Neurothrombectomy Devices Market Size, Share & COVID-19 Impact Analysis, By Device Type (Aspiration and Clot Retrievers), By End-User (Hospitals, Specialty Clinics, and Others), and Regional Forecast, 2021-2028

The global neurothrombectomy devices market size was USD 493.4 million in 2020 and is projected to grow from USD 562.2 million in 2021 to USD 1,090.7 million by 2028, at a CAGR of 9.9% during the 2021-2028 period. The global market exhibited a decline of -6.5% in 2020 as compared to the average year-on-year growth during 2017-2019. The global impact of COVID-19 has been unprecedented and staggering, with neurothrombectomy devices witnessing a negative impact on demand across all regions amid the pandemic. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

Neurothrombectomy devices are clot removal products that are used to treat ischemic stroke, which occurs when a blood clot blocks blood flow to the brain, depriving it of oxygen and blood. According to the Centers for Disease Control and Prevention (CDC), 87.0% of all strokes reported in the U.S. are ischemic strokes. The first treatment of choice for ischemic stroke is mechanical thrombectomy, where a clot is removed mechanically by a specialist using clot retrievers or suction devices and thrombolytic therapy, in which medication is administered to dissolve the clot.  

Globally, the increasing adoption of these devices is due to the rising awareness and incidences of acute ischemic stroke along with the demand for minimally invasive procedures. For instance, according to the data published by American Stroke Association, it was reported that more than 690,000 ischemic strokes are reported annually in the U.S. Also, increasing investments by market players in research and development of advanced devices and availability of reimbursement policies to cover treatment costs are some of the factors responsible for the growth of the market.

COVID-19 IMPACT

Decline in Number of Neurothrombectomy Procedures Amid Pandemic to Hamper Market Growth

The outbreak of COVID-19 impacted negatively on the neurothrombectomy devices market growth. Key players operating in the market reported a decline in their revenues due to reduction in elective procedures. The government laid guidelines for hospitals to postpone non-essential surgeries. These changes, along with travel restrictions and quarantine, reduced patient visits to the hospitals, which further decreased the diagnosis of neurological conditions and the number of neurothrombectomy procedures performed during the 2020-2021 period.  

• For instance, according to the data published by the International Journal of Stroke in 2021, it was reported that the total mechanical thrombectomy procedures decreased to 12.7% during the first three months of the pandemic from March to May in 2020 globally.

Also, frequent outbreaks of new COVID-19 variants in the U.K. and India are further restricting the number of non-essential surgeries and increasing the burden on affected countries’ healthcare systems. However, healthcare facilities are continuously taking initiatives to handle the situation in a more comprehensive way as compared to 2020.

LATEST TRENDS

Introduction of Advanced Devices to Aid Market Growth

Due to increasing incidence of ischemic stroke, the need to introduce advanced products in the market has increased. Even though the design and manufacturing of these devices are complicated, major players in the market are focusing on investing in research and development to launch innovative products. The development of new aspiration or suction devices, clot retrievers, and aspiration catheters based on advanced technology for ischemic stroke is driving the market growth. These latest devices are integrated with advanced features and offer distinct benefits such as high tracking ability, smooth retrieval, ease to use, and others.

• For instance, in October 2021, Phenox GmbH launched pRESET 6-50 mechanical thrombectomy devices globally to expand its technology for acute ischemic stroke. The product has the longest stent retriever in the phenox product portfolio. This addition of a long stent retriever helps in better patient outcomes and improved mortality rates.

Hence, the constant focus of market players in introducing advanced devices is the latest trend observed in the market and is expected to boost the adoption of neurothrombectomy devices during the forecast period.

DRIVING FACTORS

Increasing Prevalence of Acute Ischemic Strokes to Drive Market Growth

The global market is driven by an increasing prevalence of ischemic stroke. For instance, according to the data published by American Heart Association, it was estimated that the global prevalence of ischemic stroke was 77.2 million and a total of 3.3 million died due to ischemic stroke in 2019. Due to higher prevalence rates, the awareness among patients and the need for treatment are also increasing. For instance, major countries, including India, China, and Japan are implementing cost-effective treatments, government programs, and creating awareness by conducting awareness campaigns on stroke treatment.

Thus, recent technological advancements, growing demand for minimally invasive procedures, and availability of adequate reimbursement policies are boosting the adoption of neurothrombectomy devices globally.    

RESTRAINING FACTORS

High Cost of Neurothrombectomy Devices to Hinder Market Growth

Among the treatment options available to treat ischemic stroke, mechanical thrombectomy is the main procedure where the blood clots are removed mechanically by a specialist. The procedure is highly specialized treatment thus requires specialized devices for the procedure. These devices are complex to design and expensive to manufacture. The process should be completed within 6 to 24 hours from the start of stroke symptoms.

• For instance, according to an article published by National Institute for Health and Care Excellence in 2019, the cost of stent retrievers and aspiration catheters ranges from USD 625 to USD 1,530 and USD 1,700 to USD 5,700 per unit respectively.

The above factors along with limited thrombectomy stroke centers and lack of awareness of the neurothrombectomy condition in emerging countries are a few major factors restricting its adoption and growth rate in emerging countries.

SEGMENTATION

By Device Type Analysis

Less Time Taken for the Procedure to Drive the Aspiration Devices Segment during 2021-2028

By device type, the global market is segmented into aspiration devices and clot retrievers.

The clot retrievers segment dominated the global market in 2020 and is expected to grow significantly during forecast period, owing to its higher clinical outcomes. These devices are dominating the market due to their advanced technology and simple & safe to employ in removing clots from small blood vessels of the brain.

The aspiration devices segment is anticipated to register a higher CAGR during the forecast period. The growth of the segment is due to less time taken for the procedure to remove blood clots while using aspiration devices when compared with clot retrievers. These devices are used to remove large blood clots blocking the vessels and help in minimizing the embolization.

By End-User Analysis

Advanced Infrastructure to Boost Specialty Clinics during Forecast Period

Based on end-user, the market includes hospitals, specialty clinics, and others.

The hospitals segment held a dominating share of the global market in 2020 due to the fact that stroke care should be received in a highly equipped hospital environment. Stroke treatment should be received within 24 hours of symptom onset to avoid stroke disabilities and to confirm the type of stroke a full brain scan should be taken in a hospital setting.

However, the specialty clinics segment is anticipated to register a comparatively higher CAGR during the forecast period. The growth of the segment is due to the dedicated stroke units with highly skilled physicians, latest technologically advanced equipment, and infrastructure with a rehabilitation center for patients post treatment.

REGIONAL INSIGHTS

The North America neurothrombectomy devices market size stood at USD 204.6 million in 2020. The dominance of this region is due to the increasing prevalence of ischemic stroke and the direct presence of major companies in the market. The growing number of patients suffering from acute ischemic stroke and adequate reimbursement policies for the treatment in the U.S. and Canada are expected to drive the market in North America.

The Europe market is expected to register a significant CAGR owing to cost-effective treatment and increasing number of mechanical thrombectomy procedures performed in major countries, such as Germany, the U.K., and France. For instance, National Institute for Health and Care Excellence reported that in England, one large 24-hour specialty clinic could perform 5 to 6 mechanical thrombectomy procedures per week.

The Asia Pacific regional segment is anticipated to grow at a higher CAGR due to increasing number of geriatric population and rising awareness of stroke treatment. The rising number of hospitals having stroke units in major countries, including China, Japan, India is further anticipated to boost the growth of the market. For instance, according to the data published by Medical Journal of Dr. D.Y. Patil Vidyapeeth in 2020, it was reported that India had around 35 dedicated stroke units, predominantly in private hospitals.

Similarly, Latin America and the Middle East & Africa are expected to register lower market share during the forecast period. The position is due to the high treatment costs, lack of reimbursement policies, and lack of trained physicians and infrastructure.

KEY INDUSTRY PLAYERS

Emphasis on Strategic Acquisitions by key Players Led to Market Dominance in 2020

The current scenario is consolidated, with few players, such as Stryker, Medtronic, and Penumbra, Inc., accounting for the largest proportion of market share in 2020. The dominance of these major players is due to their strong direct presence globally and robust portfolio for these devices.

However, other established device manufacturers, such as Boston Scientific Corporation, are focusing toward acquiring other companies to establish their foothold in the global market. Few other players operating in the market are Phenox GmbH and MicroVention Inc.

• For instance, in September 2021, Boston Scientific Corporation acquired Devoro Medical, Inc., a developer of the WOLF Thrombectomy Platform that uses WOLF technology to capture and remove blood clots using finger-like prongs in the blood vessels.

LIST OF KEY COMPANIES PROFILED:

• Stryker (U.S.)


• Medtronic (Ireland)


• Penumbra, Inc. (U.S.)


• Boston Scientific Corporation (U.S.)


• Phenox GmbH (Germany)


• MicroVention Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• June 2021 – Penumbra, Inc. received the U.S. FDA clearance for its RED 62 Reperfusion Catheter to navigate and deliver aspiration to remove blood clots in acute ischemic patients with large vessel occlusions.


• April 2019 – Medtronic launched its Solitaire(TM) X Revascularization Device in the U.S., used to remove blood clots mechanically from blood vessels and restore revascularization rate in patients suffering from acute ischemic stroke.

REPORT COVERAGE

The neurothrombectomy devices market research report provides a detailed analysis of the market and focuses on key aspects such as company profiles, device type, and end-users. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation