Plaque Modification Devices Market Size, Share, Industry, Forecast and outlook (2024-2031)

Plaque Modification Devices Market  is Segmented By Product Types (Atherectomy Devices, Thrombectomy Devices, Chronic Total Occlusion Devices, Embolic Protection Devices, Others), By Application(Coronary Artery Devices, Peripheral Artery Devices, Neurovascular Devices), By End-User(Hospitals , Ambulatory Surgical Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Plaque Modification Devices Market Overview

Plaque Modification Devices Market is expected to reach at a high CAGR of 8.2% during the forecast period (2023-2030). Plaque modification devices are cutting-edge medical devices primarily used to remove plaque and other substances that accumulate in the arteries. The plague in the arteries blocks or reduces blood flow and disrupts the normal functioning of several organs in the body, particularly the heart. A persistent and continuous deposit of plague in the arteries causes various health problems, including cardiovascular disease and other chronic illnesses. Thus, the devices are used to clear out the substances that have become lodged in the vessel and allow the arteries to allow proper blood circulation, thereby improving the heart's function.

Plaque Modification Devices Market Summary and Scope

Plaque Modification Devices Market Dynamics and Trends

The global plaque modification devices market is being driven by an increase in the prevalence of atherosclerosis, coronary & peripheral artery diseases, and hypertension and the development of advanced technical devices and government initiatives to raise awareness about plaque deposition and its associated risks. Favorable reimbursement policies and an increase in minimally invasive surgeries are expected to drive the global plaque modification devices market forward. Increased corporate investment in developing and launching novel devices is expected to drive the growth of the global plaque modification devices market.

The increase in prevalance of atherosclerosis, coronary & peripheral artery diseases in the market will drive the market growth

Atherosclerosis deposition plaque inside the arteries reduces blood flow to the heart and other parts of the body. Plaque is caused by an excess of fat, cholesterol, calcium, and other substances deposited in the arteries. According to a journal published on Omics International, atherosclerosis is responsible for 32% of all deaths and a prevalence of 13.8 percent among adults. According to NCBI research, atherosclerosis accounted for 50% of deaths in the Western world in 2019. Heart disease kills 610,000 people in the United States each year, and coronary heart disease caused by plaque deposition kills around 370,000 people in the West each year. Furthermore, 75 percent of acute myocardial infarctions are caused by plaque rupture, which is more common in men over 45.

According to the WHO research, hypertension affects approximately 26% of the world's population (nearly 1.13 billion people). By 2025, the figure is expected to rise to 29%. Growing hypertension is a public health problem that is spreading throughout developing countries. It is a significant risk factor for atherosclerosis, heart disease, and other diseases.

 According to the AHA, 103 million adults in the United States have high blood pressure, also known as hypertension. In 2018, most hypertensive people in the United States were over the age of 65. According to NCBI research published in 2019, approximately 266.9 million people in China suffered from hypertension in 2018. According to cardiovascular disease statistics, the prevalence of hypertension in Hungary in 2018 was 31.9 percent, 29.6 percent in Bulgaria, 29.4 percent in Latvia, 28.5 percent in Germany, 16.2 percent in Sweden, 16.4 percent in the United Kingdom, and less than 17 percent in Benelux countries. This necessitates the development of novel technologies to combat the plaque deposition condition caused by hypertension. The global increase in the prevalence of coronary artery disease is expected to drive the adoption of plaque modification devices. The increased prevalence of coronary artery disease allows companies to launch new products and expand their geographic presence. This factor is expected to drive the global plaque modification devices market forward. According to one study, coronary artery disease kills 3.8 million men and 3.4 million women worldwide each year. Every year, coronary artery disease kills 1.95 million people in Europe. Atherectomy, thrombectomy, and chronic total occlusion are examples of minimally invasive surgeries recommended for plaque removal or the treatment of atherosclerosis. These are sophisticated procedures used to remove clots and blockages from arteries. The global adoption of minimally invasive surgeries increases due to increased awareness and expertise. Because minimally invasive surgery is safer than open surgery, increased adoption of advanced instruments and procedures is expected to drive the global plaque modification devices  market .

Lack of accessibility and affordability in developing countries is likely to hamper the market growth

Lack of accessibility and affordability in developing countries are some of the reasons that could slow the growth of the global plaque modification devices market. Furthermore, inadequate reimbursement is a major stumbling block to the worldwide market's growth, particularly in developing nations.

COVID-19 Impact Analysis on Plaque Modification Devices Market

The emergence of the COVID-19 pandemic reduced market demand for plaque modification devices. This was due to the temporary suspension of many routine procedures and outpatient visits and the temporary focus of global healthcare facilities on managing the burden of COVID-19 patients during the initial lockdown period. However, as a result of the global approval and administration of numerous COVID-19 vaccines in the second half of 2020, there was a significant improvement in the resumption of activities across various domains, including healthcare services, paving the way for a substantial period of recovery for the plaque modification devices market.

Plaque Modification Devices Market Segmentation Analysis

The atherectomy devices segment is expected to grow at the fastest CAGR during the forecast period (2023-2030)     

Atherectomy devices are expected to hold a significant share during the forecasted period. This is due to the market's availability of various atherectomy devices, including directional atherectomy systems, orbital atherectomy systems, rotational atherectomy systems, and others. Furthermore, advantages such as better clinical outcomes than primary stenting during angioplasty and the procedure's cost-effectiveness will drive up demand.

Furthermore, the escalating focus of key players on the development and launch of atherectomy devices is expected to drive the segmental growth of plaque modification devices. On September 14, 2021, Cardiovascular Systems Inc. received FDA approval for the Diamondback 360 Peripheral Orbital Atherectomy System and the Diamondback 360 Stealth Orbital Atherectomy System. Furthermore, initiatives by manufacturers to resurrect old product lines to expand atherectomy device offerings will boost the segmental market in the coming years. For example, the FDA approved the 510(k) application of Medtronic's TurboHawk Plus Directional Atherectomy System in August 2021, an updated version of the company's older and largely phased out atherectomy device. As a result, all of these factors will boost the segmental market for plaque modification devices in the coming years.

Plaque Modification Devices Market Geographical Share

North America region holds the largest market share of global plaque modification devices market

North America is evaluated to hold a significant share of the global plaque modification devices market during the forecasted period. This dominance is due to an increase in the region's patient population. Furthermore, as obesity is one of the risk factors for carotid plaque destabilization, an increase in sedentary lifestyle and obesity is expected to increase demand for plaque modification devices. Furthermore, the region's rising smoking rate and the presence of an advanced healthcare system for proper arterial plaque management, among other factors, are expected to boost the market for plaque modification devices in the coming years.

According to the CDC, about 18.2 million adults aged 20 and older will have coronary artery disease (CAD) in 2021, accounting for approximately 6.7 percent of the total US population. Furthermore, according to the CDC 2021, approximately 6.5 million people aged 40 and older in the United States had the peripheral arterial disease (PAD) in 2021 .

Furthermore, according to the source above, an estimated 34.1 million adults in the United States smoke cigarettes, and more than 16 million Americans lived with a smoking-related disease in 2019. Furthermore, according to the Government of Canada 2020 data, the prevalence of cigarette smoking in Canada in 2019 was 12%. (3.7million). Excessive smoking causes plaque to form in blood vessels, which may increase the demand for plaque modification devices in the coming years.

In addition, the presence of key players engaged in the manufacturing of plaque modification devices and their strategic business activities for market expansion would contribute to the growth of plaque modification devices in the region in the coming years. For example, on June 1, 2020, BD (Becton, Dickinson, and Company) completed the acquisition of Straub Medical AG. This privately held company develops and sells medical atherectomy and thrombectomy devices to treat peripheral arterial disease (PAD) and venous disease. As a result, the interaction of all factors, as mentioned above, is expected to propel regional plaque modification devices market growth over the forecast period.

Plaque Modification Devices Companies and Competitive Landscape

The plaque modification devices market is highly competitive with presence of local as well as global companies.  Some of the key players which are contributing to the growth of the market include Medtronic, Abbott, Shockwave Medical Inc, Cardiovascular Systems Inc,AngioDynamics Inc, Avinger, REX MEDICAL, Ra Medical Systems, Koninklijke Philips N.V. ,Becton, Dickinson and Company,Penumbra Inc, Stryker ,Microvention Inc, Johnson & Johnson, ARGON MEDICAL, Inari Medical,Niteloop, Soundbite Medical Solutions, Rontis Corporation.

The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the blood and blood products market globally. For instance, the Silver Hawk and TurboHawk are the only FDA-approved plaque modification systems on the market. Currently, Boston Scientific's directional atherectomy products are the only ones used. Avinger, for example, launched a groundbreaking device, Pantheris SV, in 2019 that is backed by strong clinical data that confirms the device's capability in atherectomy procedures. Avinger's portfolio includes novel devices such as Ocellaris CAD, an image-guided coronary CTO crossing device expected to be approved and launched in 2021.

Key Developments

• In Aug 2021, Shockwave Medical, Inc., focused on developing Intravascular Lithotripsy (IVL) to treat severely calcified cardiovascular disease, has received pre-market approval from the US Food and Drug Administration for its sonic pressure wave device treat severely calcified coronary artery disease.
• In Jan 2021 ,Diamondback 360 Coronary Orbital Atherectomy System has received CE Mark from Cardiovascular Systems, Inc.
• In Aug 2020, The Aurion Atherectomy System, a newly developed innovative technology for the treatment of Peripheral Artery Disease (PAD), including Critical Limb Ischemia (CLI) and In-Stent Restenosis, was commercially launched by AngioDynamics, Inc. (ISR).
• In September 2021,Abbott purchased Walk Vascular, LLC, a commercial-stage medical device company that develops a minimally invasive mechanical aspiration thrombectomy system to remove peripheral blood clots

Medtronic Plc

Overview: Medtronic is a medical technology and services corporation based in the United States. Hospitals, physicians, clinicians, and patients are served by the Company's medical devices and technologies, developing, manufacturing, and markets. The Cardiovascular Portfolio, the Medical-Surgical Portfolio, the Neuroscience Portfolio, and the Diabetes Operating Unit are the Company's four operating and reportable segments, which develop, manufacture, distribute, and sell device-based medical medicines and services.

Product Portfolio:

TurboHawk:  The TurboHawk peripheral plaque excision system is designed for peripheral vasculature atherectomy. The TurboHawk catheter should not be used in the coronary, carotid, iliac, or renal vasculature. In all lesion morphologies, including calcium, the TurboHawk peripheral plaque excision system can maximise lumen gain above and below the knee. Setup time is minimal because the TurboHawk device requires no capital equipment to operate.