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(Health-NewsWire.Net, November 02, 2020 ) Increasing incidences of peripheral vascular diseases, liver cancer, strokes, and uterine fibroids coupled with rising preference for minimally invasive procedures; increasing investments, funds, and grants by public-private organizations for research; and technological advancements in the market will fuel the market growth
Growth in Embolotherapy Market
The Embolotherapy Market is projected to reach $4.9 billion by 2024 from $3.3 billion in 2019, at a CAGRof 8.1% from 2019 to 2024. The growth of the embolotherapy market is mainly attributed to factors such as the growth in the target patient population, rising preference for minimally invasive procedures, technological advancements in embolotherapy devices, and favorable reimbursement scenario.
Product of Embolotherapy Market
Market is broadly segmented into embolic agents and support devices. The embolic agents segment is further subsegmented into embolic coils, embolic plug systems, liquid embolic agents, microspheres, and detachable balloons. Whereas, the support devices segment includes microcatheters and guidewires. The microspheres segment under embolic agents held the largest share of the market in 2018. The market growth of this segment is majorly driven by the surge in the prevalence of hepatocellular carcinoma (microspheres are widely used to treat this disease), coupled with favorable reimbursement criteria in developed economies. Moreover, new product launches and approvals are further supporting the growth of this segment.
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Diseases
In terms of disease indication, embolotherapy market is classified into cancer, peripheral vascular diseases, neurological diseases, urological & nephrological disorders, and gastrointestinal disorders. The cancer segment commanded the largest share of the market in 2018, and the same segment will grow at the highest CAGR over the forecast period between 2019 and 2024. Rising incidences of liver cancer & kidney cancer coupled with respective adoption of TACE and TARE procedures, will support the market growth.
Transcatheter Arterial Embolization (TAE) procedure attributes to rising preference for minimally invasive surgeries
On the basis of procedure, the market is segmented into transcatheter arterial embolization (TAE), transcatheter arterial chemoembolization (TACE), and transcatheter arterial radioembolization (TARE)/selective internal radiation therapy (SIRT). The increasing demand for minimally invasive procedures, growing prevalence of chronic diseases, and rapid growth in the geriatric population are some of the key factors contributing to the large share of the transcatheter arterial embolization segment.
End User in Embolotherapy Devices Market
Based on end user, the market is segmented into hospitals and clinics, ambulatory surgery centers (ASCs), and other end users. Hospitals and clinics are the key end users of embolotherapy devices. This segment covers the market for embolotherapy devices used in big hospitals, small clinics, and critical care units. The growing adoption of minimally invasive surgical procedures (including vascular, urological, and neurological), increasing purchasing power of major healthcare providers across developed countries (owing to the consolidation of healthcare providers), and the greater availability of reimbursements for target procedures in the US and major European countries are the major factors that are expected to drive the demand for embolization devices in hospitals and clinics.
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Key Players in Embolotherapy Devices Market
Boston Scientific Corporation (US), Merit Medical Systems (US), Terumo Corporation (Japan), Medtronic plc (Ireland), Johnson & Johnson (US), Stryker Corporation (US), BTG plc (UK), Penumbra, Inc. (US), Cook Medical (US), Abbott Laboratories (US), Acandis GmbH (Germany), BALT Extrusion (France), Sirtex Medical Limited (Australia), Kaneka Corporation (Japan), and Meril Life Sciences Pvt. Ltd. (India) among others.
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Mr. Aashish Mehra
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