MARKET OVERVIEW- GLOBAL ENDOVASCULAR TREATMENT DEVICES MARKET
Endovascular surgery is a minimally invasive and a progressive process applied with the treatment of numerous clinical situations that have an effect on the blood vessels including that of aneurysm that results in swelling of the blood vessels. A procedure that uses endovascular therapy devices is used to insert a sterile plastic tube, stent, or flexible catheter into a blood vessel in order to draw blood or deliver drugs to a patient's bloodstream over a period of time. These endovascular therapy devices can be used for intravenous antibiotic treatment, chemotherapy, long-term intravenous nutrition and blood transfusions. The endovascular treatment devices market is expected to grow at a high pace due to increase in geriatric population, growing incidence of cardiovascular disorders, availability of superior endovascular therapeutics, and growing healthcare expenditure in developing nations.
The growth of the global Endovascular Treatment Devices market is driven by various factors which include developing geriatric population, growing incidences of cardiovascular disorders, presence of quite superior endovascular therapeutics, technology and growing healthcare expenditure. There is a growing population that is struggling with chronic cardiac issues like aortic aneurysms and ischemic coronary heart strokes. The increased international demand has greatly increased for endovascular treatment devices within the market. Industry needs and also the preference of the people affected by cardiovascular diseases for minimally-invasive healing procedures and diagnostics is increasing which is expected to boost growth of the market.
With developing recognition and popularity of percutaneous endovascular aneurysm restore and transcatheter aortic valve restore, there might be great increase in growth for the important players in the market to expand and provide endovascular treatment devices with higher performance in future. This factor of higher acceptance and recognition of endovascular treatment devices among the general population is expected to contribute healthy growth in the market.
The adoption of endovascular surgical procedures for remedy acute ischemic strokes coupled with significant developments in the medical sector is expected to provide new opportunities for the growth of the market. Stroke is a prime cause for excessive morbidity and mortality globally, as it affects nearly 800,000 people within the U.S. alone. Ischemic strokes dominate the incidence of strokes accounting for nearly 85% of the cases. As a result, the growing need for novel healing devices for ischemic stroke remedy via means of lowering intracranial aneurysms is expected to stimulate the need for endovascular devices. Thus within the upcoming years, the global Endovascular Devices market is projected to witness good opportunities with growing occurrence of ischemic strokes and developing popularity of endovascular treatment devices.
The global endovascular treatment devices market is expected to have major market restraints like higher chances of the product recalls due to certain technological issues and also certain product failures. These factors are expected to restrain the growth of the market over the forecast period.
MARKET GROWTH CHALLENGES
The major growth challenge for the market of endovascular treatment devices is the availability of alternative therapies and dearth of professional specialists with knowledge and expertise in the use of peripheral vascular devices. These factors are expected to be major challenges for the market growth over the forecast period.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of global Endovascular Treatment Devices market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various endovascular treatment devices in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2021-2028.
ENDOVASCULAR TREATMENT DEVICES MARKET SEGMENTAL OVERVIEW
The global Endovascular Treatment Devices market comprises of different market segments like product, procedure, application, end-user and geography.
ENDOVASCULAR TREATMENT DEVICES MARKET BY PRODUCT TYPE
By product type, the Endovascular Treatment Devices market includes the key segments of
- Percutaneous endovascular aneurysm repair (EVAR)
- Fenestrated EVAR
- Aortic stents Biodegradable Stents
- Self-expanding Nitinol Stents
- Thoracic aortic aneurysms grafts
- Biodegradable stents
The percutaneous endovascular aneurysm repair (evar) segment is likely to have growing demand in the market. The reasons for that include incidence in incidences of coronary heart disease, ischemic heart diseases and related cardiovascular issues, growing geriatric population, and improvement of new generation technology within the healthcare industry. On the other hand, aortic stents biodegradable stents is expected to have high demand in the upcoming years due to advancements in medical technology indifferent surgical procedures.
ENDOVASCULAR TREATMENT DEVICES MARKET BY PROCEDURE
The endovascular treatment devices market is significantly studied for procedures such as
- Balloon Angioplasty
- Angioplasty with Stent Placement
- Drug-Eluting Stents (DES)
- Intravascular Brachytherapy
- Transfemoral Carotid Artery Stenting
- Carotid Artery Stenting
- Renal Artery Angioplasty and Stenting
The balloon angioplasty segment is anticipated to lead the market over the forecast period. The increasing adoption of technologically along with the presence of superior market for the treatment of disease monitoring is predicted to enhance the demand for these devices, which are used for treating diseases like angina pectoris, stroke, arrhythmia, ischemia etc. These disorders are treated effectively by the use of balloon angioplasty. Also, procedures like carotid artery stenting, renal artery angioplasty and stenting are expected to grow at a healthy rate.
ENDOVASCULAR TREATMENT DEVICES MARKET BY APPLICATION
The Endovascular Treatment Devices market finds key applications in
- Cardiology Surgery
The cardiology surgery segment is expected to dominate the market over the projection period due to increase in prevalence of various cardiovascular diseases like coronary heart disease, heart stroke, angina pectoris, ischemic heart disease, etc. Also, the factors such as increase in geriatric population, and improvement of cardiovascular treatment technology within the healthcare industry are also expected to stimulate the growth of the segment.
At the same time other applications including pulmonary and vascular surgical procedures are also expected to grow at a fairly high rate.
ENDOVASCULAR TREATMENT DEVICES MARKET BY END USERS
The Endovascular Treatment Devices market has major end users like
- Hospitals and Clinics
- Ambulatory Surgical Centers
- Research institutes
The hospitals and clinics segment is anticipated to lead the market over the forecast period. Hospitals and clinics provide advanced care to their patients and offer reimbursements at some point of surgeries. These factors are expected to drive the growth of the segment. The ambulatory surgical centers is also expected to witness high growth over the projection period due to the advantages of providing a less complicated procedure and increased access. Furthermore, the growing demand for reduction in the surgical and post-surgical expenditure and the growing prevalence of cardiovascular diseases are key factors which are expected to drive the growth of the segment.
ENDOVASCULAR TREATMENT DEVICES MARKET BY GEOGRAPHY
The global Endovascular Treatment Devices market is studied for the following regions
- North America
- Rest of the world (RoW)
North America is anticipated to lead the market over the forecast period. The region is likely to have growth due to rapid pace with changing consumer dietary preferences and changes in lifestyle, obesity, shifting trends towards consumption of high fat diet has fuelled the market demand. Furthermore, increasing geriatric population with increased incidences of cardiovascular diseases has driven the market growth. Thus, the growing cases of heart failures, and other heart-related conditions are driving the endovascular treatment devices market growth. Likewise, Europe followed by Asia-Pacific are expected to contribute healthy growth in the market during the estimated time period.
COVID-19 IMPACT ANALYSIS ON GLOBAL ENDOVASCULAR TREATMENT DEVICES MARKET
Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Endovascular Treatment Devices market. In addition, complete analysis of changes on the global Endovascular Treatment Devices market expenditure, economic and international policies on supply and demand side is provided in this exclusive report. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
The governments across the globe had announced closures and lockdown measures during the pandemic. It forced people to stay indoors which is a key factor that had a negative impact on the financial growth. Millions of humans have been affected globally, with thousands of people losing their lives because of SARS-CoV-2. Healthcare businesses are already operating in intensive mode, and are responding to COVID-19 as well as other patients. Also, at the same time they also have to be ready in terms of essential medical and surgical devices. Due to diversion of treatments for patients suffering from COVID-19, the investment in R&D and technological activities associated with endovascular treatment has been decreased and this has resulted in inflicting a negative effect on growth of the Endovascular Treatment Devices market.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of Endovascular Treatment Devices market is majorly focused on expanding the global growth of endovascular treatment devices sector with new product innovation, business expansion, increasing presence of range of manufacturers operating in endovascular treatment devices industry has led the growing demand for the market. Besides, the market offers range of products in different applications to fulfil the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
- Cardinal Health
- Boston Scientific
- Getinge AB
- Japan Lifeline
- Lombard Medical Technologies
- Edwards Lifesciences Corporation
- Terumo Corporation
- MicroPort Scientific Corporation
February 2022: Medtronic had announced the approval of Freezor and Freezor Xtra Cardiac Cryoablation Focal Catheters by the U.S. Food and Drug Administration. These are the first and only ablation catheters approved for treating pediatric Atrioventricular Nodal Reentrant Tachycardia (AVNRT).
September 2021: Boston Scientific Corporation had inked a deal to acquire Devoro Medical, the WOLF Thrombectomy Platform developer, looking towards expanding its interventional strategies for thromboembolism, including the EkoSonic Endovascular System.