by The Embolization Market is estimated to be valued at US$ 1810.94 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Embolization involves the deliberate blocking of blood vessels or other tubular structures to stop or redirect blood flow. Embolization may be carried out to control localized bleeding, to ablate a tumor or malformation of a blood vessel, or to treat hormonal conditions such as thyroid or parathyroid swellings. Products used in embolization include embolic agents, catheter guidewires, microcatheters, guide catheters, balloons and occlusion devices. Embolization finds its major applications in oncology, neurology, peripheral vascular disease and other therapeutic areas.
Market Dynamics:
Increasing preference for minimally invasive procedures over open surgical procedures is a major factor driving growth of the embolization market. Embolization techniques such as transarterial embolization and uterine fibroid embolization are less traumatic, require shorter hospital stays, and result in faster recovery as compared to open surgeries. Moreover, rising geriatric population and increasing healthcare expenditure is also fueling market growth. For instance, according to estimates, by 2050, nearly 16% of the world’s population will be over age 65. However, high costs associated with embolization devices and procedures is expected to hinder market growth to some extent. Ongoing research and clinical trials for new embolization techniques and development of bioabsorbable and resorbable embolic agents are expected to create lucrative opportunities for players in the embolization market over the forecast period.
Segment Analysis
The global embolization market is segmented on the basis of type, procedure, application, product and end user. By type, the market is dominated by the embolic agents segment, owing to the increasing demand for polyvinyl alcohol particles, gelfoam particles, alcohol, and metallic coils for embolization procedures. By procedure, the transcatheter arterial embolization segment holds the largest share as it is minimally invasive and associated with fewer complications and shorter hospital stays. Based on application, the oncology segment generates the highest revenue due to rising prevalence of cancer worldwide. Hospitals dominate the end user segment as more number of embolization procedures are performed in hospitals compared to ambulatory surgical centers and specialty clinics.
PEST Analysis
Political: Governments of various countries are supporting the funding and reimbursement for minimally invasive procedures like embolization to reduce healthcare costs. Economic: Developing markets like Asia Pacific and Latin America are witnessing strong economic growth, increasing healthcare expenditures and demand for quality care. Social: Rising awareness about the benefits of embolization such as reduced hospital stay, less pain and quick recovery is driving the market growth. Technological: Advancements in embolization devices, imaging modalities and workflow solutions have improved safety, efficacy and outcomes of procedures.
Key Takeaways
The Global Embolization Market Size is expected to reach US$ 2891.49 Mn by 2030, expanding at a CAGR of 8.1% during the forecast period. The increasing prevalence of cancer, liver diseases and uterine fibroids is the major factor driving the market. Regionally, North America holds the largest share in the embolization market due to sophisticated healthcare infrastructure and rising incidence of target diseases. Asia Pacific is projected to witness the fastest growth owing to growing medical tourism, healthcare reforms and expanding private healthcare sector.
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. These players are focusing on new product launches, collaborations and geographic expansion to strengthen their market presence. For instance, in 2021, Medtronic received FDA approval for its Onyx Liquid Embolic System to treat arteriovenous malformations and fistulas located anywhere in the body.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
