Neurothrombectomy Devices Market Size, Share & Trends Analysis Report By Product, By End-use (Hospital, Emergency Clinics, Ambulatory Surgical Centers), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global neurothrombectomy devices market size was valued at USD 617.28 million in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.7% during the forecast period. 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 growth.

Neurothrombectomy devices are critical in treating ischemic stroke, a commonly occurring phenomenon of stroke among older adults. Modern lifestyle, stress, and dietary habits have been observed to result in the risk of stroke among adults older than 40 years. Stroke is the leading cause of disability among the elderly with around 65% of patients requiring physical assistance/support post an episode of stroke. According to WHO, approximately 15 million people worldwide are expected to suffer from stroke, each year. Since the neurothrombectomy procedure improves functional outcomes and lowers the mortality rate in patients, therefore, it is the most preferred treatment for acute ischemic stroke. Thereby, boosting the market growth during the forecast period.

The outbreak of COVID-19 has negatively impacted the market by directly affecting the demand & production, creating a disruption in the supply chain and increasing the financial burden on firms. The impact of the outbreak on the market varies as per the country, depending on the local state of health systems and the actions taken to combat the pandemic. Neurocare and neurosurgeons have been adversely impacted by the pandemic. To reduce the spread of the coronavirus, brain surgeries have frequently been postponed or even canceled during this timeframe. In worst-affected nations, such as the U.S., Russia, India, Brazil, France, U.K., Italy, and Spain, neurosurgical operations decreased by 55%.

However, according to a research study “COVID-19 and Hospital: A review” published in Elsevier journal (International Hemorrhagic Hospital Association) (Jan 2021), up to 36% of hospitalized COVID-19 patients might exhibit neurological symptoms and there were several cases related to ischemic & hemorrhagic infarction. These findings also suggest that COVID-19 might enhance sales in the neurology industry, especially for neurothrombectomy devices. Thus, these factors are expected to create lucrative opportunities for the market to grow in the near future, providing profitable opportunities for key players post COVID-19.

Stroke is the most common cause of death, followed by heart and cancer diseases worldwide. For instance, according to World Health Organization (WHO), in 2016, 15.2 million deaths of the 56.9 million deaths worldwide were due to stroke. Acute Ischemic Stroke (AIS) is the most common form of stroke, caused due to reduced blood supply to the brain, making brain cells die.

For instance, according to the U.S. Centers for Disease Control and Prevention (CDC), 87.0% of strokes are classified as ischemic strokes, with the U.S. being the most commonly affected country. According to the Southwestern Medical Center, about 795,000 people in the U.S. suffer from a stroke every year. Furthermore, according to National Center for Biotechnology Information (NCBI), strokes occur more commonly in women than men, especially in the elderly population (aged 55 to 65).

There are various initiatives undertaken by the government worldwide for the prevention of stroke. Some of the examples include the Well-integrated Screening and Evaluation for Women Across the Nation (WISEWOMAN) program started by the U.S. Centers for Disease Control and Prevention (CDC) in three states—North Carolina, Massachusetts, and Arizona—to minimize the risk of stroke & heart diseases in women by promoting a heart-healthy lifestyle.

These programs target uninsured women and low-income populations 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 owing to such awareness programs. Moreover, the Global Stroke Bill of Rights campaign was started in 2014 by the World Stroke Organization for people suffering from a stroke. This campaign helps patients avail effective care.

In addition, with the help of the Paul Coverdell National Acute Stroke Program started in 2005, the Center for Disease Control and Prevention (CDC) provides support and funding to healthcare departments of states to improve the quality of care for patients suffering from acute stroke disease. Since the initiation of this program, nearly 1 million stroke patients have been treated across 700 hospitals in the U.S. Thus, the abovementioned factors are expected to boost the market growth. 

Countries such as U.S., U.K., and Germany have witnessed a high incidence of hemorrhagic & ischemic stroke in recent years. According to the Centers for Disease Control and Prevention (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, an increase in the number of mechanical thrombectomy procedures and the high adoption of technologically advanced products are major factors driving market growth in Germany during the forecast period. For instance, as per an article published by BioMed Central Ltd in 2019, the rate of mechanical thrombectomy procedures has increased from 0.8% to 4.7% from 2010 to 2016. It also reported that the rate of intravenous thrombolysis has increased from 8.9% to 14.9% from 2010 to 2016.

As intravenous thrombolysis and mechanical thrombectomy are major reasons for triggering acute ischemic stroke, the increasing prevalence of these conditions is expected to boost the demand for neurothrombectomy devices, which is expected to drive the market. Furthermore, the introduction of technologically advanced products and the rapid product approval processes are factors expected to fuel the market growth during the forecast period. There are various other technologies used in the development of neurothrombectomy devices for the treatment of AIS and its associated symptoms. For instance, in April 2019, Medtronic announced the launch of its fourth-generation Solitaire X revascularization device, which is designed for the treatment of AIS. 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. Lately, in Aug 2020, an Israel-based company, Rapid Medical, has been granted European regulatory clearance to launch and commercialize its ‘TIGERTRIEVER XL device for removing large ischemic stroke-causing clots from intracranial vessels.

Device Insights

Based on the device, the clot retriever segment dominated the market and accounted for the largest revenue share of 58.24% in 2021. The market is segmented into aspiration/ suction devices, clot retrievers, and vascular snares. 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. For instance, in 2019, Medtronic announced the launch of the Solitaire X revascularization device used for the removal of blood clots in the brain.

Furthermore, the use of clot retrievers has increased in elderly patients (aged 55 to 65) due to the growing incidence of stroke. Hence, growing cases of the targeted disorder are propelling segment growth.

However, the aspiration/suction devices segment is expected to witness the highest compound annual growth rate (CAGR) of 7.0% from 2022 to 2030, 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 clots out of the blood vessels and re-vascularize large vessel occlusion with accuracy.

In addition, the growing use of the latest technology for the treatment of stroke is a major factor in increasing the overall growth of aspiration devices. In September 2018, Penumbra launched advanced Penumbra JET 7 and Penumbra JET D Reperfusion catheters featuring aspiration technology in the stroke thrombectomy segment. These devices are designed especially for physicians to enable the extraction of thrombus safely through the delivery of deep vacuum aspiration power of the penumbra engine. Thus, ongoing product launches are expected to increase the adoption of aspiration devices.

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 disorders 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 clots out of the blood vessels and re-vascularize large vessel occlusion with accuracy.

End-use Insights

Based on end-use, the hospital segment dominated the market with a market revenue share of 71.03%. in 2021. The market is segmented into hospitals, ambulatory surgical centers, and emergency clinics. 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 toward the hospital since the patient gets treatment within eight hours of the onset of symptoms is fueling the segment growth.

Increasing incidence of acute ischemic diseases and growing awareness about neurothrombectomy devices are factors expected to boost segment growth. Stroke is the leading cause of death and disability in the U.S. & Europe. Reperfusion therapy using neurothrombectomy devices is the preferred treatment for acute ischemic stroke. Hospitals remain the preferred choice for treatment of acute ischemic disease than clinics as this disease is required to be treated within 8 hours of symptom onset. Thus, the increasing prevalence of stroke is driving the segment growth.

The ambulatory surgical centers (ASCs) segment is expected to grow at the highest compound annual growth rate (CAGR) of 7.6% during the forecast period. 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, a shorter waiting time offered by ASCs to patients is expected to drive the segment at a significant rate during the forecast period.

Further, increasing demand for minimally invasive surgical procedures and the introduction of technologically advanced products are expected to boost the market growth. For instance, in September 2018, Acandis GmbH announced CE mark approval for ACCERO Stent designed for use with embolization materials for the treatment of intracranial aneurysms. It is the new self-expanding braided stent, that featured a smooth implant surface and superior wall apposition. Such advancements are expected to boost the segment growth during the forecast period.

Regional Insights

Europe dominated the market and accounted for the largest revenue share of 32.37% in 2021. The region is expected to witness the highest CAGR of 7.3% from 2022 to 2030 owing to the increasing number of patients suffering from acute ischemic stroke. Europe is one of the most advanced regions globally with innovative technologies and infrastructure resulting in significant healthcare facilities and patient care. In addition, an increase in investments by government & private institutions is also expected to drive the market growth in this region.

Moreover, increasing approvals for neurothrombectomy devices and the launch of new products by manufacturers in the region are expected to boost the market. Increasing government and NGO awareness initiatives worldwide are further adding to the segment growth. For instance, in 2018, the Hospital Alliance for Europe (SAFE) with members from 12 countries, a non-profit organization joined Boehringer’s Ingelheim’s (BI) Angel’s Initiative for providing critical information to stroke patients.

However, North America is growing at a significant CAGR of 7.0% 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, the presence of key participants, huge investments by governments for the development of innovative medical devices, as well as growing demand for minimally invasive surgeries are driving the market growth. Also, the presence of extensive public & private funding initiatives, especially in the U.S., to create awareness regarding advanced devices, is fueling the market growth.

These initiatives, including the U.S. Affordable Care Act (ACA), focus on reducing the cost of medical devices. Besides, an increase in the R&D investment by the manufacturers and a rise in government initiatives are contributing immensely to the regional market growth. For instance, recently in April 2021, the Society of Neurointerventional Surgery (SNIS) and NeuroPoint Alliance (NPA) collaborate with the Society of Vascular and Interventional Neurology (SVIN) to the NeuroVascular Quality Initiative-Quality Outcomes Database (NVQI-QOD).

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, in April 2019, 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 enhance ease of use. This launch will help Stryker to increase the growth of its product portfolio for the treatment of acute ischemic disease.

Moreover, market players are focused on adopting strategies such as marketing and promotions. Broadening product portfolios 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 hospital thrombectomy aspiration technology.

It is designed especially for physicians to enable extraction of thrombus safely for patients suffering from acute ischemic disorders, through the delivery of deep vacuum aspiration power of the penumbra engine. With the launch of this system, Penumbra represents a significant improvement in performance and the opportunity to help patients experiencing acute ischemic hospital. Some of the prominent players in the global neurothrombectomy devices market include:

• Medtronic

• Stryker Corporation

• Acandis GmbH

• Stryker

• Phenox GmbH

• Penumbra Inc.

• Vesalio

Neurothrombectomy Devices Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global neurothrombectomy devices market report based on product, end-use, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Clot Retrievers

  • Aspiration/Suction Devices

  • Vascular Snares

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Emergency Clinics

  • Ambulatory Surgical Centers

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • 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