Transcatheter Embolization and Occlusion Devices Market Overview
The Global Transcatheter Embolization and Occlusion Devices Market was valued at USD 3,290.4 million in 2018 and is expected to grow at a 9.9% CAGR over the forecast period. Catheter embolization is a treatment in which drugs or synthetic materials (embolic agents) are injected into a blood vessel through a catheter to block blood flow to a specific location. Technological advancements in goods, expansion of the target patient population base, rising number of minimally invasive operations, and advantageous reimbursement for cardiovascular surgery are all factors leading to market growth. Costlier items, on the other hand, and the existence of a strict regulatory framework for product commercialization are expected to hinder market growth over the next five years.
Transcatheter Embolization and Occlusion Devices Market is a minimally invasive alternative to open surgery, resulting in a shift in patient preference toward minimally invasive surgeries due to benefits such as minor incisions and tissue damage, minimal pain and surgical scars, same-day discharge from healthcare settings, and rapid wound healing. Overall, this may result in modest consequences and lower operation costs, both of which are expected to drive market expansion over the next nine years.
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While performing complex procedures, technology is proving its efficacy in treatment. The embolization procedure has grown in popularity as a therapy option for cancers of the kidney, breast, liver (hepatocellular carcinoma), and pancreas, among others.
Transcatheter Embolization and Occlusion Devices Market Segmentation
The global transcatheter embolization and occlusion devices market has been segmented into product, indication, end user, and region.
By product, the market has been segmented into coiled devices and non-coiled devices. The coiled devices segment has been further categorized into pushable coils and detachable coils. The non-coiled devices segment has been additionally divided into flow diverting devices, embolization particles, liquid embolic, other embolization and occlusion devices, and accessories. The accessories segment is expected to hold the largest share among non-coiled devices throughout the forecast period due to the introduction of various accessories along with the wide availability of embolization products.
On the basis of indication, the market has been divided into peripheral vascular disease, oncology, neurology, urology, and others.
Based on end user, the market has been categorized into hospitals and clinics, ambulatory surgery centers (ASCs), and others.
Transcatheter Embolization and Occlusion Devices Market Regional Analysis
The Global Transcatheter Embolization and Occlusion Devices Market has been categorized on the basis of region into the Americas, Europe, Asia-Pacific, and the Middle East Africa. Based on region, the Americas is expected to dominate the market over the forecast period due to the presence of medical reimbursements for cardiovascular procedures and key original equipment manufacturers which facilitates early market initiation, established healthcare infrastructure, and skilled healthcare professionals. These players include Stryker Corporation, Boston Scientific Corporation, Pfizer Inc., Abbott Laboratories, and Cardinal Health.
Europe would follow the Americas in terms of value in the transcatheter embolization and occlusion devices market as medical devices make an essential contribution to healthcare in the European Union for the benefit of European citizens. In addition, strong growth in radioembolization spheres, drug-eluting beads, and flow-diverting devices would support the regional market growth.
The market in Asia-Pacific would showcase comparatively higher CAGR during the forecast period owing to growing geriatric population coupled with rising burden of venous malformations and vascular anomalies, rapidly growing medical tourism in emerging countries including India, Australia, China, and Malaysia.
The Middle East Africa has the least share of the global transcatheter embolization and occlusion devices market. In addition, the major market share of the region would be held by the Middle Eastern region due to developing healthcare system and medical infrastructure in the Arab countries.
Transcatheter Embolization and Occlusion Devices Market Players
Few of the prominent players in the global transcatheter embolization and occlusion devices market are Abbott Laboratories, Medtronic plc, Boston Scientific Corporation, Stryker Corporation, Terumo Corporation, Pfizer Inc., DePuy Synthes, Cardinal Health, Cook Medical, Sirtex Medical Limited, and Merit Medical Systems.
among others are some key companies in the global Transcatheter Embolization and Occlusion Devices that are listed by MRFR for market research.
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