The Stingray device market is growing rapidly owing to rise in the need for minimally invasive treatment procedures for cardiovascular diseases such as left atrial appendage closure for atrial fibrillation patients. Stingray devices are catheter-based medical devices used during percutaneous trans-septal procedures for closing off the left atrial appendage to prevent stroke in atrial fibrillation patients. These devices offer various advantages such as minimally invasive procedure and short recovery time compared to open surgical procedure.
Key Takeaways
Key players operating in the stingray device market are Eli Lilly and Company, Novo Nordisk, Sanofi, Merck & Co., Bristol Myers Squibb, AstraZeneca, Boehringer Ingelheim, Johnson & Johnson, Takeda Pharmaceutical. These leading players are focusing on new product launches, geographical expansion and acquisitions to garner higher market share. For instance, in 2022, Boston Scientific launched the Watchman FLX left atrial appendage closure device to expand their portfolio of cardiac devices.
The key opportunities in the global stingray device market include growing geriatric population susceptible to atrial fibrillation, increasing awareness about left atrial appendage closure as an alternative to oral anticoagulation, and reimbursement for left atrial appendage closure procedures in major countries. The global market players are expanding their footprint in emerging markets of Asia Pacific and Latin America to tap into high growth opportunities owing to rising healthcare expenditures.
Market Drivers and Restraint
The major drivers propelling the growth of the Stingray Device Market Growth are rising incidences of atrial fibrillation and growing preference for minimally invasive procedures. Atrial fibrillation increases the risk of stroke by 5 times. According to WHO, atrial fibrillation affects over 33 million people globally. This rising prevalence of atrial fibrillation is fueling the demand for stingray devices for left atrial appendage closure to prevent stroke.
On the other hand, high cost of stingray devices is a major challenge hampering the growth of this market. The average cost of a stingray device ranges from $10,000 to $15,000 and additional hospital expenses further increase the overall cost of left atrial appendage closure procedure. Limited reimbursement coverage for theprocedure in some developing regions also acts as a growth restraint.
Segment Analysis
The stingray device market is segmented into neuromodulation devices, gastrointestinal stimulation device, and other stingray device. The neuromodulation devices segment dominates the market as it helps in providing relief from chronic pain. The neuromodulation devices help in stimulating and modulating the nerves for managing various neurological and pain related conditions like chronic pain, neurological disorders, and urinary incontinence. This is the major factor contributing to the largest share of neuromodulation devices segment in the stingray device market.
Global Analysis
North America holds the major share in the global stingray device market due to increasing prevalence of neurological disorders and chronic pain conditions. Moreover, the presence of advanced healthcare facilities and reimbursement policies drive the growth of the market in this region. Asia Pacific is estimated to be the fastest growing region in the stingray device market due to rising geriatric population, improving healthcare infrastructure, and increasing disposable income.
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