by Vascular embolization involves blocking or plugging blood vessels to stop or redirect blood flow using minimally invasive procedures. Some common uses of vascular embolization include treatment of arterial venous malformations, uterine fibroids, tumors, and hemorrhages. Embolization devices used for these procedures include embolic coils, plastic microspheres, detachable balloons, liquid embolic agents, and vascular plugs. Embolization offers several advantages over traditional surgery such as reduced procedural time, hospital stay, and recovery time.Growing preference for minimally invasive surgeries due to their benefits such as lesser pain, fewer complications, and quicker recovery has been driving the demand for vascular embolization procedures.
The global vascular embolization market is estimated to be valued at US$ 1809.45 Mn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The rising demand for minimally invasive procedures is expected to flourish the vascular embolization market over the forecast period. As mentioned in the heading, minimally invasive techniques like vascular embolization offer benefits over traditional open surgeries such as lesser complications, reduced hospital stay, faster recovery, and minimal incisions. This has boosted their acceptance rate among patients and healthcare providers. As a result, the trend for minimally invasive techniques is projected to drive the growth of the vascular embolization market.
Another driver for the market growth is increasing prevalence of target diseases requiring embolization treatment such as tumors, arteriovenous malformations, and uterine fibroids. For instance, according to the Uterine Fibroid Embolization foundation, uterine fibroids affect around 70-80% of women by the age of 50 years. Growing geriatric population which is more susceptible to such conditions will continue to present lucrative opportunities for the vascular embolization market over the forecast period.
Segment Analysis
The global vascular embolization market is dominated by the embolic agents segment, which holds more than half of the overall market share. This is attributed to the wide usage of embolic agents in various diagnostic and interventional procedures such as uterine fibroid embolization, tumor embolization, and others. The embolic agents segment is further sub-segmented into polymeric agents, gel foam particles, pushable coils, and others. The pushable coils sub-segment dominates other embolic agent sub-segments owing to its extensive usage and advantages such as easy to deploy, provides long term occlusion, and greater compliance.
PEST Analysis
Political: Governments across the globe are focusing on strengthening their healthcare infrastructure along with reimbursement policies for vascular embolization procedures, which is positively influencing market growth.
Economic: Increasing per capita healthcare expenditure and rise in disposable income levels are augmenting patient preference for minimally invasive vascular embolization procedures over open surgeries, contributing to market revenue.
Social: Rising prevalence of lifestyle diseases, growing geriatric population base suffering from vascular diseases, and increasing awareness about treatment options are boosting the adoption of vascular embolization worldwide.
Technological: Advancements in microcatheters, delivery systems, embolic agents, and imaging technologies are improving accuracy, enabling the treatment of complex vascular diseases and conditions previously untreatable, thus widening the applications of vascular embolization.
Key Takeaways
The Global Vascular Embolization Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The global vascular embolization market is estimated to be valued at US$ 1809.45 Mn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030.
North America dominates the market currently owing to robust healthcare infrastructure and technological advancements in the region.
Key players operating in the vascular embolization market are Shape Memory Medical Inc., Terumo Corp, Penumbra Inc., Abbott Laboratories, Stryker Corporation, Cook Medical, Medtronic PLC, Merit Medical Systems Inc., Johnson and Johnson (Cerenovus), and Boston Scientific Corporation, among others. Key players are focusing on new product launches and acquisitions to strengthen their market position and gain competitive advantage. The pushable coils sub-segment under embolic agents dominates the overall embolic agents segment due to its extensive usage and advantages in vascular embolization.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
