As per the study undertaken by the team of Market Research Future (MRFR), the global embolic protection devices market is expected to witness considerable growth during the forecast period between 2018 and 2023. The market valuation stood at USD 400 million back in 2017, however, the market will propel with a compound annual growth rate of 8.5% in the forthcoming years of the forecast period.
The market is identified to be primarily driven by factors such as increasing technologically advanced devices, widespread prevalence of cardiovascular diseases, growing demand for minimally invasive procedures, and booming penetration by market players. Add to this, factors like increasing instances of approval of distal embolic protection devices market, increasing reimbursement coverage for cardiologic anomalies, and favorable government initiatives are all likely to push the growth of the market. However, at the same time, factors like increasing product failures and incidences of recalls are likely to dampen the expected growth of the market.
The global embolic protection devices market comprises of leading players like W. L. Gore & Associates, Cordis, Abbott, Medtronic, Allium Medical Solutions, Contego Medical, Claret Medical, Boston Scientific, and Angioslide.
The global embolic protection devices market segmentation is done based on usage, material, type, application, and end-user.
- By usage, the market segments into disposable devices and reusable devices.
- By material, the market divides into polyurethane and nitinol materials.
- By type, the market includes distal occlusion devices, proximal occlusion devices, and distal filter devices.
- By application, the market comprises neurovascular diseases, cardiovascular diseases, and peripheral vascular diseases. The cardiovascular diseases segment narrows down into trans cather aortic valve replacement, coronary artery diseases, and saphenous vein graft disease.
- By end-user, the market includes specialty centers, hospitals and clinics, and ambulatory surgical centers.
The global embolic protection devices market is regionally segmented into the following four regions: North America, Europe, Asia Pacific, and the Middle East & Africa.
The North American region leads the market standings globally in terms of market share. This is primarily due to the prevalence of cardiovascular and neurovascular disorders herein. The regional market is also positively influenced by factors like increasing demand for minimally invasive procedures, surging demand for advanced treatment methods, and increasing support from the government. The US region is one of the key countries contributing to the overall growth of the North American region.
Europe holds the second largest market share globally and is expected to showcase a strong growth rate during the forecast period. Key factors influencing the region here is the availability of advanced treatment facilities, a growing need for enhanced healthcare infrastructure, and increasing expenditures in healthcare. Moreover, the increasing rate of cardiovascular diseases in this region and an expanding population inclined towards leading a sedentary lifestyle is driving the growth of the global embolic protection devices market.
The Asia Pacific region is projected to be the fastest growing market due to the widespread prevalence of chronic diseases in this region. China holds the key behind the growth of the region as the country is expected to grow the fastest in the world. This is due to the rising awareness concerning health and available treatment methodologies as well as due to the increasing expenditure in healthcare.
The Middle East and Africa regional market is positioned to grow with the least percentage due to major driving factors like limited access and availability of treatment facilities and lack of adequate awareness among the masses. UAE holds the key in this region as it is expected to be the largest market due to the established healthcare industry therein and increasing availability of specialty care centers.
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