Embolotherapy Market to Grow with a CAGR of 8.35% through 2028
Rapid technological advancement, increased prevalence
of cancer and wide acceptance of embolization procedures is expected to drive
the Global Embolotherapy Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Embolotherapy
Market - Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F”,
the Global Embolotherapy Market stood at USD 3.67 billion in 2022 and is
anticipated to grow with a CAGR of 8.35% in the forecast period, 2024-2028. The
market for Embolotherapy devices has witnessed consistent growth over the past
decade, primarily driven by factors such as the expanding target patient
population, increasing preference for minimally invasive procedures, government
and private investments, technological advancements in Embolotherapy devices,
and favorable reimbursement scenarios for minimally invasive surgeries.
Cardiovascular disease (CVD) holds significant importance due to its high
prevalence, making it a key focus of research for effective treatments. With a
prevalence rate of over 20% among individuals aged 80 and above, the demand for
Embolotherapy procedures is expected to rise owing to their high success rate
and low postoperative complication rate. Moreover, the incidence of liver
cancer and hepatocellular carcinoma is on the rise, further contributing to the
demand for Embolotherapy devices.
Liver cancer ranks as the fifth most common cancer in
men and the ninth most common in women, with over 840,000 new cases reported
worldwide in 2018 (source: World Cancer Research Fund). Additionally, the
United Kingdom has witnessed a 42% increase in kidney cancer incidence rates
over the past decade, with males and females experiencing a 38% and 44%
incidence rate, respectively. While the market presents growth opportunities
driven by emerging markets and expanding applications of embolization devices,
it also faces restraints such as lack of sufficient evidence, unfavorable
regulatory scenarios, and strong market positioning of alternative therapies.
Overall, the market for embolotherapy devices is poised for further growth,
supported by the growing preference for minimally invasive procedures,
increasing incidences of peripheral vascular diseases, liver cancer, strokes,
and uterine fibroids, as well as ongoing investments and research initiatives
by public-private organizations.
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The growth of the global embolotherapy market is being
driven by several key factors. Firstly, there is an increasing target
population of patients who prefer minimally invasive techniques. These patients
require embolotherapy processes to treat various diseases such as liver cancer
tumors, kidney cancer, hepatocellular carcinoma, renal cell carcinoma,
aneurysms, and varicose veins. Additionally, embolotherapy is widely used in
clinical settings for non-trauma related vascular disorders and inflammation
treatment, contributing significantly to market growth. Furthermore, the growth
of the global embolotherapy market is also influenced by improving healthcare
infrastructure, increased expenditure on healthcare, and the burden of target
diseases. Grants and funds for novel offerings, along with a favorable
reimbursement scenario and new product launches, further strengthen market
growth. Moreover, the adoption of minimally invasive surgical processes,
including neurological, vascular, and urological procedures, coupled with a
consolidated market structure among healthcare providers and their increasing
purchasing power, are key factors driving the global embolotherapy market.
Overall, these factors contribute to the growth and development of the global
embolotherapy market.
The Global Embolotherapy Market is segmented into
product, indication, procedure, end user, regional distribution, and company.
Based on indications, the global embolotherapy market
is segmented into Oncology, Vascular, Aneurysm, Urology, and Nephrology. The
oncology segment accounted for the largest revenue share in 2022 and is
expected to exhibit a rapid CAGR over the forecast period. This can be
attributed to the increasing prevalence of liver and kidney cancer globally, as
well as the growing number of chemoembolization procedures performed in
hospitals to treat liver cancer. Chemoembolization is typically considered when
standard treatment options are not applicable for certain patients, and it can
be used in conjunction with chemotherapy, radiation therapy, and liver
ablation. The rising prevalence of hepatocellular carcinoma has also
contributed to the preference for trans arterial chemoembolization therapy as a
palliative care treatment option, which is projected to drive revenue growth in
this segment.
Based on region, North America segment is expected to
grow during the forecast period. North America is projected to maintain a
larger revenue share compared to other regional markets in the forecast period.
This can be attributed to factors such as the growing aging population,
well-established healthcare facilities and infrastructure, and the increasing
prevalence of chronic diseases in the region. The revenue growth of this
segment is expected to be driven by the increasing use of embolization in various
interventional radiology procedures, favorable reimbursement scenarios, and
rising awareness regarding embolotherapy. Moreover, the presence of highly
skilled radiologists and surgeons, the adoption of technologically advanced
embolic products, and the rising number of product developments are anticipated
to drive revenue growth in this market in the future. In terms of revenue
growth, Asia Pacific is expected to register the fastest growth during the
forecast period. This can be attributed to the rising healthcare expenditure,
the increase in the number of ambulatory surgical centers, and the sizeable,
targeted population in the region. Furthermore, the increasing demand for
transcatheter embolization and occlusion devices is expected to continue to
support revenue growth in the Asia Pacific market.
Major companies operating in Global Embolotherapy Market are:
- Medtronic, PLC
- Microport Scientific
- Boston Scientific Corporation
- Stryker
- Terumo Corporation
- Penumbra, Inc.
- Sirtex (CDH)
- Johnson & Johnson
- Abbott Laboratories
- Balt Group
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“The demand for the global embolotherapy market is
expected to witness significant growth due to the rising incidence of various
types of hepatic cancer and the increasing demand for minimally invasive
procedures. The prevalence of hepatic cell carcinoma (HCC), varicose veins,
renal cell carcinoma (RCC), and aneurysms is on the rise, leading to an
increased mortality rate and driving the growth of the embolotherapy market.
Additionally, the growing healthcare infrastructure expenditure and the
increasing research and development activities for technological advancements
in the healthcare sector are anticipated to contribute to the growth of the
embolotherapy market. The market offers a wide range of products and devices
for embolotherapy, including microspheres, embolic coils, and embolic plugs.
Moreover, the rising prevalence of chronic diseases, such as cancer, is
expected to further boost the global embolotherapy market.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Embolotherapy Market Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product {Embolic
Agents (Microspheres, Liquid Embolic Agents, Coil), Microcatheters}, By
Indication (Oncology, Vascular, Aneurysm, Urology, Nephrology), By Procedure
(TACE, TARE), By End User (Hospital, Clinics, Ambulatory Surgery Centers), By
Region and Competition”, has evaluated the future growth potential of Global
Embolotherapy Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Embolotherapy
Market.
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