Market Size of Clot Management Devices Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Clot Management Devices Market Analysis
The clot management devices market is expected to register a CAGR of 4.5% over the forecast period.
- The COVID-19 pandemic had a significant impact on the market studied. The risk of cardiovascular diseases increased during the pandemic and increased the risk of thrombosis (blood clotting) among the target patients. This increased the demand for the devices used for thrombosis management. According to the article "Cardiovascular Disease Management in COVID 19" published in April 2022, blood coagulation (clot) issues have been linked to COVID-19 infection globally.
- In addition, another article, "Risks of Deep Vein Thrombosis, Pulmonary Embolism, and Bleeding After COVID-19: Nationwide Self-Controlled Cases Series and Matched Cohort Study," published in April 2022, stated that deep vein thrombosis increased during the pandemic, and it was higher during the initial phase of the pandemic in Sweden. Thus, for the management of thrombosis, the demand for clot management devices increased. This fuelled the studied market growth.
- Factors such as the rise in cardiovascular diseases coupled with the increasing geriatric population, growing demand for minimally invasive surgeries, and technological advancements contribute to market growth. The rising geriatric population across the world is creating various disease burdens. This leads to increasing surgeries and blood clots among the target population.
- The World Health Organization (WHO) estimates that by 2050, there will be 2.1 billion people worldwide who are 60 years of age or older, up from 1 billion in 2020. In addition, several sources and research show that the population aged 60 years or more is the foremost independent risk factor for deep vein thrombosis (when blood clot forms in one or more of the deep veins in the body). Thus, the increasing geriatric population coupled with the burden of thrombosis among them is expected to create demand for clot management devices, thereby driving the market growth over the analysis period.
- Additionally, the global market for clot management devices has increased in recent years in product innovation, approval, and launches. For instance, in November 2021, Precision Medical Products (PMP) released the newest iteration of its Circul8 Pro device, a powerful and portable take-home deep vein thrombosis (DVT) prevention product. With 20-plus-hour battery life, the Circul8 Pro is one of the market's longest-lasting portables, battery-operated compression devices. Thus, such advances in the market are predicted to drive the studied market growth globally. Thus, the studied market is expanding with innovation and launches.
- However, the stringent regulatory process and availability of alternative treatments are expected to restrain the market's growth.
