The blood clot retrieval devices market has witnessed significant growth in the recent years owing to rising prevalence of neurological disorders such as stroke. The blood clot retrieval devices help remove blood clots from arteries in the brain to restore blood flow in patients suffering from acute ischemic stroke. These devices reduce chances of permanent disability and re-open blocked arteries smoothly and safely. The minimally invasive procedures associated with these devices help reduce hospitalization time and recovery period for patients as compared to conventional open surgeries.
The Global Blood Clot Retrieval Devices Market is estimated to be valued at USD 1.62 Bn in 2024 and is expected to exhibit a CAGR of 15.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the blood clot retrieval devices are Stryker Corporation, Medtronic plc, Johnson & Johnson, Boston Scientific Corporation and Penumbra Inc. Stryker Corporation dominated the market with its Solitaire blood clot retrieval device.
The growing demand for minimally invasive procedures for treatment of neurological conditions like stroke is a major factor driving the Blood Clot Retrieval Devices Market Growth. The minimally invasive thrombectomy using clot retrieval devices helps reduce complications, recovery time and hospital stay for patients.
The market is also witnessing expansion in emerging economies due to increasing healthcare expenditures, launch of affordable devices and rising medical tourism. The manufacturers are focusing on countries like China, India and Brazil which present significant growth opportunities.
Market key trends
One of the key trends in the blood clot retrieval devices market is the emergence of new generation devices with advanced features. Manufacturers are focusing on developing innovative devices with improved navigation and delivery systems. For instance, Penumbra Inc. launched the Indigo System which provides improved vessel control, support and clot engagement over previous devices. Such innovative products are increasing physician confidence and adoption of minimally invasive thrombectomy procedures.
Porter’s Analysis
Threat of new entrants: High capital requirement and need for regulatory approvals restrict new competitors.
Bargaining power of buyers: Large customer base and demand for technologically advanced products reduces buyer power.
Bargaining power of suppliers: Established suppliers and proprietary technologies limit substitution risks.
Threat of new substitutes: No major alternative established for thrombus removal without complex surgeries.
Competitive rivalry: Competition based on new product innovation, quality and customer service.
Geographical Regions
North America dominated the global market in terms of revenue in 2019, due to increase in target patient population, new product approvals, and strategic deals between key industry players. Asia Pacific is expected to grow at a high CAGR during the forecast period owing to rising healthcare expenditure, surge in healthcare infrastructure, and increasing prevalence of cardiovascular diseases.
The blood clot retrieval devices market in European countries such as Germany, France, and the U.K. is expected to witness robust growth owing to strategic collaborations between key players, surge in research activities for product developments, and rise in healthcare expenditure.
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