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Atherectomy Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • ID: 4534392
  • Report
  • April 2022
  • Region: Global
  • 121 Pages
  • Mordor Intelligence

FEATURED COMPANIES

  • Abbott Laboratories
  • Avinger Inc.
  • Biomerics LLC
  • Koninklijke Philips NV
  • Minnetronix Inc.
  • Straub Medical

The atherectomy devices market is expected to grow with a CAGR of about 6.03% during the forecast period, 2022-2027.



The market, like many other markets, has been impacted by the COVID-19 pandemic. Various cardiovascular procedures and non-essential treatments were postponed. Additionally, non-COVID-19-related research were postponed by various companies, which lead to delayed product launches. Some disruptions in sourcing raw materials from impacted countries, such as China, were also observed in early 2020, but such disruptions are unlikely to have a significant impact going forward. However, as earlier restrictions has now easing in several countries, the market growth may also resume.​



The market for atherectomy devices is majorly driven by the rising preference for minimally invasive surgeries. In minimally invasive surgery, doctors use a variety of methods to operate with minimal damage to the body, as opposed to the traditional open surgery method. Generally, minimally invasive surgery is associated with less pain, a shorter hospital stay, and fewer complications. Atherectomy is a minimally invasive procedure generally used to treat arteries. The demand for this surgery is increasing at a very high rate due to several factors that include less pain, shorter hospital stay, less scarring, less tissue injury, and a higher accuracy rate. Additionally, other factors such as continuous product development and commercialization, favorable medical reimbursement scenario in mature markets, and strengthening distribution channels of major product manufacturers are expected to aid the growth of the atherectomy devices market.



As surgical specialists are one of the primary users of minimally invasive devices, many countries are facing a shortage of talented healthcare professionals. Due to this shortage, patients have to (reluctantly) undergo conventional procedures. These factors are limiting the scope of this market. Hospitals with high patient enrollments are also facing this issue. Despite possessing the purchasing power, these hospitals cannot install such devices. In many countries, the rural population forms a significant part of the total population.



According to Roma Pahwa, in the article published in 2020, in the United States, about 610,000 people die of heart disease every year, that is 1 of every 4 deaths. Coronary heart disease is the leading cause of death in the region, killing over 370,000 people yearly. On average, about 735,000 Americans have a heart attack every year. The growing number of patients increases the demand for the devices.



The shortage of healthcare professionals is more acute in rural regions where most of the healthcare centers are owned by the state. Government schemes are funding heavily to improve the status of health in rural regions. However, the minimally invasive devices category is unable to utilize this opportunity due to the shortage of experienced professionals who possess the expertise to operate such devices. This is expected to slow down the growth of the market studied along with other factors, such as stringent regulations.



Key Market Trends


The Directional Atherectomy Segment Holds a Major Share in the Market


The directional atherectomy segment of the market is expected to witness significant growth in the forecast years over other products as it offers certain advantages such as low treatment cost, improved efficiency, etc. The increasing adoption of minimally invasive atherectomy procedures may boost the demand for atherectomy devices.



Plaque removal by directional atherectomy may produce an angiographic result that is superior to that obtainable by percutaneous transluminal coronary angioplasty, particularly for lesions that are eccentric, ostial, restenotic, or associated with intraluminal thrombus.



The strategic initiatives taken by the key market players such as product launches, mergers and acquisitions and partnerships is also expected to contribute to the market growth. For instance, in August 2021, Medtronic submitted an application to United States Food and Drug Administration for the approval of TurboHawk Plus Directional Atherectomy System, an updated version of its older and largely phased out atherectomy device. This device will facilitate the increase of atherectomy procedures during Peripheral arterial disease (PAD) interventions.



Various clinical trials to prove the efficacy of the device also contributes to the high demand. Trials such as DEFINITIVE LE (determination of the effectiveness of the SilverHawk peripheral plaque excision system for infrainguinal vessels/lower extremities treatment) and EASE (Endovascular Atherectomy Safety and Effectiveness) displayed a success rate of more than 90%, assuring the effectiveness of the concerned devices. Such factors, along with the global presence of medical devices across developed and emerging markets, drive the demand for directional atherectomy devices.





North America is Expected to Dominate the Atherectomy Devices Market


North America is expected to have the largest share of the market. Factors such as increasing availability of reimbursements for atherectomy systems, adoption of atherectomy systems among medical professionals, the large patient population of peripheral and coronary artery diseases, and an increasing 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 atherectomy devices market.



As per the American Heart Association, cardiovascular diseases is the leading global cause of death and accounted for approximately 18.6 million deaths in 2019 in the United States. This creates a burden on the healthcare system of the country. Thus, the demand for the atherectomy devices market is expected to increase during the study period.



For instance, according to World Ageing Report 2019, there were about 53.340 million (16.2%) people aged 65 or older in the United States. This number is projected to reach 70.842 million (20.3%) in 2030. The elderly population is expected to increase in the near future, and this population is more prone to chronic conditions like cardiovascular diseases, which is likely to impact the market positively.



A suitable reimbursement scenario and a high number of FDA approved devices are the key reasons for this dominance. For instance, in April 2019, Avinger Inc. received 510(k) clearance from the FDA for Pantheris SV (Small Vessel) image guided atherectomy system. A product line extension of its Lumivascular image-guided atherectomy platform is expected, thereby increasing its share in the atherectomy devices market.





Competitive Landscape


The atherectomy devices market is moderately competitive and many of the global players are in the market. For instance, Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific, C.R. Bard, Cardinal Health Inc., Koninklijke Philips NV, Medtronic PLC, Terumo Corporation, etc., are providing their products across the globe.



Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support


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Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Abbott Laboratories
  • Avinger Inc.
  • Biomerics LLC
  • Koninklijke Philips NV
  • Minnetronix Inc.
  • Straub Medical

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Continuous Product Development and Commercialization
4.2.2 Favourable Medical Reimbursement Scenario in Mature Markets
4.2.3 Rising Demand for Minimally Invasive Surgical Procedures
4.3 Market Restraints
4.3.1 Stringent Regulatory Scenario
4.3.2 Lack of Well-trained Surgeons
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 By Product
5.1.1 Directional Atherectomy Systems
5.1.2 Orbital Atherectomy Systems
5.1.3 Photo-Ablative (Laser) Atherectomy Systems
5.1.4 Rotational Atherectomy Systems
5.2 By Application
5.2.1 Peripheral Vascular Applications
5.2.2 Cardiovascular Applications
5.2.3 Neurovascular Applications
5.3 By End User
5.3.1 Hospitals and Surgical Centers
5.3.2 Ambulatory Care Centers
5.3.3 Other End Users
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle-East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 B. Braun Melsungen AG
6.1.3 Boston Scientific Corporation
6.1.4 C.R. Bard (Becton, Dickinson and Company)
6.1.5 Cardinal Health Inc.
6.1.6 Koninklijke Philips NV
6.1.7 Medtronic
6.1.8 RA Medical Systems
6.1.9 Straub Medical
6.1.10 Terumo Corporation
6.1.11 Cardiovascular Systems Inc.
6.1.12 Minnetronix Inc.
6.1.13 Avinger Inc.
6.1.14 Biomerics LLC
6.1.15 AngioDynamics Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Abbott Laboratories
  • B. Braun Melsungen AG
  • Boston Scientific Corporation
  • C.R. Bard (Becton, Dickinson and Company)
  • Cardinal Health Inc.
  • Koninklijke Philips NV
  • Medtronic
  • RA Medical Systems
  • Straub Medical
  • Terumo Corporation
  • Cardiovascular Systems Inc.
  • Minnetronix Inc.
  • Avinger Inc.
  • Biomerics LLC
  • AngioDynamics Inc.
Note: Product cover images may vary from those shown

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