Wilmington, Delaware, United States, March 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Laser Atherectomy Devices Market is expected to expand at a CAGR of 7.4% during the forecast period from 2023 to 2031, according to the report by Transparency Market Research.
The prevalence of peripheral artery disease (PAD) has increased in the past few years owing to factors such as an increase in obesity and diabetes, sedentary lifestyles and smoking, and an aging population across the globe. Therefore, the need for advanced treatment solutions, such as laser atherectomy, has surged in order to prevent and manage this health condition and related health complications. Demand for laser atherectomy devices has increased as the popularity of laser atherectomy rises owing to its advantages, such as fewer complications, minimally invasive nature of the procedure, and minimum recovery time as compared to other treatment solutions for PAD.
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Laser Atherectomy Devices Market: Key Findings
- Laser atherectomy devices are being increasingly utilized for treating blockages in peripheral arteries that are present outside of the brain and heart. In PAD, the arteries in the legs of a patient are blocked or become narrowed, resulting in numbness, severe pain, and various other issues. This can also lead to increased possibilities of stroke and heart attack. Based on application, the peripheral vascular segment held leading share of the global industry in 2022. This is attributed to rise in cases of PAD and increase in utilization of laser atherectomy devices in the treatment of this condition.
- Healthcare professionals across the globe are inclining toward laser atherectomy instead of other options, such as balloon angioplasty or bypass surgery, owing to advantages such as their minimally invasive nature, reduced hospital stays, and lower possibility of complications such as infection and bleeding. Moreover, laser atherectomy can be carried out under local anesthesia, and it allows for the treatment of multiple blockages in the same procedure.
- The number of laser atherectomy procedures performed in hospitals and surgical centers across the globe has increased in the past few years, due to availability of vital equipment and skilled healthcare professionals at these facilities. This allows for completion of procedure in an effective and safer manner. In terms of end-user, the hospitals & surgical centers segment accounted for a larger share of the global industry in 2022.
- Leading manufacturers in the industry are focusing on the incorporation of technological advancements in order to develop more effectual laser atherectomy devices. They are developing portable and smaller devices that can be utilized in various non-hospital settings and outpatient clinics. Moreover, the latest laser atherectomy devices can be incorporated with next-generation imaging equipment, such as intravascular ultrasound. Therefore, healthcare professionals can gain access to a real-time visualization of the treatment area, allowing them to target more precisely for removing plaque. Technological developments in laser atherectomy devices have made them more efficient, accessible, and effective.
Laser Atherectomy Devices Market: Growth Drivers
- Rise in prevalence of cardiac disorders in developed and emerging countries is expected to fuel industry growth
- Increase in inclination toward minimally invasive surgeries is likely to bolster growth opportunities for producers of laser atherectomy devices
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Regional Analysis
- North America held dominant share of the global industry in 2022. This can be attributed to well-developed healthcare facilities, rise in the number of minimally invasive procedures, and increase in cases of PAD in the region.
- Players are likely to gain significant growth opportunities in Asia Pacific and Europe during the forecast period. This can be ascribed to increase in the number of PAD patients, increase in awareness about these products, and advanced healthcare infrastructure in these regions.
Laser Atherectomy Devices Market: Competition Landscape
- Companies are increasing their R&D activities that are focused on the development of devices with improved quality
- Players are adopting strategies of mergers and acquisitions to increase their market share
Laser Atherectomy Devices Market: Key Players
- BD Interventional
- AngioDynamics
- Terumo Corp.
- Boston Scientific Corp
- Avinger, Inc.
- Medtronic
- Philips
- Cardiovascular Systems, Inc.
- Eximo Medical Ltd.
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Laser Atherectomy Devices Market Segmentation
Application
- Cardiovascular
- Peripheral Vascular
- Neurovascular
End-user
- Hospitals & Surgical Centers
- Ambulatory Care Centers
- Others
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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