a minimally invasive mechanical aspiration thrombectomy system. This system is designed to effectively remove peripheral blood clots.
• In February 2021, Inari Medical's Triever embolectomy catheters received 510k approval from the US FDA.