(PharmaNewsWire.Com, May 27, 2021 ) The Research Report on “Embolic Protection Devices Market by Type (Distal Filter, Distal Occlusion, Proximal Occlusion), Material (Nitinol, Polyurethane), Application (Cardiovascular, Neurovascular, Peripheral), Indication (PCI, SVD, TAVR) – Global Forecast”, is projected to reach USD 604.9 Million, at a CAGR of 8.3% during the forecast period.
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.
Objectives of the Study;
- To define, describe, and forecast the embolic protection devices market by product type & material, application, indication, end user, and region
- To provide detailed information about the major factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze micromarkets with respect to the individual growth trends, prospects, and contributions to the overall market
- To analyze the market opportunities for stakeholders and provide details of the competitive landscape for key players
Hospitals are expected to be the largest end users of embolic protection devices during the forecast period
The major end users of embolic protection devices market are hospitals and ambulatory surgical centers. The hospital segment is expected to grow at the highest CAGR during the forecast period. The market for this segment is mainly driven by factors such as the growing number of angioplasty procedures performed in hospitals, rising incidence of chronic vascular diseases, favorable reimbursement scenario in developed countries, growing number of hospitals, and increasing government initiatives to provide quality treatment for cardiovascular diseases.
Geographical View in-detailed:
North America dominated the 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 devices 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.
Global Key Leaders:
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).
Medtronic dominated the global market in 2017. The company offers a wide range of innovative products and therapies to treat more than 30 chronic diseases related to cardiac, diabetes, and neurological and spinal conditions. To expand its existing product portfolio, the company focuses on inorganic growth strategies such as acquisitions. In January 2015, Medtronic acquired Covidien plc (Ireland), a manufacturer of cardiovascular products. This acquisition helped the company to expand its product portfolio as well as its market share. The company also focuses on developing new products and obtaining regulatory approvals for enhancing its product offerings.
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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