CAGR: 7.4%Current Market Size: USD 2.79 BillionFastest Growing Region: Europe
Largest Market: North AmericaProjection Time: 2022-2029Base Year: 2022
The Global Endovascular Therapy Devices market is expected to grow from USD 2.79 billion in 2022 to USD 4.94 billion by 2030, at a CAGR of 7.4% during the Projection period 2023-2030. The growth of this market is mainly driven due to major vessel occlusion, endovascular therapy is becoming a highly effective treatment for those who have had an acute ischemic stroke, helping them regain their independence after the stroke.
Aneurysms, which cause ballooning or swelling of the blood vessels, are just one example of the many medical problems that affect the blood vessels that can be treated with endovascular surgery. In order to reach the blood vessels, the treatment begins with a bodily incision. To further enable the removal or administration of medication from the patient's bloodstream, a flexible, plastic tube, stents, or a catheter is put into the afflicted blood artery. Several procedures, including intravenous antibiotic therapy, long-term intravenous nutrition, chemotherapy, and blood transfusions, utilise these endovascular therapeutic devices. In a small number of cases, endovascular repair fails to help patients, particularly when the aneurysm is too close to the aorta or other arteries or too small to let the catheter through during surgery. People typically choose standard open surgery in such circumstances. By using minimally invasive catheter techniques on veins and arteries, endovascular surgical operations are frequently carried out to treat problems like peripheral vascular and cardiovascular disorders. The Peterson-KFF Health System Tracker anticipated that in 2019, each American would spend $10,966 on healthcare.
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Market Dynamics:
Drivers:
Endovascular therapy devices are witnessing huge demands across the globe, as a result of rising cases of cardiovascular diseases. Increasing surgical and postsurgical expenditure needs, as well as the prevalence of cardiovascular diseases, are key factors driving the market. The market is Projection to grow due to increasing industry demands and the preference of patients with cardiovascular diseases for minimally invasive healing procedures and diagnostics. A healthy growth in the market is predicted due to a greater acceptance and recognition of endovascular treatment devices among the general population.
Restraints:
The endovascular therapy devices market is growing at a tremendous rate, but there are some factors which are hampering the growth of the market such as the high cost associated with the usage of endovascular therapy devices. The high cost of endovascular therapy devices is impacting the sales of the market as not everyone can afford endovascular therapy as a result of this consumers are unable to switch to these devices to have less invasive treatment.
Opportunities:
A focus on design innovations by medical device manufacturers in developed and developing countries will likely lead to innovations in the field, and will also create new opportunities for market growth. Technological advancements are mainly done to make the device more efficient and acceptable among patients. As a result of advancements in endovascular treatment devices and a growing demand for outpatient procedures, the market is growing.
Challenges:
A lack of understanding about the usage of endovascular therapy devices and the benefits associated with the usage of these devices is challenging the growth of the market in so many ways. Consumers are more comfortable with the traditional procedures for the treatment of disorders such as cardiovascular disorders and have faith in the traditional procedure which eventually creates a problem for the endovascular therapy devices market to grow. In order, to generate more revenue and stable growth, awareness about these devices is required to be spread among the consumers which will increase the acceptability of the devices as well as propels the growth of the market.
Segmentation Analysis:
The global endovascular therapy devices market has been segmented based on product type, application, end-user, and region.
By Product Type
The product type segment includes thoracic aortic aneurysms graft, fenestrated EVAR, percutaneous endovascular aneurysm repair (EVAR), aortic stents, self-expanding nitinol stents and others. The percutaneous endovascular aneurysm repair (EVAR) segment led the largest share of the endovascular therapy devices market with a market share of around 25.2% in 2022. In order to repair abdominal aortic aneurysms, endovascular aneurysm repair (EVAR) is frequently used as a safe, effective procedure. There have been several studies recently that have shown that percutaneous access approaches are more effective than surgical cut downs to treat abdominal aortic aneurysms over the common femoral arteries. PEVAR surgery is also used to repair large, rapidly expanding, bleeding, and leaking abdominal aortic aneurysms; the dominance of this segment over the other segments is propelling the growth of the market.
By Application
The application segment includes neurology, cardiology, pulmonary, vascular and others. The cardiology segment led the largest share of the endovascular therapy devices market with a market share of around 27% in 2022. Due to the growing incidence of heart attacks around the world, cardiology will emerge as a prominent application segment for endovascular treatment devices by the end of the Projection period. The advent of endovascular therapy has changed the way heart attacks, strokes, and other cardiovascular conditions are treated. Many conditions that were once operated on invasively can now be treated internally with endovascular therapy.
By End-User
The end-user segment includes research institutes, hospitals & clinics and others. The hospitals & clinics segment led the largest share of the endovascular therapy devices market with a market share of around 45% in 2022. During the Projection period, hospitals and clinics are expected to lead the market because they offer advanced care to their patients and offer reimbursements at some point in the healing process. In addition, the need to reduce surgical and post-surgical expenses and the increasing prevalence of cardiovascular diseases are key factors driving this segment's growth.
Global Endovascular Therapy Devices Market- Sales Analysis.
The sale of endovascular therapy devices market expanded at a CAGR of 7.1% from 2016 to 2022.
The market for endovascular therapy devices will be primarily driven by an increase in the number of cardiovascular patients, increased economic power in some countries that will cause lifestyle changes, rising disposable income, and rising expenses. In addition, future expansion of the global market for endovascular therapeutic devices will be fueled by recent advancements in stent technology and increasing interventionist experience. But the high cost of using new endovascular therapy devices, the lack of knowledge in developing countries, and the US's strict tax regulations on medical products are anticipated to be some of the key obstacles in the way of the global market for endovascular therapy devices.
Since its inception in the early 1990s, the endovascular therapy devices industry has experienced exponential growth. Market estimations at the global level take into account many elements. Patients who are obese or taking anticoagulants no longer employ manual compression as frequently. However, due to their ability to provide larger sheath diameters, complicated procedures carried out with percutaneous endovascular treatment devices have advanced. Endovascular treatment devices are becoming more and more beneficial as the healthcare industry's economic landscape gets cutthroat since they free up time for other tasks.
Thus, owing to the aforementioned factors, the global endovascular therapy devices market is expected to grow at a CAGR of 7.4% during the Projection period from 2023 to 2030.
Global Endovascular Therapy Devices Market- By Regional Analysis:
The regions analyzed for the endovascular therapy devices market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the endovascular therapy devices market and held a 39.4% share of the market revenue in 2022.
Global Endovascular Therapy Devices Market- Country Analysis:
Germany's endovascular therapy devices market size was valued at USD 0.27 billion in 2022 and is expected to reach USD 129.37 billion by 2030, at a CAGR of 7.5% from 2023 to 2030.
There will also be an increase in the country's endovascular therapy devices market due to obesity, and rising awareness about the benefits of using endovascular therapy devices is also playing a key role in the growth of the market in the country. The fact that leading manufacturers are present in the area will help launch new products which will create more growth opportunities for the market in the country.
China’s endovascular therapy devices market size was valued at USD 0.17 billion in 2022 and is expected to reach USD 138.34 billion by 2030, at a CAGR of 7.8% from 2023 to 2030.
Rapid technological advances, product developments, and a high incidence of CVDs are some of the factors driving market growth. In addition to R&D efforts, medical advances made by major participants in the country are also credited with driving growth.
India's endovascular therapy devices market size was valued at USD 0.138 billion in 2022 and is expected to reach USD 0.249 billion by 2030, at a CAGR of 7.7% from 2023 to 2030.
In recent years, medical advancements have contributed to revenue growth in the endovascular treatment devices market, resulting in the continued expansion of the industry. In addition, rising cardiovascular diseases in the country will contribute a major share in the growth of the market.
Key Industry Players Analysis:
To increase their market position in the global endovascular therapy devices business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
7.4% |
Market Size |
2.79 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product Type, By Application, By End -User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Medtronic, Japan Lifeline, Nellix, Cardinal Health, Terumo, Altura Medical, Lifetech Scientific BiFlow Medical, Lombard Medical Technologies, Penumbra, Endologix, Endospan, InspireMD, and Getinge AB. |
By Product Type |
|
By Application |
|
By End -User |
|
Regional scope |
|
Scope of the Report
Global Endovascular Therapy Devices Market by Product Type:
Global Endovascular Therapy Devices Market by Application:
Global Endovascular Therapy Devices Market by End-User:
Global Endovascular Therapy Devices Market by Region:
Global Endovascular Therapy Devices market is expected to reach USD 4.94 billion by 2030, at a CAGR of 7.4% from 2023 to 2030.
Rising cases of cardiovascular disorders and technological advancements in endovascular therapy devices will propel the market's growth.
North American region will witness more endovascular therapy devices market growth.
Medtronic, Japan Lifeline, Nellix, Cardinal Health, Terumo, Altura Medical, Lifetech Scientific BiFlow Medical, Lombard Medical Technologies, Penumbra, Endologix, Endospan, InspireMD, Getinge AB, among others.
Political Factors- The frequency of changes to government policies and laws is referred to as uncertainty in the political environment. Regular policy changes have an impact on corporate performance and increase decision-making difficulty owing to ongoing ambiguity. In order to quickly adapt to changing policies, the needle destroyer market should actively monitor the political landscape and adjust the strategic priorities in line with this. Because of the democracy that underpins the existing form of government, the needle destroyer market may operate in a favourable climate. The democratic governance system, which encourages entrepreneurship and free trade, offers needle destroyer market economic freedom.
Economic Factors- The workforce's abilities and skills have a significant impact on needle destroyer market performance. To remain competitive, the needle destroyer market needs talented personnel to be available when they are needed. needle destroyer market needs to examine the trends in both the supply and demand for labour in order to comprehend how to effectively hire individuals with the necessary skill set. needle destroyer market may experience a number of issues as a result of a restrictive labour market and strong worker unions. For instance, it can put pressure on the needle destroyer market to grant an unjust wage increase or might halt production by calling for a strike.
Social Factors- Every nation has its own distinct cultural norms, values, and traditions that influence how people behave as consumers. Lack of flexibility to modify product/service offerings in accordance with regional cultural customs might seriously affect the company. To learn about local consumers, the needle destroyer market must perform significant research. The management of the needle destroyer market may find it challenging to comprehend the nuanced cultural differences because they are a multinational company from a culturally remote home market. For this reason, the needle destroyer market can create a commercial relationship with regional market participants that could provide in-depth knowledge about cultural norms and values that affect how customers perceive and interact with the brand.
Technological Factors- The research and development trend in the selected industry or region shows how proactive businesses are in introducing cutting-edge solutions for customer needs. needle destroyer market must improve its comprehension of how new technological advancements can help the company in addition to offering customers value. In markets defined by disruptive technology, significant investment in research and development efforts would be necessary. However, it is crucial for the needle destroyer market to have a long-term perspective and not anticipate a quick payoff from its R&D efforts.
Environmental Factors- The development of renewable technology to lessen reliance on natural resources has become a strong trend in many industries. To capitalise on this environmental trend, the needle destroyer market should assess how well a nation's technology infrastructure supports the adoption of renewable technologies. Governments in certain parts of the world provide enticing incentives for the use of renewable energy sources. By utilising the opportunity, the needle destroyer market can invest in renewable energy sources to meet its goals for sustainable economic growth.
Legal Factors- The development of renewable technology to lessen reliance on natural resources has become a strong trend in many industries. To capitalise on this environmental trend, needle destroyer market should assess how well a nation's technology infrastructure supports the adoption of renewable technologies. Governments in certain parts of the world provide enticing incentives for the use of renewable energy sources. By utilising the opportunity, needle destroyer market can invest in renewable energy sources to meet its goals for sustainable economic growth.
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