July 24, 2024
embolization market

Advancements in Embolization Device Technologies to Drive Growth in the Embolization Market

Market Overview:

The Embolization Market is estimated to be valued at US$ 1,433.6 million in 2022 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Embolization procedures utilize devices such as coils, plugs, beads or liquid agents to block blood vessels, minimally invasively treating tumors and preventing hemorrhaging.

Market Dynamics:

Rising demand for minimally invasive procedures: Increasing preferences for minimally invasive procedures among patients and physicians is driving the demand for embolization, as these procedures reduce complications, hospital stay and recovery time. Growing geriatric population: Aging population is more prone to vascular anomalies and tumors, thereby increasing the need for angiography procedures which further propels the adoption of embolization devices. Innovations in coil and liquid embolic agent technologies: Advancements such as detachable coils, hydrogel coils and ethylene vinyl alcohol liquid embolics allow better vessel occlusion and expanded treatment possibilities. Growing applications in oncology: Widening scope of embolization in treating cancer indications such as hepatic, lung and renal cancer spur usage of these devices.

Market key trends:

Embolization procedures are increasingly being used as an alternative to surgery for various indications like uterine fibroids, liver cancer, and brain aneurysms. This is due to benefits such as minimal invasiveness, shorter hospital stay, quick recovery and lower post procedure complications associated with embolization when compared to open surgery. Developments in new embolic agents, deployment systems and imaging modalities are also supporting higher adoption of embolization.

SWOT Analysis

Strength: Embolization provides minimally invasive treatment options and has benefits like shorter recovery time compared to open surgery.
Weakness: Embolization procedures require specialized equipment, skilled radiologists and have certain risks associated with use of foreign materials in the body.
Opportunity: Growing geriatric population susceptible to conditions amendable to embolization like liver cancer present significant market opportunities.
Threats: Stringent regulatory approval process and high setup and maintenance costs of equipment pose threats.

Key Takeaways

The Global Embolization Market Size is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing incidence of uterine fibroids, liver cancer and brain aneurysms.

Regional analysis
North America dominated the global embolization market in 2020 owing to rapid adoption of minimally invasive procedures and presence of sophisticated healthcare infrastructure and reimbursement framework in the region. Asia Pacific is anticipated to exhibit fastest growth over the forecast period supported by growing medical tourism, rising healthcare expenditure and increasing incidence of target conditions.

Key players
Key players operating in the embolization market are IMBiotechnologies Ltd., ABK Biomedical Inc., EmboMedics, Guerbet, Boston Scientific Corporation, Medtronic Plc., Varian Medical Systems, Inc., Terumo Corporation, Merit Medical Systems, Inc., Cook Group, and Johnson & Johnson.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it