(Australia-NewsWire.Com, September 22, 2020 ) Sydney, Australia -- According to a new market research report "Embolic Protection Devices Market by Type (Distal Filter, Distal Occlusion, Proximal Occlusion), Material (Nitinol, Polyurethane), Application (Cardiovascular, Neurovascular, Peripheral), Indication (PCI, SVD, TAVR) - Global Forecast to 2023", published by MarketsandMarkets™, the global market is projected to reach USD 604.9 Million by 2023 from USD 405.5 Million in 2018, at a CAGR of 8.3% during the forecast period. The growth in this market is mainly attributed to factors such as the rising incidence of cardiovascular and neurovascular diseases, growing funding and investments launch of technologically advanced embolic protection devices, and the rising demand for minimally invasive procedures.
The neurovascular segment is expected to grow at the highest CAGR during the forecast period
On the basis of application, the market is categorized into cardiovascular, neurovascular, and peripheral vascular diseases. The neurovascular segment is expected to grow at the highest CAGR during the forecast period. The favorable medical reimbursement scenarios for neurovascular procedures in developed countries, increasing awareness about the clinical efficacy of embolic protection devices among neurosurgeons, and the rising adoption of these systems across developing countries (such as China and India) are expected to drive the growth of this application segment during the forecast period.
The percutaneous coronary intervention segment accounted for the largest market share.
On the basis of indication, the market is categorized into percutaneous coronary intervention, transcatheter aortic valve replacement (TAVR), carotid artery diseases, saphenous vein graft disease, and other indications. In 2017, the percutaneous coronary intervention segment accounted for the largest share of the global Embolic Protection Devices Market. The large share of this segment can primarily be attributed to the increasing prevalence of CAD and the rising preference for minimally invasive procedures.
Hospitals are expected to be the largest end users of embolic protection devices during the forecast period
The major end users of Embolic Protection Devices Market are hospitals and ambulatory surgical centers. The hospital segment is expected to grow at the highest CAGR during the forecast period. The market for this segment is mainly driven by factors such as the growing number of angioplasty procedures performed in hospitals, rising incidence of chronic vascular diseases, favorable reimbursement scenario in developed countries, growing number of hospitals, and increasing government initiatives to provide quality treatment for cardiovascular diseases.
North America dominated the Embolic Protection Devices Market. The rising geriatric population and prevalence of cardiovascular and neurovascular diseases, increasing adoption of minimally invasive techniques, increasing availability of funding, and the presence of a large number of medical device product manufacturers are driving the growth of the Embolic Protection Devices Market in North America. However, the APAC is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to the growing geriatric population, rising prevalence of CVD, increasing number of facilities, and rising healthcare expenditure.
The prominent players in the Embolic Protection Devices Market are Boston Scientific (US), Medtronic (Ireland), Abbott (US), Cordis (A Cardinal Health Company) (US), Allium Medical (Israel), Contego Medical (US), W.L. Gore & Associates (US), Silk Road Medical (US), Claret Medical (US), and AngioSlide (Israel).