The Research Report on “Embolic Protection Devices Market by Type (Distal Filter, Distal Occlusion, Proximal Occlusion), Material (Nitinol, Polyurethane), Application (Cardiovascular, Neurovascular, Peripheral), Indication (PCI, SVD, TAVR) – Global Forecast” published by MarketsandMarkets™.
The global embolic protection devices market projected to reach USD 604.9 Million by 2023 at a CAGR of 8.3% during the forecast period
What Drives the Market Growth?
The growth in this market is mainly attributed to factors such as the rising incidence of cardiovascular and neurovascular diseases, growing funding and investments, launch of technologically advanced embolic protection devices, and the rising demand for minimally invasive procedures.
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Embolic Protection Devices Market Segmentation in Detailed:
On the basis of application, categorized into cardiovascular, neurovascular, and peripheral vascular diseases. The neurovascular segment is expected to grow at the highest CAGR during the forecast period. The favorable medical reimbursement scenarios for neurovascular procedures in developed countries, increasing awareness about the clinical efficacy of embolic protection devices among neurosurgeons, and the rising adoption of these systems across developing countries (such as China and India) are expected to drive the growth of this application segment during the forecast period.
On the basis of indication, categorized into percutaneous coronary intervention, transcatheter aortic valve replacement (TAVR), carotid artery diseases, saphenous vein graft disease, and other indications. In 2017, the percutaneous coronary intervention segment accounted for the largest share of the global market. The large share of this segment can primarily be attributed to the increasing prevalence of CAD and the rising preference for minimally invasive procedures.
Geographical View in-detailed:
The Embolic Protection Devices Market is segmented into North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. North America dominated the global market. The rising geriatric population, prevalence of cardiovascular and neurovascular diseases, increasing adoption of minimally invasive techniques, increasing availability of funding, and presence of a large number of medical device product manufacturers are driving the growth of the market in North America. Asia Pacific, on the other hand, is expected to grow at the highest CAGR during the forecast period due to the growing number of prescriptions for people aged 65 or above, increasing healthcare spending, rising healthcare costs, and increasing target population.
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Global Key Leaders:
The prominent players in the embolic protection devices market are Boston Scientific (US), Medtronic (Ireland), Abbott (US), Cordis (A Cardinal Health Company) (US), Allium Medical (Israel), Contego Medical (US), W.L. Gore & Associates (US), Silk Road Medical (US), Claret Medical (US), and AngioSlide (Israel).
Abbott is leading player in the global embolic protection devices market in 2017. The company’s focus on R&D helps it to develop new products and offer products in various segments. In 2016, the company spent 6.8% of its revenue, i.e. USD 1,422 million on its R&D. The company’s vascular products segment, which offers embolic protection devices, grew by 4.5% in 2016 and 1.3% in 2015. The company also focuses on acquisitions to strengthen its position in the market. For instance, in 2016, Abbott laboratories acquired St. Jude Medical (US), which expanded the company’s capabilities in terms of product and market reach.