Plaque Modification Devices Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis, Regional Insights and Forecast 2021-2028

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

According to Vision Research Reports, the global plaque modification devices market size was valued at US$ 1.3 Bn in 2020 and to surpass around US$ 2.2 bn by 2028 with a high CAGR of 8.2% during the forecast period.

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.

The global plaque modification devices market is driven by rise in prevalence of atherosclerosis, coronary & peripheral artery diseases, and hypertension; development of advanced technical devices, and initiatives taken by governments to increase awareness about plaque deposition and its associated risks. 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.

North America dominated the global plaque modification devices market in 2020 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.

Increase in Prevalence of Hypertension to Drive Global Market

According to the WHO research, hypertension affects around 26% (nearly 1.13 billion people) of the world’s population. The number is expected to increase to 29% by 2025. Growing hypertension is a public burden and is increasing across developing countries. It is a major risk factor for atherosclerosis, heart stroke, and other diseases. According to the American Heart Association (AHA), 103 million adults in the U.S. suffer from higher blood pressure or hypertension. The majority of the population in the U.S. suffering from hypertension was aged over 65 in 2018. According to NCBI research published in 2019, around 266.9 million people were suffering from hypertension in China in 2018. According to cardiovascular diseases statistics, in 2018, prevalence of hypertension was 31.9% in Hungary, 29.6% in Bulgaria, 29.4% in Latvia, 28.5% in Germany, 16.2% in Sweden, 16.4% in the U.K., and below 17% in Benelux countries. This drives the need of various innovative technologies to tackle the plaque deposition condition caused by hypertension.

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.

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 2020, followed by Europe. North America accounted for major share of the global plaque modification devices market in 2020. 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 2021 to 2028. 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.

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). These players have adopted strategies such as product portfolio expansion, investment in development of accurate innovative plaque modification devices, adoption of new technologies, and mergers & acquisitions to establish a strong distribution network. For instance, there are only two FDA-approved plaque modification systems available in the market: The Silver Hawk and TurboHawk. These are the only directional atherectomy products by Boston Scientific in use presently. Companies such as Avinger launched groundbreaking device, Pantheris SV, in 2019, which is backed by strong clinical data that confirms the capability of the device in atherectomy procedures. Avinger has novel devices in the portfolio such as Ocellaris CAD, an image-guided coronary CTO crossing device expected to be approved and launched in 2021.

Market Segmentation

By Product Type

  • Atherectomy Devices
  • Thrombectomy Devices
  • Chronic Total Occlusion (CTO) Devices
  • Embolic Protection Devices (EPD)

By Application

  • Coronary Artery Disease
  • Peripheral Artery Disease
  • Neurovascular Disease
  • Others

By End User

  • Hospitals
  • Specialty Clinics
  • Ambulatory Surgical Centers

By Region

    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • GCC Countries
      • South Africa
      • Rest of Middle East & Africa

Report Scope

The Plaque modification devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Plaque modification devices market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Plaque modification devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Plaque modification devices market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Plaque modification devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Plaque modification devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Plaque modification devices by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Plaque modification devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Plaque modification devices market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Plaque modification devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Plaque modification devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Plaque modification devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Plaque modification devices market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Plaque modification devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Plaque modification devices market. These factors have benefited the growth of the global market for Plaque modification devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Plaque modification devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Plaque modification devices are as follows:

  • History Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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