Global Atherectomy Devices Market - Segmented by Product, Application, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Atherectomy Devices Market - Segmented by Product, Application, End-User and Geography - Growth, Trends, and Forecast (2018 - 2023)
Keywords: atherectomy devices market
Meta Description: The atherectomy devices market is projected to grow, at a CAGR of about 6.1%.
Meta title: Atherectomy Devices Market | Growth, Trends and Forecasts (2018-2023)
The atherectomy devices market is projected to grow, at a CAGR of about 6.1%. Atherectomy is a minimally invasive endovascular procedure generally performed to remove atherosclerosis from blood vessels within the body. A few types of atherectomy include, laser, directional and rotational atherectomy.
Rising Demand for Minimally Invasive Surgical Procedures
In minimally invasive surgery, doctors use variety of ways to operate with minimal damage to the body as opposed to traditional open surgery. In general, 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 it can be used in veins and vascular bypass grafts as well. The demand for this surgery is growing up 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. This will lead to a high CAGR with which the market is expected to grow in the forecast period. Along with this, there are other factors such as continuous product development and commercialization, favorable medical reimbursement scenario in mature markets and strengthening distribution channels of major product manufacturers will lead to the growth of the atherectomy devices market.
Lack of Well-Trained Surgeons
Since Surgical Specialists are one of the primary users of minimally invasive devices, many countries are facing shortage of such healthcare professionals. Due to this shortage, patients who are willing to opt for a minimally invasive procedure like atherectomy have to reluctantly undergo conventional procedures. Both of these factors are limiting the scope this market drastically. Hospitals with high patient enrollments are also facing this problem in spite of possessing the purchasing power, these hospitals cannot install such devices. In many countries, rural population contributes the majority percentage towards total population. This shortage is more acute in rural regions where most of the healthcare centers are owned by the state. Government schemes are funding heavily to improve to the status of health in rural regions but minimally invasive devices category is unable to utilize this opportunity due to shortage of experienced professionals who possess the expertise to operate such devices. This will lead to the slowdown of the growth of this market along with other factors such as, stringent regulatory scenario will also lead to the slowdown of the market growth.
North America to Command Dominance
North America is expected to command the largest share of the market. Factors such as increasing availability of reimbursements for atherectomy systems, growing adoption of atherectomy systems among medical professionals, large patient population of peripheral & coronary artery diseases, and growing 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.