PUBLISHER: DelveInsight | PRODUCT CODE: 1337664
PUBLISHER: DelveInsight | PRODUCT CODE: 1337664
Transcatheter Embolization and Occlusion Devices Market By Type (Coiled [Pushable Coils and Detachable Coils], and Non-Coiled [Flow Diverting Devices, Embolization Particles, Liquid Embolic, and Others]), Application (Peripheral Vascular Disease, Oncology, Neurology, Urology, and Others), End-User (Hospitals, Ambulatory Surgical Centers, and Clinics), and Geography is expected to grow at a steady CAGR forecast till 2028 owing to rising technological advancement and increasing prevalence of chronic diseases
The global transcatheter embolization and occlusion devices market was valued at USD 4.04 billion in 2022, growing at a CAGR of 9.14% during the forecast period from 2023 to 2028, to reach USD 6.84 billion by 2028. The demand for transcatheter embolization and occlusion devices is primarily attributed to the rising technological advancement, surge in the prevalence of chronic diseases like cardiovascular diseases, respiratory disorders, and cancer, highly structured healthcare industry, increased adoption of minimally invasive surgeries, and increasing geriatric population.
Transcatheter Embolization and Occlusion Devices Market has significantly increased due to the growing burden of chronic diseases such as cancer, cardiovascular, and others throughout the world. For instance, according to the data cited by the World Health Organization (WHO) 2022, worldwide around 2.26 million cases of breast, 2.21 million cases of lung, 1.93 million cases of colon and rectum, 1.41 million cases of prostate, and 1.09 million cases of stomach cancer were reported in 2020.
As per the GLOBOCAN data, around 19.3 million new cancer cases were reported around the world in 2020, and this number is expected to increase to 30.2 million people by 2040.
Also, the data provided by British Heart Foundation 2022 mentions that worldwide around 550 million which stands for 1 in 14 people were living with heart and circulatory diseases in 2019 and this includes about 290 million women and around 260 million men.
Transcatheter embolization and occlusion devices are largely employed in the treatment of patients suffering from various chronic diseases and thus, the burgeoning cases of chronic diseases will contribute to the global transcatheter embolization and occlusion devices market growth.
In addition, increased adoption of these devices as they are used in treatment as an alternative to open surgery with minimum tissue pain and smaller incisions is likely to boost the global transcatheter embolization and occlusion devices market.
Moreover, most diagnostic labs and hospitals are equipped with new techniques and better infrastructure facilities. The predominant goal is to improve access and precision, and decrease cost.
Certain factors such as the high cost of products, the requirement of skilled physicians, and the existence of a rigid regulatory system for product commercialization would hinder the growth of the transcatheter embolization and occlusion devices market.
Transcatheter Embolization and Occlusion Devices by Type (Coiled [Pushable Coils and Detachable Coils], and Non-Coiled [Flow Diverting Devices, Embolization Particles, Liquid Embolic, and Others]), Application (Peripheral Vascular Disease, Oncology, Neurology, Urology, and Others), End-User (Hospitals, Ambulatory Surgical Centers, and Clinics), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In the Transcatheter Embolization and Occlusion Devices market type segment, under the coiled category, the pushable coils are expected to hold the majority of the global transcatheter embolization and occlusion devices market in 2022. The rapid growth of this product segment can be attributed to the advantages and applications of these devices.
Pushable coils are utilized for mechanical occlusion of peripheral and visceral vessels. These are cost-effective, easily accessible, and comparatively easier to handle.
Pushable coils have various applications and these are intended for bleeding control, to occlude vascular lesions such as aneurysms, varices, and arteriovenous fistulas (AVFs), and for redistributing the blood flow to protect nontarget vessels among others.
For example, AZUR™ Peripheral Hydrocoil - Pushable Peripheral Coil System by Terumo Corporation is meant for reducing or blocking the rate of blood flow in vessels of the peripheral vasculature. The device is indicated for use in the interventional radiologic management of arteriovenous malformations, arteriovenous fistulae, aneurysms, and other lesions of the peripheral vasculature.
Additionally, favorable reimbursement scenarios, increasing adoption of these devices, and better healthcare infrastructure with equipped new/existing hospitals and healthcare centers in rural regions of developing countries such as India, China, Brazil, and others are expected to enhance the market potential of this equipment.
Hence, all the above-mentioned factors are expected to drive the segment growth of the transcatheter embolization and occlusion devices market.
North America is expected to dominate the overall transcatheter embolization and occlusion devices market during the forecast period. This domination is due to the rising prevalence of various chronic diseases such as cancer, cardiovascular diseases, and others coupled with improved reimbursement policies, easy accessibility, and high adoption of technological advancements owing to the rise in healthcare expenditure by the US government. Further, the United States represents the largest market worldwide supported by developed healthcare infrastructure.
The Centers for Disease Control and Prevention (CDC) 2022, estimated that about 20.1 million adults aged 20 and older had Coronary artery disease (CAD) in the US, in 2020.
The source mentioned above stated that in the United States, someone has a heart attack every 40 seconds. Every year, about 805,000 people in the United States have a heart attack. Out of these, 605,000 are a first heart attack, 200,000 happen to people who have already had a heart attack and about 1 in 5 heart attacks are silent-the damage is done, but the person is not aware of it.
The increasing number of product development activities in the region is further going to accelerate the growth transcatheter embolization and occlusion devices market. For example, in March 2022, Artio Medical, Inc. received the US Food and Drug Administration (FDA) clearance for its Solus Gold Embolization Device, a next-generation product for peripheral vascular occlusion.
Thus, the factors mentioned above are going to positively drive the North America transcatheter embolization and occlusion devices market forward during the forecast period.
Some of the key market players operating in the transcatheter embolization and occlusion devices market include Boston Scientific Corporation, Medtronic PLC, Penumbra, Inc., Cook Medical Inc., Edwards Lifesciences Corporation, Merit Medical Systems, Inc., Johnson & Johnson Services, Inc., Lepu Medical Technology(Beijing)Co., Ltd., Kaneka Medix Corporation, Stryker Corporation, phenox GmbH, Braile Biomedica, Terumo Corporation, MicroPort Scientific Corporation, W. L. Gore & Associates, Inc., and others.
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