A fresh commerce and business intelligence study by Transparency Market Research (TMR) detects the global atherectomy devices market to be intensely competitive with the presence of several big shot players. The dominance of the leading players, namely Boston Scientific Corp., Medtronic Plc, Terumo Corp., Royal Philips NV, Cardiovascular Systems Inc., Spectranetics Corp., and Avinger Inc. is mainly because of their vast geographical presence and financial might. The leading players also have an extensive product portfolio that helps them sustain the competition.
In the years ahead, competition in the atherectomy devices market is likely to further intensify. Leading players in the market are engaged in R&D to introduce newer products in order to steal a march over their competitors. Mergers and acquisitions is another noticeable trend observed in this market. For example, in August 2014, Boston Scientific Corporation acquired the interventional unit of Bayer AG leading to the expanded portfolio of the former to serve to treat vascular conditions.
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According to the TMR report, the demand is likely to increment at a CAGR of 5.60% vis-à-vis value during the forecast period from 2017 to 2022. At this pace, the demand in the global atherectomy devices market will translate into a revenue of US$735 mn by the end of 2022 from US$558.9 mn in 2017. Based on device type, directional atherectomy devices account for the leading demand due to several advantages such as ability of plaque debulking and availability in several sizes. Among the various end users, hospitals have been reporting a relatively higher demand for atherectomy devices. North America holds supremacy among other key regions for atherectomy devices due to a high number of devices to have received approval of U.S. FDA and favorable reimbursement policies.
Rising Prevalence of Peripheral Artery Diseases to Stokes Growth
The rising prevalence of peripheral artery diseases (PAD) is having a significant impact on the global atherectomy devices market. Across the world, more than 250 million individuals suffer from PAD. Between the period 2000 and 2010, the prevalence of PAD increased by 24% and continues to rise at a significantly high rate, leading to a surging demand for atherectomy devices. The prevalence of target diseases is witnessed in both developed and developing countries. The growing geriatric population globally has significantly added to the number of individuals suffering from PAD, which in turn, has stoked the demand for atherectomy devices.
Apart from this, increasing preference for minimally invasive procedure is also projected to favor the atherectomy devices market. Atherectomy being a minimally invasive procedure is increasingly being preferred over angioplasty to widen narrowed arteries. Minimally invasive procedures result in fewer traumas and faster recovery for patients.
Substantial research and development pursuits by market players leading to the introduction and commercialization of novel products is also favoring this market. The expanding distribution channels as well as strengthening of existing distribution channels is also fuelling the atherectomy devices market.
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Insufficient Number of Medical Experts to Handle Device Challenges Growth
On the other hand, however, limited patient awareness for diagnosis of peripheral coronary diseases, stringent regulations, and lack of skilled and well-trained medical experts is holding back the market’s growth. Proving to serve the atherectomy devices market is increasing research activities and rising healthcare expenditure generally in emerging economies.
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