The evolving developments in Embolotherapy devices is anticipated to openup the new avenue for Embolization Market

The evolving developments in Embolotherapy devices is anticipated to openup the new avenue for Embolization Market

Market Overview:
The Embolization market involves medical procedures that block one or more blood vessels or vascular cavities through injection of embolic agents. Embolization products/devices used include embolic coils, liquid embolic agents, embolic plug systems and accessories. These procedures help in controlling bleeding, closing abnormal connections between blood vessels, or blocking blood flow to tumors or malformations. Common conditions treated through embolization include brain aneurysms, uterine fibroids, liver cancer, kidney cancer and venous malformations.

Market Dynamics:
Growth of the global embolization market is primarily driven by increasing prevalence of chronic diseases such as cancer and liver diseases, rising geriatric population, and favorable reimbursement policies for embolization procedures. According to World Health Organization (WHO), cancer burden rose to 19.3 million new cases and 10.0 million cancer deaths in 2020 worldwide. Growing cancer prevalence is expected to generate high demand for minimally invasive treatment procedures including embolization. Furthermore, increasing incidence of liver diseases especially hepatocellular carcinoma (HCC) due to hepatitis infection and alcohol abuse is a key factor fueling the liver embolization procedures. Research studies indicate about 841,080 new cases of liver cancer occurred globally in 2018. However, stringent regulatory requirements for new product approval and risks associated with improper use of embolic agents can hamper the market growth during the forecast period.
Segment Analysis
The Global Embolization Market Share is dominated by microspheres subsegment owing to its wide applications in liver cancer treatment. Microspheres are extensively used for embolization procedures to shrink the size of tumors by blocking blood supply in the liver. The other significant subsegments include detachable coils, liquid agents, and embolic plug systems.

PEST Analysis
Political: Regulations supporting clinical trials and approvals of new embolization devices in various countries offer opportunities for market growth.
Economic: Growing healthcare expenditures, rising prevalence of cancer and vascular diseases, and increasing demand for minimally invasive procedures drive the embolization market growth.
Social: Rising awareness about benefits of embolization procedures over conventional open surgeries and growing geriatric population prone to chronic diseases favor market expansion.
Technological: Advanvements in bioabsorbable embolization materials and adoption of advanced imaging methods for precise procedure guidance are fueling innovations.

Key Takeaways
The global embolization market is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing geriatric population and rising prevalence of cancer and vascular diseases.

North America dominated the global market in 2023 due to supportive reimbursement policies, advanced healthcare infrastructure and high adoption of new technologies. Asia Pacific is anticipated to grow at a fastest pace during the forecast period, led by India and China on account of growing medical tourism industry and rising healthcare spending.

Key players operating in the embolization market include 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 and adoption of inorganic growth strategies like acquisitions and collaborations for developing advanced embolization products and expanding geographical presence.

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