(PharmaNewsWire.Com, July 24, 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 over the forecast period.
The 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.
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.
The embolic agents segment accounted for the largest share of the embolotherapy market, by product, in 2019
Based on product, the embolotherapy market is segmented into embolic agents (embolic coils, embolic plug systems, liquid embolic agents, microspheres, and detachable balloons) and support devices (microcatheters and guidewires). Microspheres accounted for the largest share of the embolotherapy market in 2018. Market growth in this segment is attributed to the surge in the prevalence of hepatocellular carcinoma (microspheres are widely used to treat this disease), coupled with favorable reimbursement criteria in developed economies.
The cancer segment is projected to hold the largest share of the market by disease indication during the forecast period of 2019 to 2024
By disease indication, the embolotherapy market is classified into cancer, peripheral vascular diseases, neurological diseases, urological & nephrological disorders, and gastrointestinal disorders. The cancer segment held the largest share of the embolotherapy market in 2019. The rising preference for minimally invasive procedures, expansion of the target patient population, growing public-private funding & government support for cancer research, and technological advancements in the field of microspheres are driving the growth of this segment.
Hospitals and clinics were the key end users in the embolotherapy market
On the basis of end users, the embolotherapy market is segmented into hospitals and clinics, ambulatory surgery centers (ASCs), and other end users. In 2018, the hospital and clinics segment held the largest share of the embolotherapy market. The growing adoption of minimally invasive surgical procedures (including vascular, urological, and neurological procedures), 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.
North America is expected to accounted for the largest share of the Embolotherapy market in 2019
The embolotherapy market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is projected to hold the largest share of the regional market for embolotherapy products in 2019. The growing geriatric population, the increasing number of ASCs, and a growing preference for minimally invasive surgeries have resulted in the increasing adoption of embolotherapy procedures in the country.
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.
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