Atherectomy Devices Market to Witness Widespread Expansion by 2022
The global atherectomy devices market depicts a competitive market landscape with a significant number of players operating globally, reports Transparency Market Research (TMR). To gain a competitive edge among great number of players, the main players are engaging in product portfolio expansion. This has resulted in notable rising in research and development initiatives and subsequent technological advancements. This is expected to drive growth of the global atherectomy devices market in the near future, adds TMR. Major players in the atherectomy devices market are Boston Scientific Corp., Avinger Inc., Medtronic Plc, Cardiovascular Systems Inc., Spectranetics Corp., Terumo Corp., and Royal Philips NV. The research further states that the level of competition among the top players is expected to intensify during 2017-2022.
As per the TMR report, the global market for atherectomy devices was evaluated at US$558.9 mn in 2017. It is anticipated to reach US$735 mn by 2022 end. The market is register a robust CAGR of 5.60% during the forecast period. The directional atherectomy is expected to drive growth of the global atherectomy devices market due to its large penetration, ease of availability and numerous customization options.
Region wise, North America is expected to remain dominant in the global atherectomy devices market. The regional market is predicted to grow at a notable CAGR of 6.0% during 2017-2022. Growing favorable reimbursement policies and existence of major players in the region are likely to drive its growth.
Technological Advancements Present Lucrative Opportunities
The rising demand from patients for less invasive procedures and the rising number of cases are the main factors that are predicted to drive the growth of the global atherectomy devices market in the near future. Rising new innovations are leading to the introduction of new products in the market such as laser based atherectomy. These innovations are providing new options for patients and opening new opportunities for medical professionals. These developments are likely to continue during the forecast period as spending on research continues to increase.
High costs of research and development and specialty equipment for laser procedures can restrain growth of the global global atherectomy devices market. However, technology drive trends leading to do-it-yourself diagnostic tools are expected to aid growth of the market by lowering portion of the costs.
Lack of Awareness in Emerging Region Poses a Challenge to Market Growth
Development in new market poses a challenge to the growth of the global atherectomy devices market. Lack of awareness in developing regions, and lack of access to quality healthcare markets hampers growth of the market. Additionally, lack of quality professionals is also key to driving surgical procedures, diagnosis, and advanced treatments like laser treatment. However, increasing private and public funds in regions like Asia Pacific for healthcare infrastructure is expected to drive growth of the global atherectomy devices market in emerging markets. Further penetration opportunities and rising interest among key global players are positive signs for the market.