As per FMI Analysts, the global market is estimated to be valued at USD 648.7 million in 2023. The overall market is projected to increase at a CAGR of 9.9% during the forecast period from 2023 to 2033. The global ischemic stroke aspiration systems market size is expected to reach USD 1,672.8 million by 2033.
The market is growing rapidly, thanks to the increasing demand from hospitals and clinics. Further, the increasing prevalence of cardiovascular diseases and diabetes across the world is expected to drive market growth.
The key trend observed in the concerned market is the releases and approvals by key players to launch new products, thereby creating opportunities in the product market. This is expected to create a positive impact on the growth of the market in the coming years.
The lack of competent laboratory experts is hampering the expansion of the market. This is because as diagnostic laboratories deploy advanced ischemic stroke aspiration systems and automate processes, the expansion of diagnostic laboratories is also limited by a scarcity of skilled professionals.
The number of new graduates from clinical laboratory programs is decreasing, limiting the rapid expansion of the forum although the demand for ischemic stroke aspiration systems is rising. Also, the decreasing number of graduates is because clinical laboratory programs are being replaced by molecular biology and genetic programs. The market for ischemic stroke aspiration systems is projected to experience gradual growth during the forecast period due to increasing regional product penetration.
The Middle East and Africa are expected to be the least lucrative for the market due to the prevalent acceptance of ischemic stroke aspiration systems in the region.
| Report Attributes or Data Points | Details |
|---|---|
| Global Ischemic Stroke Aspiration Systems Market Valuation in 2022 | USD 595.3 million |
| Estimated Global Market Share in 2023 | USD 648.7 million |
| Forecasted Global Market Size by 2033 | USD 1,672.8 million |
| Projected Global Market Growth Rate from 2023 to 2033 | 9.9% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 8.7% CAGR |
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The global market has received a lot of traction in the industry in the last two decades. The increasing prevalence of cardiovascular diseases and diabetes across the world is expected to drive the propulsion in the market. Also, the key trend observed in the forum is the launches and approvals by key players to introduce new products, thereby creating key opportunities for market growth.
The market is growing significantly due to increasing product penetration in developing countries such as China and India. This is allowing manufacturers to generate revenue rapidly and drive growth.
Various global manufacturers in the market are looking for regional players for collaboration, partnership, and acquisition to expand their regional product footprint, which is expected to boost the sale of the product. In addition, increasing awareness about the possible symptoms of ischemic stroke resulting in improving treatment-seeking rates is fueling the usage of ischemic stroke aspiration systems.
| Category | By End User |
|---|---|
| Top Segment | Hospitals |
| Market Share in Percentage | 52.6% |
The overall market size is projected to be restrained by the factors such as the lack of skilled professionals and the high cost of equipment despite all of the potential growth opportunities.
Moreover, the increased consumption of alcohol, smoking, and decreased physical activity that comes with a changed lifestyle can lead to an increased risk of ischemic stroke. However, the high cost of procedures may hamper the propulsion of the market.
A key obstacle that is expected to hamper market growth is the lack of competent laboratory experts. This is because as diagnostic laboratories deploy advanced ischemic stroke aspiration systems and automate processes, the expansion of diagnostic laboratories is also limited by a scarcity of skilled professionals.
The number of new graduates from clinical laboratory programs is decreasing although the demand for medical laboratory professionals is rising limiting the market growth.
Moreover, the decreasing number of graduates is because clinical laboratory programs are being replaced by molecular biology and genetic programs.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| North America | 34.4% |
| Europe | 32.7% |
In terms of volume, North America is predicted to grow notably over the projection period. Due to the higher number of procedures carried out there, the North America region is expected to generate significant growth in the global market.
The market opportunities in Latin America are expected to see gradual growth by the end of the forecast period due to increasing product penetration, despite steady declining growth in the past few years.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| The United States | 31.8% |
| Germany | 8.8% |
| Japan | 4.7% |
Europe's market is expected to be the second leading market because the number of ischemic stroke aspiration systems for controlling ischemic strokes has increased steadily in recent years. Further, a significantly improving healthcare infrastructure is driving the notable growth of the Asia Pacific region and is expected to make the region one of the significantly growing regions throughout the forecast period.
The forum is expected to be the least leading market in the global market in the Middle East and Africa as it is anticipated as the least adopted product in this region.
| Regional Markets | CAGR (2023 to 2033) |
|---|---|
| The United Kingdom | 9.5% |
| China | 13.2% |
| India | 12.8% |
| Australia | 8.1% |
Some of the leading companies operating in the global ischemic stroke aspiration systems market include Medtronic, Penumbra, Inc., Insera Therapeutics, Imperative Care Inc., and others. Further, the biggies have adopted several main tactics, including increasing manufacturing capacity and developing new products.
A large portfolio of products from other medical device markets and Medtronic's strong presence in the stent retrieval market might prove beneficial to Medtronic in establishing a strong presence in the marketplace. Further, this can also be said for PTA Drug-Eluting Balloons, which Medtronic previously demonstrated in the catheter market.
Medtronic's Riptide system is approved for use with their existing Arc catheter, intracranial support catheters will typically cost less than Penumbra's aspiration catheter; therefore, the lower disposable cost is going to prove advantageous for Medtronic when competing against Penumbra's ACE system.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 9.9% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million, Volume in Kilotons, and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; Asia Pacific Excluding Japan; Japan; The Middle East and Africa |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Australia, New Zealand, China, India, Japan, ASIAN, GCC, South Africa, North Africa |
| Key Companies Profiled | Medtronic; Penumbra, Inc.; Insera Therapeutics; Imperative Care Inc.; Others |
| Customization & Pricing | Available Upon Request |
The global market is expected to be worth USD 2.8 billion by 2033.
The market is forecast to register a CAGR of 9.9% from 2023 to 2033.
Improving healthcare infrastructure in India is capturing a huge revenue in the global market.
The hospital segment contributes a maximum share of the market.
China is a significantly growing country capturing a CAGR of 13.2%.
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Ischemic Stroke Aspiration Systems Market
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