Global Neurovascular Thrombectomy Devices Market Size

Neurovascular Thrombectomy Devices Market Analysis

The Neurovascular Thrombectomy Devices Market is expected to grow at a significant CAGR of 6.3% during the study period (2022-2027).

The COVID-19 pandemic affected healthcare systems globally and resulted in the interruption of usual care in many healthcare facilities, exposing vulnerable patients with cancer to significant risks. For instance, according to the article "Pandemic Meets Epidemic: COVID-19 and Neurodegenerative Diseases," published in December 2020, there has been a growing number of COVID-19 patients represented severe neurological manifestations most probably related to COVID-19, such as stroke, polyneuritis, and encephalopathy, which is explained by the invasion of the virus into nervous tissues causing damage to neural cells, thus, COVID-19 impacting the market.

There were several strategies adopted to perform elective neurosurgeries during the times of COVID-19. For instance, as per the study "Neurosurgery and Coronavirus: Impact and Challenges-Lessons Learned From the First Wave of a Global Pandemic" published in November 2021, strategies adopted to enable neurosurgical care included proactively approaching the referrers to maintain lines of communications, incorporating modern technology to run clinics and multidisciplinary teams, restructuring patient pathways/facilities, and initiating the delivery of National Health Services (NHS) care within private sector hospitals. Due to many challenges in performing neurosurgeries, the neurovascular thrombectomy devices market growth was impacted. However, lift of lockdown and restrictions is expected to fuel the target market growth during the forecast period.

The factors propelling the studied market growth are the increasing prevalence of acute ischemic stroke and technological advancements in the studied market. In addition, new product launches, rising investments, and strategic initiatives the key market players take will further drive the market growth.

As per the data published by Global Stroke Fact Sheet 2022, there are over 7.6 million new ischemic strokes each year. The same source reports that more than 62% of all incident strokes are ischemic strokes globally. In 2021, 7,630,803 cases of ischemic stroke were prevalent globally. Thus, the high burden of ischemic stroke increases the demand for neurovascular thrombectomy, thereby driving the studied market.

Additionally, strategic initiatives such as product launches, mergers, acquisitions, partnerships, and others will lead to lucrative market growth. For instance, in October 2021, Yashoda Hospitals, Secunderabad launched a state-of-the-art technology called 'Bi-Plane Neuro Angio Procedure Suite' with DTAS (Direct to Angio Suite) technology on the occasion of World Stroke Day. This suite enables the diagnosis and treatment (thrombolysis and thrombectomy) process for brain stroke patients in one room and on one machine. Such technological advancements and the launch of new products will increase its efficacy and adoption, thus driving the studied market.

Additionally, in June 2021, Penumbra, Inc. received the United States Food and Drug Administration (FDA) 510(k) clearance for RED 62 Reperfusion Catheter, which is designed to navigate complex distal vessel anatomy and deliver powerful aspiration, together with Penumbra ENGINE, for the removal of blood clots in acute ischemic stroke patients with large vessel occlusions.

Moreover, rising investments in the market will bolster the innovation, expanding product offering and geographical footprint, which will significantly drive the market's growth. For instance, in February 2022, Perfuze received an investment of EUR 22.5 million in a Series A investment round which will be used to drive the next stage of a United States clinical study and regulatory clearance of its Millipede system. The millipede system is an innovation in technology that has the potential to positively impact the lives of stroke patients. Therefore, owing to the factors above, the studied market is expected to grow significantly during the study period.

However, stringent regulations for medical device approvals and high risks associated with neurovascular thrombectomy procedures are expected to hinder the market growth during the forecast period.