(PharmaNewsWire.Com, May 01, 2020 ) 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.
[172 Pages Report] The Global Embolic Protection Devices Market is projected to reach USD 604.9 Million by 2023 at a CAGR of 8.3% during the forecast period.
Research Methodology;
Top-down and bottom-up approaches were used to validate the size of the global market and estimate the size of various other dependent submarkets. Major players in the market were identified through secondary sources; directories; databases such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource, journals and their market revenues were determined through primary and secondary research. Secondary research included the study of the annual and financial reports of top market players, whereas primary research included extensive interviews with the key opinion leaders such as CEOs, directors, and marketing executives.
On the basis of type, the distal filter devices segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment can primarily be attributed to the procedural benefits distal filter devices offer, such as ease of use, enhanced visibility, and crossing profile of the device. On the basis of material, nitinol accounted for the largest share of the market. This segment is also expected to grow at the highest rate in the market. The super-elastic material and braided nitinol design provide full wall apposition and this quality is expected to drive the growth of nitinol in the global market during the forecast period.
On the basis of application, the embolic protection market is segmented into cardiovascular, neurovascular, and peripheral vascular diseases. According to this study, the neurovascular diseases segment is poised to grow at the fastest growth rate in the market. With the increasing target patient population, the demand for embolic protection devices for the treatment of neurovascular diseases is expected to increase during the forecast period.
Based on the indications, the embolic protection devices segment is further segmented into percutaneous coronary intervention, transcatheter aortic valve replacement (TAVR), carotid artery diseases, saphenous vein graft disease, and other indications. 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.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. The rising geriatric population, prevalence of cardiovascular and neurovascular diseases, increasing adoption of minimally invasive techniques, increasing availability of funding, and presence of a large number of medical device product manufacturers are driving the growth of the market in North America. Asia Pacific, on the other hand, is expected to grow at the highest CAGR during the forecast period due to the growing number of prescriptions for people aged 65 or above, increasing healthcare spending, rising healthcare costs, and increasing target population.
Prominent players in the Embolic Protection Devices Market are Boston Scientific (US), Medtronic Ireland), Abbott (US), Cordis (A Cardinal Health Company) (US), Allium Medical Solutions (Israel), Contego Medical (US), W.L. Gore & Associates (US), Silk Road Medical (US), Claret Medical (US), and AngioSlide (Israel).
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