Occlusion Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Occlusion Devices Market By Product Type (Embolization Devices, Occlusion Removal Devices [Coil Retrievers, Stent Retrievers, And Others], And Support Devices), By Application (Oncology, Cardiology, Neurology, And Others), By End-User (Hospitals, Ambulatory Surgical Centres, And Others), and by geography is expected to grow at a steady CAGR forecast till 2030 owing to the increasing prevalence of cardiovascular diseases, cancers, and other chronic diseases and the rising technological advancements in the occlusion devices

The global occlusion devices market is estimated to grow at a CAGR of 6.31% during the forecast period from 2024 to 2030. The demand for occlusion devices is primarily being boosted by the increasing number of target patient populations suffering from various chronic illnesses. Furthermore, surging technological developments, rising demand for minimally invasive surgeries (MIS), suitable reimbursement scenarios for minimally invasive surgeries, and an increasing geriatric population among others have contributed to the overall growth of the occlusion devices market during the forecast period from 2024-2030.

Occlusion Devices Market Dynamics:

The occlusion devices market is witnessing a growth in product demand owing to various factors, one of the key factors being the increase in the prevalence of cardiovascular diseases.

For instance, British Heart Foundation (2023) reported that around 550 million people were living with heart and circulatory diseases in 2022, across the world. Further, the source stated that ischemic heart disease is one of the most common cardiovascular disorders, affecting 200 million people, followed by peripheral arterial (vascular) disease with 110 million people, stroke with 100 million people, and atrial fibrillation affecting 60 million people in 2022, globally. The increasing number of cardiovascular diseases will in turn increase the number of surgical procedures in which the occlusion removal devices will aid by removing the plaque formation in the arteries, thereby curing the ailment.

The demand for minimally invasive surgeries that offer less scarring reduced pain, and faster healing than open-heart surgeries has led to the growth of demand for occlusion devices in the market. Furthermore, occlusion devices help in avoiding disadvantages associated with surgical procedures such as surgical scarring and inflammation after stent implantation.

According to the World Health Organization (WHO) 2022, it was stated that approximately 2.26 million new instances of breast cancer were diagnosed worldwide, in 2020. According to the same source, 2.21 million new cases of lung cancer, 1.20 million cases of skin cancer, 1.41 million cases of prostate cancer, and 1.09 million cases of stomach cancer were reported worldwide, in 2020. Embolization is known to be a safe option for some patients with tumors that cannot be removed by surgery as these devices reduce the blood flow to cancer cells. Also, chemoembolization is a palliative treatment for liver cancer that helps in blocking the artery to let the chemotherapy drug stay in the liver. Thus, the increasing incidence of cancer will increase the demand for occlusion devices in the upcoming years.

Therefore, the factors mentioned above will lead to an increased demand for occlusion devices in the upcoming years, thereby raising the overall market growth for occlusion devices during the forecast period (2024-2030).

However, surgery-related complications, stringent regulatory framework, and others can impose a challenge to occlusion device market growth.

The COVID-19 pandemic had significantly impacted the occlusion devices market one of the major reasons being the reorganization of healthcare systems owing to strict lockdown imposition across the globe. Also, the treatment of patients suffering from covid-19 infection was a priority. Patients suffering from various chronic diseases, particularly those with heart valve diseases were considered non-urgent which led to delays in their treatment procedures. Further, the shortage of ICU beds also possessed a real challenge for several procedures involving occlusion device treatments. Along with the restriction in the supply chain and shortage of skilled professionals, there was a limit in the distribution of devices which ultimately affected the demand for occlusion devices. However, with the resumption of activities after the relaxation of the lockdown and with the vaccine administration, the patients started visiting hospitals and clinics for the treatment of various chronic diseases including cancer and cardiovascular diseases, leading to an increased demand for occlusion devices, thereby bring the market of occlusion devices on track.

Occlusion Devices Market Segment Analysis:

Occlusion Devices Market by Product Type (Embolization Devices, Occlusion Removal Devices [Coil Retrievers, Stent Retrievers, and Others], and Support Devices), Application (Oncology, Cardiology, Vascular Diseases, Neurology, and Others), End-User (Hospitals, Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the application segment of the occlusion devices market, the neurology category is expected to amass a significant revenue share in the year 2023.

The rising prevalence of brain aneurysms and the launch of new technologically advanced products are expected to drive the overall growth of the market.

For instance, according to 2021 estimations done by the Brain Aneurysm Foundation, approximately 30,000 people in the United States suffer a brain aneurysm rupture each year.

The same source stated that women, particularly those over the age of 55, have a higher risk of brain aneurysm rupture than men. This risk is expected to increase in the future as the geriatric population increases.

Further, blood artery damage or trauma, smoking, hypertension, and genetic susceptibility are all risk factors for the development of a brain aneurysm. Medical therapy, surgical clipping, endovascular therapy, or coiling without or with adjunctive devices are among the options for treating brain aneurysms. For instance, according to the WHO key statistics from August 2021, there were an estimated 1.28 billion adults worldwide, aged 30-79, who had hypertension, with the majority of them (two-thirds) residing in low- and middle-income countries. The increasing statistics of hypertension will increase the number of patients suffering from cardiovascular diseases, ultimately increasing the demand for occlusion devices used in the treatment of cardiovascular diseases.

Hence, owing to all the aforementioned factors, the market will experience an increased demand for neurology occlusion devices, thus growing the occlusion devices market during the forecast period.

North America is expected to dominate the overall Occlusion Devices Market:

Among all the regions, North America is estimated to account for the largest share of the occlusion devices market in the year 2023. Owing to key growth factors such as the rising prevalence of cardiovascular diseases, increasing cases of cancer, as well as neurological conditions like brain aneurysms, along with the soaring advancement in devices, and newer government initiatives regarding disease treatment awareness, are driving the North America occlusion devices market.

For instance, the Centers for Disease Control and Prevention (CDC) 2022, reported that every year, about 805,000 people in the United States suffer from heart attacks, especially among most racial and ethnic groups in the United States. As per, CDC 2021, about 18.2 million adults of age 20 years and older had coronary artery disease, and about 360,900 people died in 2019 due to coronary heart disease. As a result, more operations are anticipated due to the high mortality rate from cardiovascular diseases in the nation. This will likely lead to a rise in the usage of occlusion devices and support the expansion of the market.

Moreover, the rising prevalence of cancer in the US is also considered a key factor in the growing demand for occlusion devices.

In 2023, the American Cancer Society reported that in the United States 2023, nearly 1,958,310 new cancer cases are projected to occur. The increasing incidence of cancer is expected to drive the demand for interventional procedures in the region, thereby increasing the demand for occlusion devices as these devices work by stopping the blood flow toward tumors.

Therefore, the presence of a massive patient population suffering from various diseases correlates with an increase in product demand which supports the growth of the United States occlusion devices market as well as the overall North America occlusion devices market during the forecast period from 2024-2030.

Hence, the above-mentioned factors are going to generate considerable revenue thereby pushing the overall growth of the occlusion devices market in the North America region during the forecast period.

Occlusion Devices Market Key Players:

Some of the key market players operating in the occlusion devices market include Abbott, Acrostak Int., Terumo Corporation, Edwards Lifesciences Corporation, Cordis, B. Braun SE, Cook, Medtronic, Cardinal Health, AngioDynamics, Integer Holdings Corporation, Acandis GmbH, Penumbra, Inc., LeMaitre Vascular Inc., Lepu Medical, Stryker, Boston Scientific Corporation, Artio Medical Inc., KYOTO MEDICAL PLANNING Co., Ltd., Kaneka Medix Corporation, and others.

Recent Developmental Activities in the Occlusion Devices Market:

In February 2022, Front Line Medical Technologies announced the availability and distribution of COBRA-OS (Control of Bleeding, Resuscitation, Arterial Occlusion System) which is strong enough to hold back aortic pressure and allows for permissive hypotension in bleeding areas below the balloon, thus decreasing chances of hemorrhage. It is the smallest life-saving bleeding control device.

In July 2021, Terumo Medical Corporation (TMC) announced the introduction of its AZUR Vascular Plug, the only plug compatible with a microcatheter to occlude arteries up to 8mm in diameter.

In September 2020, Boston Scientific Corporation received U.S. Food & Drug Administration (FDA) approval to launch WATCHMAN FLX, which is a Left Atrial Appendage Closure (LAAC) device. It is designed to seal off Heart's left atrial appendage to prevent blood clot formation.

Key Takeaways from the Occlusion Devices Market Report Study

Market size analysis for current occlusion devices market size (2023), and market forecast for 5 years (2024-2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global occlusion devices market.

Various opportunities available for the other competitor in the occlusion devices market space.

What are the top-performing segments in 2023? How these segments will perform in 2030.

Which are the top-performing regions and countries in the current occlusion devices market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for occlusion devices market growth in the coming future?

Target Audience who can be benefited from this Occlusion Devices Market Report Study

Occlusion devices products providers

Research organizations and consulting companies

Occlusion devices-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in occlusion devices

Various End-users who want to know more about the occlusion devices market and the latest technological developments in the occlusion devices market.

Frequently Asked Questions for the Occlusion Devices Market:

1. What is an occlusion device?

Occlusion devices are used to create occlusion in the vessels to stop the blood flow.

2. What is the market for global occlusion devices?

The global occlusion devices market is estimated to grow at a CAGR of 6.31% during the forecast period from 2024 to 2030.

3. What are the drivers for global occlusion devices market?

The demand for occlusion devices is primarily being boosted by the rising prevalence of cardiovascular diseases, cancers, and other chronic diseases. Further, the rising adoption of minimally invasive devices, increasing geriatric population base, innovations in product development, and others will increase the demand for the overall growth of the occlusion devices market during the forecast period from 2024-2030.

4. Who are the key players operating in the global occlusion devices market?

Some of the key market players operating in the occlusion devices market include Abbott, Acrostak Int., Terumo Corporation, Edwards Lifesciences Corporation, Cordis, B. Braun SE, Cook, Medtronic, Cardinal Health, AngioDynamics, Integer Holdings Corporation, Acandis GmbH, Penumbra, Inc., LeMaitre Vascular Inc., Lepu Medical, Stryker, Boston Scientific Corporation, Artio Medical Inc., KYOTO MEDICAL PLANNING Co., Ltd., Kaneka Medix Corporation, and others.

5. Which region has the highest share in the occlusion devices market?

North America is expected to dominate the overall occlusion devices market during the forecast period, 2024 to 2030. Factors such as the rising prevalence of cardiovascular diseases, cancers, and other chronic diseases, the rising geriatric population, and better healthcare infrastructure have had an immense effect on the growth of occlusion devices in the North America market. Furthermore, the rise in research to validate the efficacy of occlusion devices and the growing preference for minimally invasive devices also helped the market growth in this region.