BLOOD CLOT RETRIEVAL DEVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Blood Clot Retrieval Devices Market Size and Trends

The global blood clot retrieval devices market is estimated to be valued at USD 1.62 Bn in 2024 and is expected to reach USD 4.40 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 15.3% from 2024 to 2031.

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Factors such as the increasing incidence of strokes worldwide primarily driven by rising geriatric population, growing awareness about treatment options for strokes, and technological advancements in blood clot retrieval devices resulting in improved patient outcomes have been driving the demand for blood clot retrieval devices. Additionally, various studies that have proven the efficacy of mechanical thrombectomy over standard medical management alone in improving revascularization and clinical outcomes for acute ischemic stroke patients are further supporting the growth of this market. However, high costs associated with blood clot retrieval devices and lack of reimbursement in some underdeveloped regions are some of the factors expected to hamper the market growth to some extent during the forecast period

Increasing incidence of ischemic stroke

The global blood clot retrieval devices market is expected to see substantial growth driven by the rising incidence rates of acute ischemic stroke around the world. Stroke is one of the leading causes of disability as well as the fifth most common cause of death worldwide. According to some estimates, over 17 million people suffer from stroke annually and more than 6 million people die each year due to this condition. The chances of stroke also increase with age with over three-quarters of strokes happening in people aged over 65. As the worldwide population is aging at a very fast rate, the number of elderly groups is rising dramatically in several regions. For example, the United Nations predicts that over next three decades, the number of people over the age of 60 will more than double globally. This demographic shift will lead to a subsequent rise in the risk of developing age-related diseases like stroke. Early revascularization through mechanical thrombectomy using blood clot retrieval devices has significantly improved stroke outcomes in patients suffering from large vessel occlusion strokes. Thus, with stroke projected to remain a huge burden globally in coming years, the demand for advanced thrombectomy devices is expected to surge. For instance, in February 2022, significant changes in stroke incidence during the previous 29 years have been observed in the U.S., according to new data presented at the American Stroke Association's International Stroke Conference in 2022. Based on findings: The prevalence of stroke in those 75 years of age and older has significantly declined. On the other hand, stroke rates are rising among individuals under 49, especially in the Midwest and South. Between 1990 and 2019, the number of stroke cases in the U.S. increased by 60% overall, with ischemic strokes accounting for two-thirds of all instances.

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Growing awareness about effective stroke management devices

The increased awareness about effective stroke management devices among both healthcare professionals and patients has been a key driver for the growth of the global blood clot retrieval devices market. More people are now recognizing that treating stroke as a medical emergency and ensuring rapid flow of blood to the brain in a timely manner is very critical in improving patient outcomes post stroke. This awareness has been fueled by various educational campaigns conducted by public health organizations to ensure communities understand the importance of ACT (Acting FAST, calling 911, and Targeting care at a Comprehensive Stroke Center). For example, the American Stroke Association's "Time Lost is Brain Lost" campaign emphasized that stroke is a serious medical emergency and every minute counts when it comes to treating a stroke patient. Such initiatives have encouraged more people to seek urgent medical attention in case of a suspected stroke. As a result of this growing understanding of need for quick stroke treatment, there is significant demand for state-of-the-art blood clot retrieval devices that can help clinicians efficiently remove clots from blocked arteries in the brain. These advanced devices such as stent retrievers and aspiration devices have revolutionized the endovascular treatment landscape by improving reperfusion rates and subsequently leading to better clinical outcomes for stroke patients. For example, according to the Society of Vascular and Interventional Neurology, the percentage of eligible stroke patients receiving endovascular treatments within 6 hours has doubled between 2014 and 2020. This reflects increased adoption of mechanical thrombectomy surgeries using clot retrieval tools.