Factors such as the rising incidence of cardiovascular and neurovascular diseases, growing funding and investments, the 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.
What the Market Looks Like?
Predicted to grow at a CAGR of 8.3% during the forecast period, the global Embolic Protection Devices Market is estimated to reach USD 604.9 Million by the end of 2023. In 2017, North America dominated the global market.
Based on application, the embolic protection devices 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.
Among end users, hospitals are the fastest growing end-user segment in the market during the forecast period. The market for this segment is mainly driven by factors such as the growing number of angioplasty procedures in hospitals, rising incidence of chronic vascular diseases, favorable reimbursement scenario in developed countries, increasing number of hospitals, and increasing government initiatives to provide quality treatment for cardiovascular diseases.
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What Drives the Market?
The growth of the global market for Embolic Protection Devices is primarily influenced by the following factors:
- Rising Incidence of Cardiovascular & Neurovascular Diseases
- Funding and Investments for R&D on Embolic Protection Devices
- Technological Advancements
- Rising Demand for Minimally Invasive Procedure
Geographical growth scenario of Embolic Protection Devices Market
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.
on the other hand, Asia Pacific 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.
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Leading market players and strategies adopted
The prominent players in the Embolic Protection Devices Market include 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).