by Vascular embolization involves the occlusion or blockage of blood vessels for therapeutic purposes. It helps in the treatment of vascular malformations, aneurysms, and tumors. Vascular embolization devices include embolic coils, liquid embolic agents, occlusion devices, and support devices. These devices help block blood flow to gastrointestinal tumors, uterine fibroids, and hypervascular tumors. They provide a minimally invasive approach for treating numerous medical conditions as compared to conventional surgery. The global vascular embolization market is primarily driven by the growing prevalence of cancer, liver disease, and cardiovascular disease. Rising geriatric population suffering from these diseases is further increasing the demand for vascular embolization procedures. In addition, advantages of vascular embolization over conventional surgery such as lesser pain, lower risk of infection, reduced scarring, shorter hospital stay, and quicker recovery are spurring the adoption of minimally invasive surgical 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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing adoption of minimally invasive surgical procedures is expected to flourish the vascular embolization market during the forecast period. Minimally invasive procedures such as vascular embolization offers numerous benefits over conventional open surgeries including reduced post-operative pain, lesser complications, shorter hospital stay, and quicker recovery. These advantages are driving increased preference for vascular embolization among patients and healthcare providers. Moreover, rising chronic diseases burden such as cancer, cardiac diseases, and liver disease is further propelling the demand for effective treatment procedures. According to WHO, cancer burden is expected to grow to 27 million new cancer cases by 2040. Vascular embolization provides radiation therapy and chemotherapy targeting of hypervascular tumors effectively. Thus, growing prevalence of chronic and life-threatening diseases will augment the growth of vascular embolization market during the forecast period.
Segment Analysis
The global vascular embolization market is segmented into product, procedure, application, end user and region. Based on product type, the market is categorized into embolic agents, embolization devices, guidewires, balloons, coils and liquid embolic agents. Among these, the embolic agents segment dominated the market with over 30% share in 2022 owing to high usage of polyvinyl alcohol particles (PVA), tris-acryl gelatin microspheres (TAGM), and detachable balloons for embolization procedures. The coils segment is also growing at a considerable rate on account of increasing usage of bare platinum and helical micro coils and pushable coils for blocking blood vessels.
PEST Analysis
Political: Healthcare reforms and government initiatives to increase access to quality healthcare services are positively impacting market growth. However, stringent regulations on new product approval may hamper innovations.
Economic: Rising disposable income, growing health insurance penetration and increased healthcare spending are fueling market expansion. The high cost of vascular embolization procedures remains a key challenge.
Social: Rising prevalence of cardiovascular, oncology and neurological disorders along with growing geriatric population are major drivers. However, lack of awareness in developing nations restricts market potential.
Technological: Advancements in embolic agents, microcatheters, guidewires and balloons have improved safety and efficacy of procedures. Growing adoption of minimally invasive surgery and bioresorbable embolization materials are new opportunities.
Key Takeaways
The Global Vascular Embolization Market Growth is expected to witness high at a CAGR of 11% during the forecast period of 2023 to 2030.
North America currently dominates the market owing to rising disease burden, availability of advanced healthcare infrastructure and presence of key players. The Asia Pacific region is expected to grow at the fastest pace during the forecast period driven by increasing healthcare spending, growing medical tourism and rising awareness.
Key players operating in the vascular embolization market are DyCare, Costaisa, Meditouch, Signo Motus srl, MEYTEC GmbH Informationssysteme, and Raccoon Technologies Poland LLC. Key players are focusing on new product launches and geographical expansions to consolidate their market share. For instance, Signo Motus srl launched new minimally invasive embolization devices and microcatheters with enhanced features in 2021.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
