The embolic protection device market is predicted to grow at a CAGR of 7.63 % to reach a market size worth US$1278.309 million by 2026. This market was valued at US$764 million in 2019. The dissemination of plaque debris at the distal bed is prevented or reduced by embolic protection devices (EPDs), which increase the likelihood of a positive outcome. They are commonly used as part of saphenous vein graft (SVG) interventions as well as during carotid artery stenting procedures. As a result of the rising prevalence of cardio and neurovascular diseases and the increasing investment and funding flow into the development of technologically advanced devices, the global embolic protection device market has experienced strong growth. A number of other factors are likely to support the market, such as growing approval for embolic protection devices, expanding government initiatives, and increasing reimbursement for cardiac abnormalities.
The Rising Incidence of Cardiovascular Diseases Is Expected to Boost the Market
Increasing numbers of patients with heart diseases and neurovascular diseases should drive the market at a rapid pace. Cardiovascular diseases (CVDs) account for the majority of deaths worldwide, according to the World Health Organization. CVDs are estimated to have caused 17.9 million deaths in 2019, accounting for 32% of all global deaths. A heart attack or stroke was responsible for 85% of these deaths. Increasing awareness of the necessity for pre-diagnostics and better treatment will help the market in the coming years gain maximum revenue. According to the Centre for Disease Control and Prevention, one person dies every 36 seconds in the United States from cardiovascular disease. Each year, about 655,000 Americans die from heart disease or one in four deaths. The rising death toll has attracted the attention of government officials, thus more awareness programs are being conducted. Due to a steep rise in death rates due to strokes, more surgical procedures and medications will be necessary to treat the disease, which will promote the growth of embolic protection devices.
The Transcatheter Aortic Valve Replacement Procedure Is Becoming Increasingly Popular
Embolic protection is becoming an increasingly important factor in propelling growth for the embolic protection devices market due to its importance in transcatheter aortic valve replacement (TAVR). As a result of an increase in TAVR procedures, the demand for embolic protection devices has greatly increased. Over 276,000 transcatheter aortic valve replacements (TAVR) have been performed in the United States since 2011 when the first TAVR device was approved.
As reported by the Society of Thoracic Surgeons (STS) and the American College of Cardiology (ACC) TVT Registry, the volume of TVT surgery has been rising in recent years. Aortic valve implantation by TAVR surpassed surgical aortic valve replacement (SAVR) for the first time in 2019.
Market Growth Through New Product Launches
As the market demand grows, new products will be launched to meet the market's demands, resulting in strong growth in the market throughout the coming years. The Venus Medtech Company Keystone Heart recently announced that its product TriGUARD 3 Cerebral Embolic Protection (CEP) had received a CE mark from the European Union. In 2018, Boston Scientific Corporation acquired Claret Medical, Inc., a prominent company whose Sentinel system protects the brain from thrombosis. TAVR procedures, which are widely used today, are particularly prone to injury to the brain. The device, says the company, is designed to protect the brain during such procedures. Among other leading players, Contego Medical, LLC, announced in April 2017 that its new product Vanguard IEPa had been certified for CE marking. This system incorporates Integrated Embolic Protection Mechanism for peripheral balloon angioplasty. Further, the Company plans to launch the product in Europe for use by endovascular specialists performing lower limb angioplasty procedures. It incorporates a distal embolic filter and a peripheral angioplasty balloon in one catheter, which is the latest innovation of Contego's Integrated Embolic Protection (IEP) technology.
Health Care Sector Technological Advancements
Global embolic protection devices market outlook is forecast to be transformed over the next few years, as ongoing technological improvements in healthcare coupled with shifting consumer preferences towards procedures with a minimum amount of invasion are likely to influence the outlook. As an example, Innovative Cardiovascular Solutions announced in 2019 that its next-generation embolic protection system Emblok was successfully used in its European feasibility study with patients undergoing transcatheter aortic valve implantation (TAVI).
North America Is Expected to Grow at the Fastest Rate
It is expected that the North American market will grow most rapidly during the forecast period. This growth is due to an increase in diseases such as cardiovascular disease and neurovascular disease within this region. The prevalence of obesity and unhealthy eating habits has also been on the rise in this region. According to WHO, In 2016, there were more than 1.9 billion overweight people worldwide. There were more than 650 million obese adults among them. The prevalence of overweight adults under the age of 18 years in 2016 was 39%. The growth of the embolic protection devices industry in North America will be boosted by the solid foothold of dominant industry players.
As the number of COVID-19-affected patients increases, medical devices demand is growing rapidly. Patients suffering from a viral infection can benefit from various respiratory devices such as oxygen generators, plasma atomizers, and life-support machines. Also, personal protective equipment, such as gloves, masks, and protective glasses, has become more in demand because of the virus. In light of the increasing number of COVID-19 cases worldwide and the virus' emergence, the demand for medical supplies is steadily on the rise among medical professionals and the civil population. Due to the risk of infection spread, surgical procedures have been minimized, and thus, the market for embolic protection devices is experiencing a slower growth rate at the moment.