The global Embolization Equipment Market is estimated to be valued at US$ 1,433.6 million in 2022 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Embolization equipment includes devices such as embolic agents, catheters, guidewires, and occlusion devices used to treat conditions like cancer, congenital malformations, and trauma. These devices help to block blood flow in abnormal blood vessels to control hemorrhaging or kill tumors by cutting off their blood supply. The minimally invasive nature and high success rates associated with embolization procedures are boosting demand for embolization equipment globally.
Market key trends:
One of the key trends in the embolization equipment market is the rising adoption of radioembolization therapy for cancer treatment. Radioembolization involves the placement of embolic microspheres loaded with yttrium-90 (Y90) through a catheter. Once positioned at the tumor site, the tiny radioactive spheres emit short-range Y90 beta rays that destroy the tumor from within while sparing surrounding healthy tissue. It has shown promising results for liver, lung, and bone cancers and is gaining acceptance as a comparatively less invasive alternative to chemotherapy or surgery. This is expected to drive the demand for radioembolization devices over the forecast period.
Segment Analysis
The global embolization market is segmented based on product, procedure, application, and end-user. By product, the embolic agents segment dominated the market in 2020 due to the increasing number of surgical procedures worldwide. Embolic agents include gel foam, coils, liquid embolic agents, and Pushable coils which are commonly used for various procedures such as uterine fibroid embolization, prostate artery embolization, tumor embolization, and treatment of vascular malformations.
Key Takeaways
The Global Embolization Market Size is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period from 2023 to 2030, due to the growing geriatric population and increasing prevalence of chronic diseases.
The North American region dominated the global market in 2020 owing to the increasing procedural volume, highly developed healthcare infrastructure, and favorable reimbursement policies in the region.
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. Major players are focusing on new product launches, expansions, and collaborations to gain a competitive edge in the market. For instance, in 2020, Medtronic launched Fluoroscopic guided microcatheter in the United States to advance embolization procedures.
Regional analysis
The Asia Pacific region is expected to witness the fastest growth over the forecast period due to the increasing healthcare expenditure, developing healthcare infrastructure, and growing medical tourism in the region. The growing geriatric population suffering from chronic diseases and hip fractures is also expected to support the market growth in Asia Pacific.
Key players
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. Major players are focusing on new product launches, expansions, and collaborations to gain a competitive edge in the market. For instance, in 2020, Medtronic launched Fluoroscopic guided microcatheter in the United States to advance embolization procedures.
Read more: https://www.trendingwebwire.com/embolization-market-share-analysis/
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