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Clot Management Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

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  • 115 Pages
  • April 2023
  • Region: Global
  • Mordor Intelligence
  • ID: 4987031
The clot management devices market is expected to register a CAGR of 4.5% over the forecast period.

Key Highlights

  • The COVID-19 pandemic had a significant impact on the market studied. The risk of cardiovascular diseases increased during the pandemic and increased the risk of thrombosis (blood clotting) among the target patients. This increased the demand for the devices used for thrombosis management. According to the article 'Cardiovascular Disease Management in COVID 19' published in April 2022, blood coagulation (clot) issues have been linked to COVID-19 infection globally.
  • In addition, another article, 'Risks of Deep Vein Thrombosis, Pulmonary Embolism, and Bleeding After COVID-19: Nationwide Self-Controlled Cases Series and Matched Cohort Study,' published in April 2022, stated that deep vein thrombosis increased during the pandemic, and it was higher during the initial phase of the pandemic in Sweden. Thus, for the management of thrombosis, the demand for clot management devices increased. This fuelled the studied market growth.
  • Factors such as the rise in cardiovascular diseases coupled with the increasing geriatric population, growing demand for minimally invasive surgeries, and technological advancements contribute to market growth. The rising geriatric population across the world is creating various disease burdens. This leads to increasing surgeries and blood clots among the target population.
  • The World Health Organization (WHO) estimates that by 2050, there will be 2.1 billion people worldwide who are 60 years of age or older, up from 1 billion in 2020. In addition, several sources and research show that the population aged 60 years or more is the foremost independent risk factor for deep vein thrombosis (when blood clot forms in one or more of the deep veins in the body). Thus, the increasing geriatric population coupled with the burden of thrombosis among them is expected to create demand for clot management devices, thereby driving the market growth over the analysis period.
  • Additionally, the global market for clot management devices has increased in recent years in product innovation, approval, and launches. For instance, in November 2021, Precision Medical Products (PMP) released the newest iteration of its Circul8 Pro device, a powerful and portable take-home deep vein thrombosis (DVT) prevention product. With 20-plus-hour battery life, the Circul8 Pro is one of the market's longest-lasting portables, battery-operated compression devices. Thus, such advances in the market are predicted to drive the studied market growth globally. Thus, the studied market is expanding with innovation and launches.
  • However, the stringent regulatory process and availability of alternative treatments are expected to restrain the market's growth.

Clot Management Devices Market Trends

Embolectomy Balloon Catheter Segment is Expected to Register Significant Growth

  • During a surgical thrombectomy, a surgeon makes an incision into a blood vessel to remove the clot and repair the blood vessel to restore blood flow. Sometimes, a balloon or other device may be put in the blood vessel to help keep it open. A balloon embolectomy catheter is then used to retrieve any proximal or distal thrombus (blood clot). Thus, with the increasing number of coronary artery diseases and other cardiovascular diseases (CVDs), the demand for such devices is increasing. This is expected to fuel the segment's growth over the forecast period.
  • Several embolectomy balloon catheters are available commercially, which help in removing fresh, soft emboli and thrombi from vessels in the arteries of the non-central circulatory system. For instance, the Fogarty arterial embolectomy catheter available on the market is hand-tied using a recessed winding technique to secure the balloon to the catheter. The balloon exhibits a symmetry that exerts uniform contact with vessel walls for even pressure and precise traction. It has a rounded tip that promotes easy insertion for reduced trauma. Thus, such availability of products and innovation of products by the major players is anticipated to fuel the segment's growth.
  • Furthermore, various product launches are fuelling the segment's growth. For instance, in February 2022, Vena Medical received the first Health Canada medical device license for its new product, the Vena balloon distal access catheter. It combines the balloon guide catheters and distal access catheters currently used in thrombectomy to remove clots from the brains of stroke patients. Such developments are expected to fuel segment growth.
  • Therefore, owing to the factors mentioned above, the embolectomy balloon catheter segment is poised to witness growth over the forecast period.

North America is Expected to have Significant Market Share

  • North America is anticipated to witness growth over the forecast period and dominate the market. Among other countries in the region, the United States is leading the market due to increased healthcare expenditure, product innovation, and a rising prevalence of cardiovascular diseases. Additionally, the increasing geriatric population across the United States is the primary driver for the US clot management devices market.​
  • Several research papers and sources mentioned that people who have coronary artery disease (CAD) are predisposed to blood clots that can result in a heart attack or stroke. This is because some plaques (fatty deposits), in addition to reducing blood flow through the arteries, can rupture. Thus, the management of blood clots in CAD patients is necessary. Hence, the burden of CAD in the United States is anticipated to drive demand for blot clot management devices, thereby driving market growth in the region.
  • Furthermore, blood clots are generally seen in patients 65 years old or older. As people age, mobility decreases, and the chances of surgery and hospice care increase. This is because blood clots can form in the legs due to immobility and older people are more prone to getting blood clots in the legs. The data updated in February 2022 by the United States Department of Health and Human Services (USHHS) shows that the population in the United States is aging unprecedently, and the population aged 65 or older is projected to reach 23.5% (98 million) by 2060 in the country. Hence, the prevalence of blood clots in the country is increasing and is predicted to continue due to the increasing geriatric population. Thus, it is predicted to create demand for blood clot management devices. Hence, the studied market is anticipated to grow over the forecast period in the United States.
  • Moreover, the increasing product launches and approvals for innovations in countries across North America are fuelling the studied market growth during the forecast period. For instance, in February 2022, Imperative Care, Inc. launched its Zoom POD Aspiration Tubing, the company’s latest innovation in stroke treatment and the first and only filter to capture clots in the sterile field. The Zoom POD is the newest addition to Imperative Care’s Zoom Stroke Solution, the company’s ischemic stroke product portfolio that includes the Zoom 88 Large Distal Platform for neurovascular access, four Zoom Aspiration Catheters in various sizes, and the Zoom Pump with accessories. Such developments are fuelling the overall market growth in the region.
  • Therefore, owing to the factors mentioned above, North America is predicted to witness growth over the forecast period.

Clot Management Devices Market Competitor Analysis

The clot management devices market is moderately competitive and consists of a few market players globally and regionally. Market players focus on product innovations, new product launches, and regional expansions to increase their market share. The key market players operating in the clot management devices market include Medtronic Plc, Boston Scientific Corporation, Edward Lifesciences, AngioDynamics, Inc., and LeMaitre Vascular, Inc., among others.

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Cardiovascular Diseases and Ageing Population
4.2.2 Growing Demand for Minimally Invasive Surgeries and Advancements in Technologies
4.3 Market Restraints
4.3.1 Stringent Regulatory Procedures
4.3.2 Availability of Alternative Treatments
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 in USD million)
5.1 By Product
5.1.1 Embolectomy Balloon Catheter
5.1.2 Catheter Directed Thrombolysis Devices
5.1.3 Percutaneous Thrombectomy Devices
5.1.4 Inferior Vena cava Filters
5.1.5 Neurovascular Embolectomy Devices
5.2 By End-User
5.2.1 Hospitals
5.2.2 Ambulatory Surgical Centers
5.2.3 Other End Users
5.3 Geography
5.3.1 North America United States Canada Mexico
5.3.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.3.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.3.4 Middle-East and Africa GCC South Africa Rest of Middle-East and Africa
5.3.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Medtronic Plc
6.1.2 Boston Scientific Corporation
6.1.3 Edward Lifesciences
6.1.4 Teleflex Incorporated
6.1.5 Johnson & Johnson
6.1.6 LeMaitre Vascular, Inc.
6.1.7 Strub Medical GmbH & Co. KG
6.1.8 AngioDynamics
6.1.9 iVascular SLU
6.1.10 Cook Group Incorporated
6.1.11 Cardinal Health
6.1.12 Stryker

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Medtronic Plc
  • Boston Scientific Corporation
  • Edward Lifesciences
  • Teleflex Incorporated
  • Johnson & Johnson
  • LeMaitre Vascular, Inc.
  • Strub Medical GmbH & Co. KG
  • AngioDynamics
  • iVascular SLU
  • Cook Group Incorporated
  • Cardinal Health
  • Stryker