The Growing Blood Clot Retrieval Devices Market is driven by Rising Geriatric Population
The global blood clot retrieval devices market is estimated to be valued at USD 1.62 Bn in 2024 and is expected to reach USD 4.40 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 15.3% from 2024 to 2031.
With rising life expectancy worldwide, the number of elderly people facing the risk of stroke has increased tremendously. As age is one of the biggest risk factors for stroke, the surge in the geriatric demographic is expected to boost demand for effective stroke treatment devices like clot retrievers.
Key Takeaways
Key players operating in the blood clot retrieval devices are Stryker Corporation, Medtronic plc, Johnson & Johnson, Boston Scientific Corporation, Penumbra, Inc., Terumo Corporation, Edwards Lifesciences Corporation, Argon Medical Devices, Inc., Cook Medical Inc., Control Medical Technology, Acandis GmbH, Phenox GmbH, B. Braun Melsungen AG, Teleflex Incorporated, MicroVention, Inc., Merit Medical Systems, W. L. Gore & Associates, Inc., and Inari Medical, Inc. These major providers have established global distribution networks and are focusing on new product development through R&D investments to strengthen their market position.
The increasing incidence of stroke around the world has led to growing demand for minimally invasive treatment methods. According to reports, stroke is one of the leading causes of death and disabilities worldwide. This has encouraged the adoption of advanced Blood Clot Retrieval Devices Market Size technologies among healthcare facilities.
With successful clinical outcomes, blood clot retrieval devices have gained widespread acceptance globally. Key market players are actively expanding their geographical presence into emerging nations of Asia Pacific, Latin America, and Middle East & Africa. Strategic partnerships with local distributors are helping companies to further penetrate untapped regional markets.
Market drivers
The rising geriatric population is a major driver propelling the blood clot retrieval devices market. Age is a critical risk factor for stroke, with around three-quarters of strokes occurring in people above 65 years. As life expectancy increases across countries, more elderly people are susceptible to developing cardiovascular diseases and experiencing strokes. This expands the target population base requiring effective stroke treatment procedures involving clot retrieval devices.
The current geopolitical situation is significantly impacting the growth of the Blood Clot Retrieval Devices market. Continuing tensions and conflicts across various regions have led to increased healthcare expenditures focused on treating injuries associated with warfare and other violence. This has boosted demand for devices that can help tackle life-threatening conditions like blockages in blood vessels. However, supply chain disruptions caused by lockdowns, restrictions on travel and transport during the COVID-19 pandemic posed challenges for manufacturers in delivering clot removal systems on time. Going forward, companies need to diversify their supplier networks and increase inventory levels to ensure resilient supply even during crises. They must also explore partnerships and alliances that allow for technology and know-how sharing to accelerate new product development. This will help provide innovative solutions to more patients globally despite geopolitical headwinds.
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