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(Health-NewsWire.Net, August 27, 2021 ) The Key Growth Elements in Detailed?
The Factors such as the rising incidence of cardiovascular and neurovascular diseases, growing funding and investments, launch of technologically advanced embolic protection devices, and rising demand for minimally invasive procedures are expected to drive the growth of the market. On the other hand, product failures and recalls may hinder the overall market growth to a certain extent during the forecast period.
Worldwide Growth Opportunities in Terms of Revenue:
The Global Embolic Protection Devices Market was valued at USD 373.0 Million in 2017 and projected to reach USD 604.9 Million by 2023 at a CAGR of 8.3% during the forecast period.
The neurovascular segment is expected to grow at the highest CAGR during the forecast period
On the basis of application, categorized into cardiovascular, neurovascular, and peripheral vascular diseases. The neurovascular segment is expected to grow at the highest CAGR during the forecast period. The favorable medical reimbursement scenarios for neurovascular procedures in developed countries, increasing awareness about the clinical efficacy of embolic protection devices among neurosurgeons, and the rising adoption of these systems across developing countries (such as China and India) are expected to drive the growth of this application segment during the forecast period.
The percutaneous coronary intervention segment accounted for the largest market share.
On the basis of indication, the Embolic Protection Devices Market is categorized into percutaneous coronary intervention, transcatheter aortic valve replacement (TAVR), carotid artery diseases, saphenous vein graft disease, and other indications. In 2017, the percutaneous coronary intervention segment accounted for the largest share of the global market. The large share of this segment can primarily be attributed to the increasing prevalence of CAD and the rising preference for minimally invasive procedures.
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Regional Growth, Development and Demand Analysis:
North America dominated the embolic protection devices market. The rising geriatric population and prevalence of cardiovascular and neurovascular diseases, increasing adoption of minimally invasive techniques, increasing availability of funding, and the presence of a large number of medical device product manufacturers are driving the growth of the embolic protection market in North America. However, the APAC is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to the growing geriatric population, rising prevalence of CVD, increasing number of facilities, and rising healthcare expenditure.
Major Key Players Mentioned in the research report are:
The prominent players in the embolic protection devices market are Boston Scientific (US), Medtronic (Ireland), Abbott (US), Cordis (A Cardinal Health Company) (US), Allium Medical (Israel), Contego Medical (US), W.L. Gore & Associates (US), Silk Road Medical (US), Claret Medical (US), and AngioSlide (Israel).
Abbott is leading player in the global embolic protection devices market in 2017. The company’s focus on R&D helps it to develop new products and offer products in various segments. In 2016, the company spent 6.8% of its revenue, i.e. USD 1,422 million on its R&D. The company’s vascular products segment, which offers embolic protection devices, grew by 4.5% in 2016 and 1.3% in 2015. The company also focuses on acquisitions to strengthen its position in the market. For instance, in 2016, Abbott laboratories acquired St. Jude Medical (US), which expanded the company’s capabilities in terms of product and market reach.
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