Atherectomy Devices Market to Reach $2.1 Billion, Globally, by 2031 at 10.5% CAGR: Allied Market Research

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Apr 17, 2023, 05:17 ET

PORTLAND, Ore., April 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Atherectomy Devices Market by Product (Directional Atherectomy Devices, Rotational Atherectomy Devices, Orbital Atherectomy Devices, Others), by End User (Hospitals, Ambulatory surgery centers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global atherectomy devices industry generated $0.7 billion in 2021, and is anticipated to generate $2.1 billion by 2031, witnessing a CAGR of 10.5% from 2022 to 2031.

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Prime determinants of growth

The growth in geriatric population and the rising prevalence of cardiovascular diseases such as coronary artery disease and peripheral artery disease drive the growth of the global atherectomy devices market. However, limited availability of skilled healthcare professionals restricts the market growth. Moreover, use of atherectomy devices in minimally invasive procedures presents new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global atherectomy devices market, owing to a reduction in the number of elective procedures being performed during the lockdown.
Hospitals and healthcare providers had to focus on treating COVID-19 patients, which led to a reduction in the number of non-emergency procedures being performed. This had resulted in a decline in the demand for atherectomy devices during the pandemic.

The rotational atherectomy devices segment to maintain its leadership status throughout the forecast period

Based on product, the rotational atherectomy devices segment held the highest market share in 2021, accounting for more than one-third of the global atherectomy devices market, and is estimated to maintain its leadership status throughout the forecast period, owing to its high efficiency in removing plaque from the arterial walls due to its rotating burr. However, the directional atherectomy devices segment is projected to manifest the highest CAGR of 11.1% from 2022 to 2031, owing to advancements in directional atherectomy devices.

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The hospitals segment to maintain its leadership status throughout the forecast period

Based on end user, the hospitals segment held the highest market share in 2021, accounting for more than two-fifths of the global atherectomy devices market, and is estimated to maintain its leadership status throughout the forecast period, owing to the preference for a large number of patients. However, the ambulatory surgery centers segment is projected to manifest the highest CAGR of 10.9% from 2022 to 2031, owing to the affordable price at ambulatory surgery centers.

North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global atherectomy devices market, and is likely to dominate the market during the forecast period. This is owing to an increase in adoption of atherectomy devices by patients, rise in awareness about the peripheral artery disease, and surge in healthcare infrastructure. Upsurge in healthcare expenditure in the emerging economies is anticipated to offer lucrative opportunities for the market expansion. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.9% from 2022 to 2031, owing to factors such as increase in per capita spending, growth in medical tourism, and rise in disposable incomes.

Leading Market Players: -

Medtronic plc,
Koninklijke Philips N.V.,
Boston Scientific Corporation,
Cardiovascular Systems, Inc.,
Becton,
Dickinson and Company,
AngioDynamics Inc.,
Rex medical,
Nipro Corporation,
Invamed medical,
Avinger Inc.

The report provides a detailed analysis of these key players of the global atherectomy devices market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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