The market for Atherectomy devices is majorly driven by the rising preference for minimally invasive surgeries. In minimally invasive surgery, doctors use a variety of methods to operate with minimal damage to the body, as opposed to traditional open surgery method. Generally, minimally invasive surgery is associated with less pain, a shorter hospital stay, and fewer complications. Atherectomy is a minimally invasive procedure generally used to treat arteries. The demand for this surgery is increasing at a very high rate due to several factors that include - less pain, shorter hospital stay, less scarring, less injury to tissue, and higher accuracy rate. Additionally, other factors, such as continuous product development and commercialization, favorable medical reimbursement scenario in mature markets, and strengthening distribution channels of major product manufacturers is expected to aid the growth of the atherectomy devices market.
As surgical specialists are one of the primary users of minimally invasive devices, many countries are facing a shortage of talented healthcare professionals. Due to this shortage, patients have to (reluctantly) undergo conventional procedures. These factors are limiting the scope of this market. Hospitals with high patient enrollments are also facing this issue. Despite possessing the purchasing power, these hospitals cannot install such devices. In many countries, the rural population forms a significant part of the total population. The shortage of healthcare professionals is more acute in rural regions, where most of the healthcare centers are owned by the state. Government schemes are funding heavily to improve the status of health in rural regions. However, the minimally invasive devices category is unable to utilize this opportunity due to the shortage of experienced professionals who possess the expertise to operate such devices. This is expected to slow down the growth of the market studied along with other factors, such as stringent regulations.
Key Market Trends
Directional Atherectomy Segment Holds a Major Share in the Market
The directional atherectomy segment of the market is expected to witness significant growth in the forecast years over other products as it offers certain advantage such as low treatment cost, improved efficiency, etc. The increasing adoption of minimally invasive atherectomy procedures will boost the demand for atherectomy devices.
Various clinical trials to prove the efficacy of the device also contribute to the high demand. Trials such as DEFINITIVE LE (determination of effectiveness of the SilverHawk peripheral plaque excision system for infrainguinal vessels/lower extremities treatment) and EASE (Endovascular Atherectomy Safety and Effectiveness) displayed success rate of more than 90% assuring the effectiveness of the concerned devices. Such factors, along with the global presence of medical devices across developed and emerging market, drive the demand of directional atherectomy devices.
North America is expected to dominate the Atherectomy Devices Market
North America is expected to have the largest share of the market. Factors, such as increasing availability of reimbursements for atherectomy systems, adoption of atherectomy systems among medical professionals, large patient population of peripheral & coronary artery diseases, and increasing number of clinical trials (that aim to evaluate the therapeutic efficacy of atherectomy systems in specific disease treatment) are driving the growth of the North American atherectomy devices market.
Suitable reimbursement scenario and a high number of FDA approved devices are the key reasons for this dominance. For instance, in April 2019, Avinger, Inc. received 510(k) clearance from the FDA for Pantheris SV (Small Vessel) image guided atherectomy system. A product line extension of its Lumivascular image-guided atherectomy platform is expected the Pantheris market by 50% thereby increasing its share in the atherectomy devices market.
The Atherectomy Devices market is moderately competitive and many of the global players are into the market. For instance - Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific, C.R. Bard, Cardinal Health, Inc., Koninklijke Philips N.V., Medtronic PLC, Terumo Corporation, etc. are providing these products across the globe.For instance, in January 2017, Medtronic plc received CE mark approval for its HawkOne directional atherectomy system. The new HawkOne 6 French (6F) system for treating patients with PAD provides easy to use treatment option with a single device.
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