Neurothrombectomy Devices Market Size, Share & Trends Report

Neurothrombectomy Devices Market Size, Share & Trends Analysis Report By Product (Clot Retrievers, Aspiration Devices, Vascular Snares), By End Use (Hospital, Emergency Clinics), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Dec, 2020
  • Base Year for Estimate: 2020
  • Report ID: GVR-2-68038-941-8
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 120

Report Overview

The global neurothrombectomy devices market size was valued at USD 634.2 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.5% from 2021 to 2028. Increasing incidences of acute ischemic stroke on the global scale are majorly driving the market. Furthermore, increased adoption of unhealthy lifestyles and increasing awareness of the disorder among the population is fueling the market for neurothrombectomy devices.

U.S. neurothrombectomy devices market size, by product, 2016 - 2028 (USD Million)

Acute ischemic stroke is one of the common strokes witnessed among other strokes caused due to the reduction of blood supply to the brain, leading to the death of brain cells. An increase in cases of acute ischemic stroke especially among the elderly population is majorly supporting market growth. According to NCBI, strokes more commonly occur in women than men, particularly in the aging population aged 55 years and above. Neurothrombectomy devices are used to retrieve or destroy blood clots in the cerebral neurovasculature. Since neurothrombectomy procedure improves functional outcomes and lowers the mortality rate in patients, therefore, it is the most preferred treatment for acute ischemic stroke.

Stroke is the most common cause of death globally. As per the World Health Organization (WHO), 15.2 million deaths out of the 56.9 million deaths worldwide were reported due to stroke in 2016. According to the CDC, 87% of strokes are classified as ischemic strokes, with the U.S. being the most commonly affected country. Similarly, according to Southwestern Medical Center, about 795,000 people in the U.S. suffer from a stroke every year. Moreover, according to the UK Stroke Association, over 100,000 strokes are reported every year in the U.K. Around 1 in 10 patients who have a hemorrhage stroke die before reaching a hospital. Neurothrombectomy can improve the outcome without increasing the risk of intracranial hemorrhage. Thus, the increasing incidence of ischemic strokes is expected to drive the market for neurothrombectomy devices.

Furthermore, the introduction of technologically advanced products and a rapid product approval process are factors expected to fuel the growth of the market for neurothrombectomy devices during the forecast period. There are various technologies used in the development of neurothrombectomy devices for the treatment of AIS and its associated symptoms. For instance, in April 2019, Medtronic launched its fourth-generation Solitaire X revascularization device, indicated for AIS treatment. Furthermore, in May 2019, Vesalio received CE mark approval for NeVa-an advanced neurothrombectomy device, featuring an optimized delivery system for efficient results. These devices expand on Drop Zone and Smart Maker technologies, introducing features such as a distal filter. Therefore, such advantages are anticipated to boost the demand for neurothrombectomy devices, thereby propelling the market growth.

Countries such as the U.S. and Canada have witnessed a high incidence of hemorrhagic & ischemic stroke in recent years. According to the CDC, about 140,000 and 795,000 people in the U.S. die and suffer from stroke every year, respectively. In addition, the rising demand for minimally invasive procedures for treating neurovascular diseases is further contributing to market growth in these countries. Similarly, according to the Stroke Report 2017, there were about 400,000 individuals in Canada living with long-term disability from stroke, and this number is expected to double in the next 20 years. Therefore, the increasing prevalence of stroke is anticipated to boost the growth of the market for neurothrombectomy devices over the forecast period.

Moreover, there are various initiatives undertaken by the government worldwide to prevent stroke occurrence. For instance, the Well-Integrated Screening and Evaluation for Women Across the Nation (WISEWOMAN) program started by the U.S.CDC in three states to minimize the risk of stroke & heart diseases in women by promoting a heart-healthy lifestyle. These programs basically target uninsured women and the low-income population aged 40 to 64 in an attempt to spread awareness about heart diseases and other chronic conditions. From 2008 to 2013, nearly 91% of women who had a stroke were offered effective care because of such awareness programs. Thus, such initiatives are expected to boost the market growth in the coming years.

Product Insights

The clot retriever segment dominated the market for neurothrombectomy devices and accounted for the largest revenue share of 58.3% in 2020. Clot retriever devices are witnessing significant growth due to the rising prevalence of acute ischemic stroke and an increasing number of product launches by key market players. It is majorly used for removing blood clots from the cerebral arteries. Hence, growing cases of targeted disorder are propelling segment growth.

However, the aspiration/suction devices segment is expected to witness the highest CAGR of 6.7% from 2021 to 2028, owing to its increasing preference by physicians. In addition, these devices are witnessing growth due to a rise in the prevalence of neurological disorders among a large population. These devices vacuum clot out of the blood vessels and re-vascularize large vessel occlusion with accuracy.

End-use Insights

The hospital segment has dominated the market for neurothrombectomy devices and accounted for the largest revenue share of 70.9% in 2020. Hospitals are widely preferred by patients in comparison to emergency clinics owing to improving health care facilities and the availability of advanced equipment. In addition, patients’ inclination towards the hospital since the patient gets treatment within eight hours onset of his symptoms is fueling segment growth.

Brazil neurothrombectomy devices market share, by end use, 2020 (%)

However, the ASCs segment is expected to witness the highest CAGR of 7.3% from 2021 to 2028. Since, more than half of the outpatient surgeries are performed in ASCs, including acute ischemic disease surgical treatment, the treatment for this condition is required to be performed within 6 hours of symptom onset. In addition, shorter waiting time offered by ASCs to patients is expected to drive the segment at a significant rate during the forecast period.

Regional Insights

Europe dominated the market for neurothrombectomy devices and accounted for the largest revenue share of 32.2% in 2020. The region is expected to witness the highest CAGR of 7.1% from 2021 to 2028 owing to the increasing number of patients suffering from acute ischemic stroke. As per the EM Consulte, approximately 1.1 million individuals suffer from stroke disorder amongst which acute ischemic stroke accounts for a significant share. In addition, increasing approvals for neurothrombectomy devices and the launch of new products by manufacturers in the region are expected to boost the neurothrombectomy devices market.

However, North America is growing at a significant growth rate after Europe. The growing population along with the increased risk of acute ischemic stroke disorder in the region is fueling the market significantly. In addition, technological advancements, growing cases of hemorrhagic, ischemic stroke, and consumers’ demand for minimally invasive surgeries are driving the market for neurothrombectomy devices.

Key Companies & Market Share Insights

The key players are focusing on adopting growth strategies, such as collaborations, partnerships and mergers, and new product launches. For instance, Stryker launched the Sonopet iQ Ultrasonic Aspirator System at the American Association of Neurological Surgeons annual meeting in San Diego. This technology is designed to increase speed and power with improved control and precision to enhanced ease of use. This launch will help Stryker to increase the growth of its product portfolio for the treatment of the acute ischemic device.

Moreover, market players are focused on adopting strategies such as marketing and promotions, broadening product portfolio are widely used by companies to increase the availability and outreach of their product offerings. For instance, Penumbra launched Penumbra JET D Reperfusion catheters and Penumbra JET 7, and the latest advancement in stroke thrombectomy aspiration technology. It is designed especially for physicians to enable extraction of thrombus safely for patients suffering from acute ischemic stroke, through the delivery of deep vacuum aspiration power of the penumbra engine. By the launch of this system, Penumbra represents a significant improvement in performance and the opportunity to help patients experiencing acute ischemic stroke. Some of the prominent players in the neurothrombectomy devices market include:

  • Medtronic

  • Stryker Corporation

  • Acandis GmbH

  • Stryker

  • Phenox GmbH

  • Penumbra Inc.

  • Vesalio

Neurothrombectomy Devices Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 671.9 million

Revenue forecast in 2028

USD 1.0 billion

Growth Rate

CAGR of 6.5% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, end use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Japan; China; India; Australia; South Korea; Brazil; Mexico; Colombia; Argentina; South Africa; Saudi Arabia; UAE

Key companies profiled

Medtronic; Acandis GmbH; Stryker; Phenox GmbH; Penumbra Inc.; Vesalio

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global neurothrombectomy devices market report on the basis of product, end use, and region:

  • Product Outlook (Revenue, USD Million, 2016 - 2028)

    • Clot Retrievers

    • Aspiration/Suction Devices

    • Vascular Snares

  • End-use Outlook (Revenue, USD Million, 2016 - 2028)

    • Hospitals

    • Emergency Clinics

    • Ambulatory Surgical Centers

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Colombia

    • Middle East and Africa (MEA)

      • South Africa

      • Saudi Arabia

      • UAE

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