Embolotherapy Market to Achieve Substantial CAGR During Next Five Years
Rising healthcare
expenditure and increasing application of embolization devices to drive
global embolotherapy market
According
to TechSci Research report, “Global Embolotherapy
Market By Indication (Cancer, Gastrointestinal Disorders, Neurological
Diseases, Peripheral Vascular Disease, Urological & Nephrological
Disorders), By Product (Embolic Agents, Support Devices), By Type (Chemoembolization,
Radioembolization, Arterial embolization, Combination), By End-User (Hospitals,
Clinics, Ambulatory Surgical Centers, Others), By Region, Forecast &
Opportunities, 2025”, the global embolotherapy market
is expected to witness substantial growth during the forecast period owing to
factors like technological advancements & developments in embolotherapy
devices, adoption of embolic procedures for management of various diseases and surge
in target patient population. Furthermore, rising incidences of peripheral
vascular diseases globally and increasing investments, funding and grants by both
public and private organizations for research and technological advancements are
further expected to propel embolotherapy market through 2025. Patients are also
now preferring for minimally invasive procedures, which is anticipated to drive
market growth until 2025. Additionally, in some countries, there are favorable
repayment policies for the minimally invasive surgeries, which is serving as a
major driving factor for embolotherapy market growth. Moreover, world is
witnessing significant rise in cases of hepatocellular cancer and liver cancer.
This is further expected to fuel the demand for embolotherapy, which is one of
the effective ways of treating cancer.
However, availability of alternate therapies in the
market and strict regulations for product commercialization might restrict the
growth of embolotherapy market
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The global
embolotherapy market is segmented based on indication, product, type, end-user
and region. Based on indication, the market is segmented into cancer,
gastrointestinal disorders, neurological diseases, peripheral vascular disease,
urological & nephrological disorders. Among them, the cancer segment dominated
the market in 2019 and is predicted to hold its dominance during the forecast years
owing to rising prevalence of the disorders like kidney and liver cancers and adoption
of TACE and TARE procedures globally. Based on product, the market is segmented
into embolic agents and support devices. The embolic agents segment is further
divided into embolic coils, embolic plug systems, liquid embolic agents,
microspheres, and detachable balloons. The support devices segment is further
segmented into microcatheters and guidewires. Among these, the embolic agents segment,
particularly microspheres embolic agents category is anticipated to witness rapid
growth compared to support devices. This can be ascribed to surge in the prevalence of hepatocellular carcinoma
and favorable reimbursement criteria in developed economies. Based on type, the
global embolotherapy market is segmented into chemoembolization,
radioembolization, arterial embolization and combination. The arterial
embolization segment is expected to undergo fastest growth as it has a better
toxicity profile than chemoembolization, radioembolization
and combination therapy procedures.
Major players operating in the global embolotherapy
market include Abbott Laboratories , ABK Biomedical
Inc, Acandis GmbH, AngioDynamics Inc, Becton Dickinson and Company, Boston
Scientific Corporation, Cook Medical, Guerbet, Imbiotechnologies Ltd., Johnson
& Johnson, Kaneka Corporation, Medtronic, Meril Life Sciences Pvt. Ltd.,
Merit Medical Systems, Inc., Penumbra, Inc., Simbionix USA Corporation, Sirtex
Medical Limited, Stryker Corporation, Terumo Corporation and others. The market
players are adopting strategies like product launches and enhancements,
partnerships, and strategic acquisitions to strengthen their product portfolios
and create their monopoly in the global embolotherapy market. Moreover,
partnership agreements and mergers & acquisitions are some other widely
adopted growth strategies by market players.
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“Growing adoption of minimally invasive surgical
procedures including vascular, urological, and neurological are leading to high
growth in embolotherapy market. Additionally,
most of
the developed nations are focusing on development of advanced embolic agents,
extensive pervasiveness of incidents that necessitates adoption of embolization
processes and hence, these economies serve as the largest market for
embolotherapy companies. Also, availability of large number of products for embolotherapy
is acting as one of the major driving factors for the market,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Embolotherapy Market By Indication (Cancer,
Gastrointestinal Disorders, Neurological Diseases, Peripheral Vascular Disease,
Urological & Nephrological Disorders), By Product (Embolic Agents, Support
Devices), By Type (Chemoembolization, Radioembolization, Arterial embolization,
Combination), By End-User (Hospitals, Clinics, Ambulatory Surgical Centers,
Others), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of 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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