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(Medical-NewsWire.com, January 17, 2020 ) What is the future growth analysis of global Atherectomy Devices Market?
The global Atherectomy Devices Market accounted is projected to reach USD 1.45 Billion by 2022 from USD 1.02 Billion in 2016, at a CAGR of 6.1%
What are key factors driving growth of global Atherectomy Devices Market?
The growth witnessed by atherectomy devices is mainly driven by the growing target patient population, continuous product development & commercialization, favorable medical reimbursements, rising demand for minimally invasive atherectomy procedures, and strengthening distribution channels of major product manufacturers.
What the growth opportunities are in Atherectomy Devices Market?
1. Untapped Emerging Markets
2. Increasing Number of Research Activities in the Field of Atherectomy
3. Increasing Healthcare Expenditure Across Emerging Markets
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Global Market Segmentation:
In the current market scenario, there is a growing demand for Atherectomy Devices. The market has been categorized based on the product, application, and region.
On the basis of product, the market is categorized into directional, photo-ablative (laser), orbital, rotational atherectomy systems, and support devices. In 2017, the directional atherectomy devices segment is expected to account for the largest share of the market. It is also expected to register the highest CAGR during the forecast period. This can be attributed to the significant availability of credible clinical data to validate their clinical efficacy, rising availability of reimbursements for vascular treatment procedures across developed countries, high preference for minimally invasive procedures among medical professionals, clinical benefits offered, and ongoing technology advancements in the field of directional atherectomy.
Based on application, the atherectomy devices market is categorized into peripheral vascular, cardiovascular, and neurovascular applications. The peripheral vascular applications segment accounted for the largest share of the market and is expected to be the fastest growing segment during the forecast period. The large share of this segment is attributed to the significant availability of clinical evidence to support therapeutic efficacy of atherectomy in PVD treatment and rising availability of medical reimbursements for peripheral atherectomy procedures across developed countries.
Based on end user, the market is segmented into three categories, namely, hospitals and surgical centers, ambulatory care centers, and research laboratories & academic institutes. The hospitals and surgical centers segment accounted for the largest share of the market due to the increasing adoption of atherectomy for cardiac & peripheral vascular disease treatment and growing availability of healthcare reimbursements across major countries.
Geographic Growth Analysis:
This report covers the atherectomy devices market across four major geographies, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). Of the four geographic regions studied in the report, North America is expected to command the largest share of the market in 2017. Factors such as increasing availability of reimbursements for atherectomy systems, growing adoption of atherectomy systems among medical professionals, large patient population of peripheral & coronary artery diseases, and growing number of clinical trials (that aim to evaluate the therapeutic efficacy of atherectomy systems in specific disease treatment) are driving the growth of the North American market.
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Key Players In Global Atherectomy Devices Market:
Medtronic (Ireland), Philips (Netherlands), Boston Scientific (US), and Cardiovascular Systems (US) held the leading position in the global atherectomy devices market. In the past three years, these companies adopted product launches, strategic acquisitions, mergers, agreements, collaborations, and expansions as their key business strategies to ensure market dominance. Straub Medical (Switzerland), BIOTRONIK (Netherlands), C.R. Bard (US), and Avinger (US) are some of the other major players in this market.
Mr. Shelly Singh