by Vascular embolization involves using embolic agents such as coils, beads, or liquid embolic agents to obstruct or occlude blood vessels or vascular abnormalities. It is a minimally invasive endovascular procedure that cuts off blood flow to parts of the body like tumors or vascular malformations without the need for open surgery. Embolization procedures are commonly used to treat vascular disorders of the brain, spine, lung, liver and kidney. Indications for vascular embolization include arteriovenous malformations (AVM), traumatic hemorrhage, aneurysms, uterine fibroids, and tumors. It provides advantages over conventional surgery such as reduced recovery time, hospital stay and costs as well as less pain and scarring.
The global vascular embolization market is estimated to be valued at US$ 2084.49 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
According to WHO, cardiovascular diseases (CVDs) are the number one cause of death globally, taking an estimated 17.9 million lives each year. Growing geriatric population which is more susceptible to CVDs is also fueling the demand for minimally invasive vascular procedures like embolization. Moreover, the increasing preference for embolization over conventional surgeries due to advantages such as less pain, fewer complications and faster recovery is boosting market revenues.
Lastly, technological advancements in embolization devices such as the introduction of drug-eluting microspheres and liquid embolic agents are expanding the scope of procedures that can be performed through embolization. This, in turn, is contributing to revenue growth of the vascular embolization market over the forecast period.
SWOT Analysis
Strength: The vascular embolization market has seen steady growth over the past decade due to technological advancements. Newer embolization coils and plugs have allowed for minimally invasive procedures. Physicians are also gaining experience which has led to improved clinical outcomes.
Weakness: High costs associated with embolization devices and procedures can limit their adoption in developing regions. lengthy learning curves for newer technologies also affects physician experience levels initially.
Opportunity: Rise in target diseases such as cancer, traumatic injuries, and uterine fibroids present an opportunity for increased procedures. Emerging economies also offer scope for market expansion.
Threats: Stringent regulatory processes and reimbursement issues pose threats. Competing treatment options can impact uptake of embolization.
Key Takeaways
The Global Vascular Embolization Market Size is expected to witness high growth over the forecast period backed by rising disease prevalence, technological advances and increasing adoption. The global vascular embolization market is estimated to be valued at US$ 2084.49 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.l
North America currently dominates the market owing to high healthcare spending and regulatory approvals for novel products. Key regional markets include the U.S, Canada and Western European countries however Asia Pacific regions are expected to record fastest growth.
Key players operating in the vascular embolization market are Terumo Corporation, Abbott Laboratories, Boston Scientific Corporation, Medtronic plc, Cook Medical, BTG Plc, Penumbra, Inc., Johnson & Johnson, and Stryker Corporation. Industry players are investing in R&D to develop advanced embolization devices targeting wider clinical indications. Acquisitions are also taking place to expand product portfolios as well as geographic footprint. Increased collaborations between industry and healthcare systems may further support market growth trends going forward.
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.
