Rise in prevalence of peripheral and coronary artery diseases is expected to propel the global atherectomy systems industry growth during the forecast period.
Wilmington, Delaware, United States, Nov. 21, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. –The global atherectomy systems market stood at US$ 650 million in 2022, and the global market is projected to reach US$ 1.1 billion in 2031. The atherectomy systems market is anticipated to expand at a CAGR of 6% between 2022 and 2031.
Atherectomy is a minimally invasive procedure used to remove plaque buildup from arteries in the body, thereby improving blood flow and reducing the risk of heart attacks or strokes. Leading companies in the global market are focusing on R&D activities to develop new diagnostic technologies. This is likely to offer lucrative growth opportunities for vendors in the industry. Key players are launching advanced medical devices in order to increase their atherectomy systems market share.
Minimally invasive procedures are often associated with better patient outcomes, including improved function and appearance. These procedures are less expensive than traditional open surgeries, making them more accessible to a wider patient population. All these factors are projected to fuel global atherectomy systems market size in the near future.
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Global Atherectomy Systems Market: Key Players
The following companies are well known participants in the global Atherectomy Systems market:
- Abbott Laboratories
- B. Braun SE
- Boston Scientific Corporation
- Becton, Dickinson and Company
- Cardinal Health Inc.
- Koninklijke Philips N.V.
- Medtronic
- RA Medical Systems
- Terumo Corporation
- Other Prominent Players
The directional atherectomy devices segment held major share of the global market in 2021. Increase in prevalence of cardiovascular diseases is likely to drive the segment. Directional atherectomy devices utilize rotating or oscillating blades, laser, or ultrasound energy to remove plaque from the vessel walls. These devices are commonly used in the treatment of peripheral artery diseases.
The hospitals segment will likely lead the global market during the forecast period. Rise in geriatric population suffering from severe chronic disorders, improvement in healthcare infrastructure in various regions, and increase in availability of advanced treatments in hospitals are major factors boosting the segment. Advancements in medical technology and emergence of new medical devices have significantly improved patient outcomes. Healthcare services in hospitals are more accessible and convenient for patients. Hence, rise in demand for healthcare services has led to an increase in number of hospitals offering specialized services for patients.
Key Takeaways of Market Report
- Global atherectomy systems market to generate absolute dollar opportunity worth US$ 1.1 billion until 2031.
- Global atherectomy systems market is valued at US$ 621.8 million in 2021.
- The global atherectomy systems market management market value from 2022 to 2031 is 6%.
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Atherectomy Systems Market: Growth Drivers
- Patients are more likely to opt for pain-free minimally invasive procedures that make a smaller incision into the body. Atherectomy procedure is a minimally invasive medical procedure that involves removing plaque or blockages in blood vessels to improve blood flow. It offers several advantages over traditional open surgeries, including faster recovery time, reduced pain, and lower risk of complications.
- Rapidly rise in incidence of cardiovascular diseases is one of the key drivers of the atherectomy systems market growth. Cardiovascular diseases, also known as heart diseases, are a group of conditions that affect the heart and blood vessels.
- These conditions are the leading cause of death, globally, and are a major public health concern. Increase in prevalence of cardiovascular diseases is majorly due to factors such as unhealthy lifestyles, sedentary jobs, unhealthy diet, and stress.
Atherectomy Systems Market: Regional Landscape
- North America is expected to be a highly lucrative market during the forecast period. This region held 30.0% share of the global industry in 2021. The atherectomy systems market share held by North America is likely to increase in the near future, owing to the rise in incidence of cardiovascular diseases in the region.
- The U.S. is projected to dominate the North America market due to the significant presence of major market players in the country along with increase in research and development activities in the field of atherectomy.
- The market in Asia Pacific is projected to grow at the highest CAGR during the forecast period, due to the high incidence rate of cardiovascular diseases in the region.
Atherectomy Systems Market: Segmentation
- Product Type
- Directional Atherectomy Devices
- Rotational Atherectomy Devices
- Orbital Atherectomy Devices
- Laser Atherectomy Devices
- Image-guided Atherectomy Devices
- Application
- Cardiovascular Diseases
- Peripheral Artery Diseases
- Neurovascular Diseases
- End-user
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centers & Others
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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