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 over the forecast period.
Embolotherapy Market is projected to reach USD 4.9 billion by 2024 from USD 3.3 billion in 2019, at a CAGR of 8.1% from 2019 to 2024.
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.
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.
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The Hospitals and Clinics end user segment garnered the highest revenue in the embolotherapy market in 2018
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.
The Asia Pacific market is expected to grow at the highest CAGR during the forecast period
The embolotherapy market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Improving healthcare infrastructure in the region, the large patient population for target diseases, and expanding presence of key market players in the region to grab elevating opportunities offered by these countries are the key factors supporting the market growth in this region.
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The major players in the market include 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.