ALBANY, New York, March 5, 2020
ALBANY, New York, March 5, 2020 /PRNewswire/ -- According to the report, the global plaque modification devices market was valued at ~US$ 1.1 Bn in 2018 and is projected to expand at a high CAGR during the forecast period. Plaque modification devices are utilized for the removal of plaque and other debris from the arteries, which carry the blood to the heart and brain. Aggressive technologies such as rotational atherectomy, directional atherectomy, laser atherectomy, and orbital atherectomy are recommended for removal of plaque and other deposits. Thrombectomy, chronic total occlusion, and embolic protection are the other plaque removal procedures adopted globally. Innovative technology such as image-guided atherectomy is likely to offer significant opportunities in the global market.
Favorable reimbursement policies and increase in trend of adoption of minimal invasive surgeries are expected to fuel the growth of the global plaque modification devices market. Rise in investments by companies to develop and launch novel devices is likely to boost the growth of the global plaque modification devices market.
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North America dominated the global plaque modification devices market in 2018 and the trend is anticipated to continue during the forecast period. The region's dominance can be ascribed to the presence of key players, increase in incidence of atherosclerosis, rise in prevalence of coronary & peripheral artery diseases, increase in incidence of hypertension, and surge in awareness about heart diseases. However, higher cost of advanced plaque modification surgeries are likely to restrain the global plaque modification devices market during the forecast period.
Rise in Prevalence of Atherosclerosis to Propel Global Market
Atherosclerosis is characterized by deposition of plaque inside the arteries, which in turn reduces the blood flow to the heart or other parts of the body. Plaque is caused by excess deposition of fat, cholesterol, calcium, and other substances in the arteries. A journal published on Omics International stated that atherosclerosis accounts for 32% deaths and has a prevalence of 13.8% among adults.
According to research published on NCBI, atherosclerosis accounted for 50% deaths in the West in 2019. In the U.S., heart disease accounts for 610,000 deaths every year and coronary heart disease caused by plaque deposition accounts for around 370,000 deaths in the West each year. Moreover, 75% of the acute myocardial infarctions is caused by plaque rupture, which is highly prevalent in men aged over 45.
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Rapid Adoption of Minimal Invasive Surgeries to Drive Global Market
Minimal invasive surgeries recommended for the removal of plaque or the treatment of atherosclerosis include atherectomy, thrombectomy, and chronic total occlusion. These are advanced procedures utilized to remove clots and blockages from the arteries. Rise in awareness and expertise boosts adoption of minimal invasive surgeries across the globe. The minimal invasive surgery is safer than open surgery and hence, higher adoption rate of advanced instruments and procedures is likely to drive the global market.
Coronary Artery Diseases to Drive Global Market
In terms of application, the coronary artery diseases segment is likely to grow at a faster pace during the forecast period. Coronary artery disease is the most common heart condition caused by plaque deposition. Rise in prevalence of coronary artery disease across the globe is projected to propel the adoption of plaque modification devices. Rise in prevalence of coronary artery disease enables companies to launch their products and strengthen their geographic presence. This factor is likely to boost the growth of the global plaque modification devices market.
According to a research, coronary artery disease accounts for deaths of 3.8 million men and 3.4 million women across the globe each year. Coronary artery disease accounts for 1.95 million deaths in Europe every year. Rise in prevalence of hypertension, smoking, and other lifestyle diseases leads to increase in the deposition of plaque in the arteries, which in turn drives demand for plaque modification devices.
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Plaque Modification Devices Market: Prominent Regions
In terms of region, the global plaque modification devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global plaque modification devices market in 2018, followed by Europe. North America accounted for major share of the global plaque modification devices market in 2018.
This can be attributed to the large patient pool suffering from atherosclerosis, peripheral, and coronary artery disease, rise in trend of minimal invasive surgery, prevailing hypertension, and adoption of innovative plaque modification devices, favorable reimbursement policies, and presence of key players in the region. Technological advancements leading to development of innovative atherectomy procedures is another major factor expected to augment the market in North America. The plaque modification devices market in Asia Pacific is likely to expand at a higher CAGR from 2019 to 2027.
This can be attributed to rise in prevalence of cardiovascular diseases, increase in healthcare expenditure, and large patient population including geriatric population in countries such as Japan and China. Initiatives taken by the governments of countries in the region and presence of key players offering innovative plaque modification devices are projected to boost the growth of the plaque modification devices market in Asia Pacific.
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Expansion of Product Portfolio through Launch of Innovative Devices and Partnerships by Key Players to Drive Global Market
The global plaque modification devices market is consolidated in terms of number of players. The market is dominated by small number of key players with strong distribution network. Leading players operating in the global plaque modification devices market include Boston Scientific Corporation, B. Braun Melsungen, Becton, Dickinson and Company, Cardinal Health, Medtronic, Cardiovascular Systems, Inc., Microvention, Inc. (Terumo), Penumbra, Inc., Biotronik, Stryker, and Codman Neuro (Johnson & Johnson).
Global Plaque Modification Devices Market: Segmentation
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