Endovascular surgical procedure is a minimally invasive and an innovative procedure utilized in the treatment of various medical conditions that affect the blood vessels such as aneurysm that causes ballooning or swelling of the blood vessels. The procedure initiates by making an incision on the body to gain access to the blood vessels. Further a flexible, plastic tube, stents or catheter is inserted into the affected blood vessel to permit withdrawal or delivery of medication from patient’s bloodstream. These endovascular treatment devices are used for several therapies such as intravenous antibiotic treatment, long-term intravenous feeding, chemotherapy and blood transfusions. In few instances, the endovascular repair doesn’t work for patients, especially when the aneurysm is located very close to aorta or the arteries or when it is very narrow to allow passage of the catheter in surgical procedure. In such cases, people generally opt for traditional open surgery.
COVID – 19 scenario analysis:
- The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses
- Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth
- Over 4 million people affected globally, with 300 thousand losing their lives due to SARS-CoV-2
- Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers
- Due to diversion of medical field towards treating COVID-19, the funding to R&D activities related to endovascular treatment has been reduced and this segment have to face negligence subsequently causing negative impact on endovascular treatment devices market
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The endovascular treatment devices market is driven by myriad of factors such as growing geriatric population, rising prevalence of cardiovascular disorders, highly advanced endovascular therapeutics, and increasing healthcare expenditure. The rising number of patients suffering with aortic aneurysms and ischemic heart strokes, worldwide will augment the demand for endovascular treatment devices in the market. Industry demands and patient preference towards minimally-invasive therapies and diagnostics would further surge the market growth.
The rising expenditure on healthcare sector is catalyzing the research and developments and novel product launches in endovascular therapy devices has resulted into increasing adoption of these devices. Organization for Economic Co-operation and Development (OECD) survey report, stated in 2018 average per capita health expenditure in the U.S. was about USD 10,586. Current research and development activities have laid emphasis on development of safer and highly efficient endovascular therapy devices to prevent large-caliber femoral arteriotomies. With growing popularity and acceptance of percutaneous endovascular aneurysm repair and transcatheter aortic valve repair, there will be immense growth pockets for the key market players to develop and produce endovascular therapy devices with better efficiency in future.
Several medical complexities involving strokes, and other cardiovascular disease and the need for treatment from inside the blood vessels, and the endovascular devices offering minimally invasive therapy attributed with further shorter recovery time, and reduced stay at healthcare facilities would further fuel the endovascular therapy devices market.
On the contrary, high costs related to endovascular surgeries, lack of well-developed infrastructure in economically poor geographies and lack of skilled surgeons to operate endovascular devices and conduct surgeries are the factors impeding the market growth.
Rising adoption of endovascular treatment devices in ischemic strokes to stimulate market expansion
The rising adoption of endovascular surgeries for treatment acute ischemic strokes coupled with immense clinical is fuelling the growth of the endovascular treatment devices market. Stroke remains a major factor resulting in high morbidity and mortality globally, with affecting almost 800,000 individuals in the U.S. alone. Ischemic strokes dominate the occurrence of strokes accounting for almost 85%. As a result, the rising need for novel therapeutic devices for ischemic stroke treatment by reducing intracranial aneurysms would propel the demand for endovascular devices. Thus in the past few years, the global endovascular treatment devices market has shown significant growth with increasing prevalence of ischemic strokes and growing acceptance of endovascular treatment devices.
Increase in prevalence of cardiovascular diseases to amplify growth
Cardiovascular diseases hold the first place in cause for death globally than any other disease according to World Health Organization (WHO). In 2016, cardiac diseases caused fatality in an estimated 17.9 million people, highlighting 31% of all global deaths with majority deaths were accounted in developing economies with low income. This can be an opportunity to the endovascular treatment devices to expand into developing economies.
Cardiac diseases are increasing with rising population and changing lifestyle. According to the Centers for Disease Control, the number of deaths due to cardiac diseases in United States is more than 606,000 on yearly basis. Four out of five CVD deaths are due to heart attacks and strokes. According to the World Journal of Cardiovascular Diseases, more than 7 million deaths are due to the sudden cardiac arrest worldwide every year. Thus, the growing cases of heart failures, and other heart-related conditions are facilitating the endovascular treatment devices market growth.
Key benefits of the report:
- This study presents the analytical depiction of the global endovascular treatment devices industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global endovascular treatment devices market share.
- The current market is quantitatively analyzed to highlight the global endovascular treatment devices market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global endovascular treatment devices market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Endovascular treatment devices Market research report:
- What are the leading market players active in the endovascular treatment devices market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Endovascular Treatment Devices Market Report Highlights
By End User
Key Market Players
InspireMD, Japan Lifeline, Getinge AB, Endospan, Medtronic plc, Boston Scientific Corporation, Cardinal Health, Terumo Corporation., Lombard Medical Technologies, Penumbra