ALBANY, New York, Feb. 13, 2019 /PRNewswire/ -- As per the data presented in the report, the global atherectomy devices market is anticipated to progress at 5.60% CAGR between 2017 and 2022. During this period, the market is expected to earn a valuation of US$735 mn by the end of 2022. In 2017, the market earned US$558.9 mn.
Based on the device type, the demand for directional atherectomy devices has seen significant growth and likely to hold a major share in the market in the coming years. High penetration and early inception of directional atherectomy devices acted as the key aggregators for the growth of this segment. In terms of geography, North America is expected to hold a dominant share of the market over the forecast period. Presence of leading players and strong reimbursement policies are the major growth factors driving demand in this regional market.
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Expansion of Target Diseases to Boost Demand for Atherectomy Devices
The rising number of people suffering from diseases whose patients need these devices is considered as the key factor driving the demand for atherectomy devices. The number of people suffering from peripheral artery diseases (PAD) has also grown in recent years, which has further augmented the demand for these devices. Moreover, growing awareness about minimally invasive procedures shifted patient's preference for the procedures creating new growth prospects in this market. These procedures help in quicker recovery and result in fewer traumas as compared to invasive procedures. Therefore, the demand for minimally invasive procedures using atherectomy devices has grown at a significant rate.
Rapid commercialization and product development have further augmented the demand for atherectomy devices, which will create better growth potential in the coming years. The enhancement of the distribution channels is anticipated to provide a fillip in this market in the forthcoming years.
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Dearth of Skilled Professional in Using Atherectomy Devices obstructs Market's Growth
Although the global atherectomy devices market is rising at a substantial rate but due to few challenges, the market might not grow at the desired rate during the forecast period. Rising adoption of alternative therapies is acting as key obstruction hampering the growth in this market. In addition, strict regulatory framework and the absence of well-trained surgeons specialize in atherectomy procedures might restrain the growth of this market. On the other hand, the growing use of these devices in the treatment of different application areas can benefit the market's growth.
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Competition among the leading players operating in the global atherectomy devices market is likely to increase in the near future, states Transparency Market Research in its new report. Leading players are encouraged and focused to use advanced technologies to provide advanced services and products to their customers. They are also emphasizing on the expansion of the product portfolio to maintain their position and to get an edge over the competitors. These players use mergers, collaboration, partnership, and other similar business development strategies, which has further augmented the demand in this market. Some of the prominent players operating in the market are Cardiovascular Systems Inc., Boston Scientific Corp., Medtronic Plc, Spectranetics Corp., Terumo Corp., and Royal Philips NV.
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The information presented in this review is based on a TMR report, titled "Atherectomy Devices Market (Device Type - Directional Atherectomy Devices, Rotational Atherectomy Devices, Orbital Atherectomy Devices, and Laser Atherectomy Devices; End User - Hospitals, Clinics, and Ambulatory Surgical Centers (ASCs); Application - Cardiovascular, Neurovascular, and Peripheral Vascular Atherectomy Devices) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2022."
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