According to the latest report published by Credence Research, Inc. “Atherectomy Devices Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global atherectomy devices market was valued at US$ 2,073.8 Mn in 2016, and is expected to reach US$ 3,568.1 Mn by 2025, expanding at a CAGR of 6.13% from 2017 to 2025.
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The global atherectomy devices market is witnessing growth due to growing prevalence of cardiovascular diseases. As reported by the American Heart Association, cardiovascular disease is the leading global cause of death, accounting for 17.3 million deaths per year, a number that is expected to grow to more than 23.6 million by 2030. Cardiovascular deaths account for over 30% of the global deaths surpassing deaths from all cancers combined. The prevalence of peripheral artery disease is also perpetually increasing and the incidence is high across all economies.
One of the major factors driving the demand for atherectomy devices is rising preference for minimally invasive surgeries. Minimally invasive surgical procedures are known to deliver faster procedural time, quicker recovery, lesser risk of complication and infections. The global atherectomy devices market is also witnessing significant rise in demand due to exponential rise in high risk geriatric population and incidence of lifestyle-related diseases.
Based on the type of devices, the global atherectomy devices market is categorized into directional atherectomy devices, rotational atherectomy devices, orbital atherectomy devices and laser atherectomy devices. Among these, directional atherectomy devices currently dominate the global market due to its earliest entry in the market. Wide product range and better ability of plaque debulking further contributes to the dominance of this segment. Additionally, less need of post-procedural clinical assistance is facilitating the high demand for rotational atherectomy devices. Favorable reimbursements is another factor attributed to the growth of the global atherectomy devices market.
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Coronary and peripheral are the two types of diseases sites considered for the purpose of this study, where peripheral artery diseases hold the larger market share in the global atherectomy devices market. Peripheral artery disease is a progressive atherosclerotic condition of the non-cerebral and non-coronary arteries. It is further reported that patients with peripheral artery disease often have concomitant coronary artery diseases and have a higher risk of myocardial infraction and risk of eventual death due to cardiovascular events. Higher prevalence of peripheral artery disease is the chief factor facilitating the dominance of this segment.
Geographically, the global atherectomy devices market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa; these regional markets are further categorized into top country specific markets. Among the considered regions, North America captures the largest revenue share in the global market. Favorable reimbursements and high prevalence of peripheral and coronary artery diseases, combined with large pool of patients with lifestyle-related complications such as obesity are the prime factors leading to the dominance of North America market. Moreover, the preference for minimally invasive surgical procedures is also high in Europe and North America. Asia Pacific market will witness the fastest growth during the forecast period 2017-2025. Socioeconomic shifts, sedentary lifestyle and increase in chronic cardiovascular diseases are the major drivers of this market.
Some of the major players operating in the global atherectomy devices market are Avinger, Inc., Boston Scientific Corporation, Bayer HealthCare, C. R. Bard, Inc., Cardinal Health (Cordis), Cardiovascular Systems, Inc., Spectranetics, Philips Holding USA, Inc. (Volcano Corporation), Straub Medical AG, St. Jude Medical, LLC. and Terumo Interventional Systems. Geographical expansion and market consolidation through mergers, acquisitions and partnerships are the major growth strategies prevalent in the global atherectomy devices market.