PUBLISHER: The Business Research Company | PRODUCT CODE: 1388017
PUBLISHER: The Business Research Company | PRODUCT CODE: 1388017
“Tumor Embolization Devices Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on tumor embolization devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for tumor embolization devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The tumor embolization devices market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Tumor embolization devices are minimally invasive instruments employed in the treatment of tumors. These devices serve the purpose of either occluding the blood supply to the tumor or delivering therapeutic agents directly to the tumor site.
The primary categories of tumor embolization devices include radioembolic agents and non-radioactive embolic agents. Non-radioactive embolic agents encompass materials like gelatin foam, tris-acryl gelatin microspheres, and polyvinyl alcohol (PVA) that are utilized in the treatment of tumors. These applications are relevant to both cancerous and noncancerous tumors, and the devices are employed by various end-users, including hospitals, cancer treatment centers, intensive care units, and surgical centers.
The tumor embolization devices market research report is one of a series of new reports from The Business Research Company that provides tumor embolization devices market statistics, including tumor embolization devices industry global market size, regional shares, competitors with a tumor embolization devices market share, detailed tumor embolization devices market segments, market trends and opportunities, and any further data you may need to thrive in the tumor embolization devices industry. This tumor embolization devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The tumor embolization devices market size has grown rapidly in recent years. It will grow from $1.62 billion in 2023 to $1.82 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth observed during the historical period can be attributed to several key factors, including the increasing adoption of minimally invasive procedures, notable technological advancements in the field, the rising incidence of cancer, and the aging population's demand for tumor treatment options.
The tumor embolization devices market size is expected to see rapid growth in the next few years. It will grow to $2.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The anticipated growth in the forecast period can be attributed to various factors, including the adoption of personalized medicine, the development of combination therapies, the use of image-guided embolization techniques, and the increasing utilization of telemedicine and remote consultations in the healthcare industry. Significant trends expected in the forecast period encompass ongoing innovations in embolic agents, the application of transarterial chemoembolization (TACE), the use of embolization for palliative care, and the continued use of image-guided procedures in tumor embolization therapy.
The tumor embolization devices market is expected to witness growth due to the increasing number of cancer cases worldwide. In 2021, the USA reported approximately 1.9 million new cancer cases and 608,570 cancer-related deaths, as reported by the American Cancer Society. The most common types of cancer globally include lung, prostate, bowel, and female breast cancer, accounting for 43% of all new cancer cases. This rising global cancer incidence is projected to drive the demand for tumor embolization devices in the coming years.
The growth in healthcare expenditures is poised to propel the tumor embolization devices market forward. Healthcare expenditures encompass all costs associated with delivering healthcare services, including family planning, nutrition programs, and emergency assistance with a focus on health. Increased healthcare spending supports the development of various health-related products, including tumor embolization devices. For instance, in February 2023, the Centers for Medicare & Medicaid Services, a US-based federal agency, reported a 2.7 percent increase in healthcare spending in the United States, reaching $12,914 per person in 2021, totaling $4.3 trillion. Healthcare spending constituted 18.3 percent of the country's GDP. Consequently, the rise in healthcare expenditures is a driving force behind the tumor embolization devices market's growth.
The regulatory changes may lead to increased costs associated with new product development and service offerings to clients. These changes pertain to advanced therapies and advanced therapy medicinal products, involving modifications to equipment approval procedures and other regulatory aspects. For example, the United States Food and Drug Administration has been requesting more clinical data to support claims, resulting in over a 55% increase in the time required to process 510(k)s over the past decade. Delays in product releases and additional costs incurred due to stringent approval processes can strain investments in new product development, thus affecting the growth of the tumor embolization devices market.
Companies operating in the tumor embolization devices market are actively investing in technological advancements to offer more efficient devices to consumers. These advancements include the introduction of biocompatible, biodegradable, drug-eluting microspheres that enhance the effectiveness of embolization procedures. Bioresorbable microspheres are designed to block blood vessels supplying tumors without causing long-term blockage of healthy tissue blood vessels. In May 2021, Emboline secured a $55 million investment from Matrix Capital Management to develop and launch embolic protection catheters.
Major companies in the tumor embolization devices market are emphasizing the introduction of innovative treatments, such as Eye90, to maximize market revenue. Eye90 microspheres are a Y90 radioembolization device specifically designed for the treatment of liver tumors, particularly hepatocellular carcinoma. In May 2023, ABK Biomedical, a Canada-based medical device company, obtained Investigational Device Exemption (IDE) approval from the US Food and Drug Administration (FDA) to initiate a multicenter pivotal study of Eye90 microspheres in hepatocellular carcinoma. These microspheres are produced through a proprietary manufacturing process, resulting in uniform size distribution and high radioactivity concentration. They are designed to deliver a high dose of radiation to the tumor while minimizing exposure to healthy tissue.
In August 2022, Boston Scientific, a US-based medical device manufacturer, acquired Obsidio Inc. to strengthen its portfolio in interventional oncology and embolization. Obsidio is a US-based developer of embolization gel.
Major companies operating in the tumor embolization devices market include Boston Scientific Corporation, Medtronic PLC, Terumo Corporation, Sirtex Medical Limited, Merit Medical Systems Inc., Cook Medical LLC, AngioDynamics Inc., Siemens Healthineers AG, Johnson & Johnson, Penumbra Inc., Teleflex Incorporated, Meril Life Sciences Pvt. Ltd., Kaneka Corporation, Imagion Biosystems Ltd., Guerbet, BTI Biotechnology Institute S.L., BTG International, Avinger Inc., Shape Memory Medical Inc., Delcath Systems Inc., Endoshape Inc., InSitu Technologies Inc., Monteris Medical Corporation, NeuWave Medical Inc., Neoprobe Corporation, OncoSec Medical Incorporated, Helomics Corporation, Hologic, Surefire Medical Inc., Varian Medical Systems Inc.
North America was the largest region in the tumor embolization devices market in 2023. Asia-Pacific was the second largest region in the tumor embolization devices market. The regions covered in the tumor embolization devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the tumor embolization devices market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The tumor embolization devices market consists of sales of radioembolic agents and non-radioactive embolic agents. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.