A number of factors such as growing target patient population, rising demand for minimally invasive thrombectomy procedures, ongoing technological advancements, favorable medical reimbursements and increasing healthcare expenditure across emerging markets are driving the growth of the thrombectomy devices market.
On the basis of type, the global thrombectomy devices market is segmented into aspiration, mechanical/fragmentation, rheolytic/hydrodynamic, and ultrasonic thrombectomy devices. The mechanical/fragmentation thrombectomy devices segment accounted for the largest share of the market in 2016. This large share is attributed to the ongoing commercialization of mechanical thrombectomy products, favorable reimbursement scenario, established therapeutic efficacy, growing market demand for stent retrievers among medical professionals, and rising end-user preference for minimally invasive thrombectomy procedures.
On the basis of application, the global thrombectomy devices market is segmented into neurovascular, cardiovascular, and peripheral vascular applications. The cardiovascular applications segment accounted for the largest share of the market in 2016. The large share of this segment is attributed to the increasing prevalence of cardiovascular diseases, procedural benefits offered by mechanical thrombectomy in cardiac surgeries, higher prevalence of thrombotic diseases among geriatric individuals, and growing preference of surgeons for image-guided and minimally invasive cardiac surgeries.
This strategy was adopted by Stryker Corporation (U.S.), Medtronic plc (Ireland), Boston Scientific Corporation (U.S.), Edwards Lifesciences Corporation (U.S.), Johnson & Johnson (U.S.), Terumo Corporation (Japan), Penumbra, Inc. (U.S.), Spectranetics Corporation (U.S.), Argon Medical Devices, Inc. (U.S.), and Teleflex Incorporated (U.S.).
Apart from product launches and enhancements, many prominent players also adopted agreements and collaborations as their key growth strategy to strengthen their market presence, enhance their R&D capabilities, and to expand their distribution networks to generate additional demand by sensitizing end users through an increase in availability of thrombectomy devices.
Stryker Corporation held the leading position in the market in 2016. The company offers its thrombectomy devices through the Neurotechnology & Spine segment. The company has a strong presence in North America, Europe, the Middle East, Africa, Asia-Pacific and other countries. The company has more than 30 manufacturing facilities in countries such as the U.S., China, Turkey, Germany, Ireland, Switzerland, and France. It primarily focuses on growth strategies such as product development & commercialization, acquisitions, and market expansions. The market has witnessed several product launches & commercialization, expansions, and acquisitions by Stryker Corporation (U.S.) in the last three years.
On the basis of region, North America accounted for the largest share of the thrombectomy market in 2017, while Asia-Pacific is projected to register the highest CAGR during the forecast period. The global thrombectomy procedure market was dominated by North America; mainly due to significant adoption of technologically advanced thrombectomy products, growing number of clinical trials, and significant medical reimbursement available in the U.S. for thrombectomy procedures.
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