DUBLIN, Aug. 16, 2019 /PRNewswire/ -- The "Embolotherapy Market by Product (Embolic Agents (Microspheres, Detachable Coils, Pushable Coils), Guidewires), Disease (Oncology, Aneurysm, Peripheral Vascular), Procedure, End User (Hospitals, Clinics, ASC, Academia) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Embolotherapy Market is Projected to Reach USD 4.9 Billion By 2024 from USD 3.3 Billion in 2019, at a CAGR of 8.1% from 2019 to 2024.
The embolotherapy market is projected to grow at a CAGR of 8.1% during the forecast period
The growth of this market is primarily driven by the rising burden of target diseases and increasing investments, funds, and grants for the development of novel products. Moreover, increasing demand for minimally invasive procedures, favorable reimbursement scenario, and new product launches in the market are further supporting the growth of the market over the forecast period. However, stringent regulatory frameworks for product commercialization and the strong market positioning of alternative treatments are expected to limit the optimal adoption of embolotherapy devices during the forecast period.
The cancer segment, by disease indication, accounted for the largest share of the embolotherapy market in 2018
In terms of disease indication, embolotherapy market is classified into cancer, peripheral vascular diseases, neurological diseases, urological & nephrological disorders, and gastrointestinal disorders. The high success rate and less post-operative complication rate associated with embolotherapy procedures coupled with the rising incidences of liver cancer and hepatocellular cancer are the key factors fueling the demand for embolotherapy devices for cancer disease indication. For instance, liver cancer is the fifth most common cancer in men and the ninth most common in women.
The embolic agents segment, by product, is to register a significant growth rate owing to new product approvals
Based on product, the embolotherapy market is broadly segmented into embolic agents and support devices. The embolic agent's segment is further sub-segmented into embolic coils, embolic plug systems, liquid embolic agents, microspheres, and detachable balloons. Whereas, the support devices segment includes microcatheters and guidewires. The embolic agents segment is anticipated to register the highest growth over the forecast period owing to new product approvals and launches in the segment. For instance, in 2019, Terumo received the FDA Premarket Approval (PMA) for the WEB Aneurysm Embolization System.' Moreover, in 2018, Medtronic launched OptiSphere embolization spheres in the US as well as the Concerto 3D detachable coil system in Ireland.
The US market, by region, commanded the largest market share in 2018
On the basis of region, the embolotherapy market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The US held the major share of the global embolotherapy market in 2018. Factors such as the favorable reimbursement scenario in the US, growing target patient population (CVDs, neurovascular diseases, cancer, and uterine fibroids), increasing preference for minimally invasive procedures, new product launches and technological advancements in embolotherapy devices, and the presence of key players in the region are driving the growth of the embolotherapy market in the US.
- Growing Target Patient Population
- Rising Patient Preference for Minimally Invasive Procedures
- Funding & Investments By Government and Private Organizations
- Technological Advancements in Embolotherapy Devices
- Favorable Reimbursement Scenario for Minimally Invasive Surgeries
- Lack of Sufficient Evidence & Unfavorable Regulatory Scenario
- Strong Market Positioning of Alternative Therapies
- Growth Opportunities Offered By Emerging Markets
- Expanding Applications of Embolization Devices
- Dearth of Skilled Surgeons
- High Costs and Resulting Difficulties in Accessing Embolization in Developing Countries
- Abbott Laboratories
- Acandis GmbH
- Balt Extrusion
- Boston Scientific Corporation
- BTG PLC
- Cook Medical
- Johnson & Johnson
- Kaneka Corporation
- Medtronic PLC
- Meril Life Sciences Pvt., Ltd.
- Merit Medical Systems
- Penumbra, Inc.
- Sirtex Medical Limited
- Stryker Corporation
- Terumo Corporation
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