The global atherectomy devices market is
projected to reach USD 1.45 billion by 2022 from 1.08 billion in 2017, at a
CAGR of 6.1%. Some of the factors driving the growth of this market are the growing
target patient population, continuous product development &
commercialization, favorable medical reimbursements, rising demand for
minimally invasive atherectomy procedures, and strengthening distribution
channels of major product manufacturers.
However, limited patient awareness
related to disease diagnosis (resulting in delayed treatment for peripheral
vascular diseases), stringent regulatory framework, dearth of well-trained surgeons to conduct atherectomy procedures,
and significant adoption of alternative therapies are the key challenges faced
by a majority of the atherectomy device manufacturers across the globe.
Analysis of
the market developments between 2014 and 2017 (October) reveals that several
growth strategies such as product launches, strategic acquisitions, mergers, market
expansions, agreements, partnerships, and collaborations are adopted by the
market players to strengthen their product portfolios and maintain a
competitive position in the atherectomy
devices market. Among these business strategies, product launches and strategic
acquisitions were the most widely adopted growth strategies by players in the
market.
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Medtronic (Ireland) holds the leading
position in the market with its broad range of atherectomy products. The
company has strong distribution networks
across 160 countries across Asia Pacific, Eastern Europe, Latin America, the
Middle East & Africa, Central Asia, Western Europe, South Asia, and North
America. The company primarily focuses on product launches and strategic
acquisitions to sustain its position in the atherectomy devices market.
The company
acquired Covidien (US) to expand its interventional product portfolio including
atherectomy devices. In addition, the market
has witnessed the launch of its HawkOne 6F directional atherectomy devices in
2015.
Philips (Netherlands) is one of the
prominent players in the atherectomy devices market. The company has a strong
foothold in the market with a wide range of atherectomy devices.
The company
mainly focuses on strategic acquisitions to strengthen its minimally invasive
product portfolio as well as to expand its customer base in the atherectomy devices
market.
For instance, in August 2017, the company acquired Spectranetics (US)
to expand its image-guided therapy
business group, which includes atherectomy devices.
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