ALBANY, New York, June 20, 2019 /PRNewswire/ -- Growing acceptance for minimally invasive procedures coupled with rising patient's pool for the people need to undergo surgeries is creating need for advanced technologies. This is a key factor driving growth of the atherectomy devices market. Additionally, the growing focus on technological advancements and developments is leading to the launch of products with newer technologies. This is estimated to encourage growth of the global atherectomy devices market. Thanks to these factors, TMR estimated that the market is likely to expand at a CAGR of 5.60% during the forecast period from 2017 to 2022. The market stood at a value of US$558.9 mn in 2017 and estimated to grab a value of US$735 mn by 2022. Additionally, large penetration of advanced technology, the trend of customization, and easy availability are some of the factors estimated to offer support to the growth of the global atherectomy devices market.
However, the market is expected to witness a challenge from some factors, which are negatively affecting the growth of the market. One of the key factors affecting the growth is the lack of awareness of the technology for diagnosis and therapeutics. Additionally, lack of well-trained surgeons coupled with the high cost of diagnosis is restraining growth of the global atherectomy devices market.
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Rising Governmental Investment Paves Way for Future Growth
The rising government initiative and expanding expenditure, the market for atherectomy devices is estimated to trace most lucrative opportunities in the coming years. The government support and investment for accepting advanced healthcare facilities especially across developing countries are growing; thus, the market is gaining traction. Furthermore, a substantial rise in the private and public funds for accepting the healthcare infrastructure across Asia Pacific is driving growth of the global atherectomy devices market.
Additionally, rising awareness among the mid-earning people globally and especially in the developing countries, the demand for advanced healthcare facilities is growing. Thus, the market for atherectomy devices is estimated to witness a substantial rise in demand and in turn drive growth of the market in coming years.
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Regionally, the market in North America dominated the global atherectomy devices market and is estimated to remain dominant in the coming years. The market in the region is estimated to expand by exhibiting a healthy CAGR of 6.0% in the coming years till 2022. Implementation of the favorable reimbursement policies coupled with rising penetration of the minimally invasive surgeries is accelerating the growth of the global atherectomy devices market. Europe secured a second-leading position in the global atherectomy devices market and is estimated to reflect promising growth in the coming years. However, Asia Pacific is estimated to expand at a fastest growing CAGR over the forecast period owing to the rising geriatric population coupled with increasing contribution from countries such as China, Japan, and India.
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The atherectomy devices market features a largely competitive landscape owing to the presence of a several number of players in the market, TMR estimates. In order to gain a profitable edge in the atherectomy devices market, the key players are engaging in strategies associated with product portfolio expansions and technological advancements. Additionally, the substantial rise in research and developmental activities is giving way to robust technological advancements. Some of the players in the global atherectomy devices market include Boston Scientific Corp., Medtronic Plc, Royal Philips NV, Avinger Inc., Cardiovascular Systems Inc., Terumo Corp., and Spectranetics Corp. increasing number of players entering in the market is estimated to increase the level of competition among them.
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This information is encompassed in the report by TMR, 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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