Embolization Market Is Estimated To Witness High Growth Owing To Technological Advancements
The embolization 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 refers to a minimally invasive vascular procedure where small particles are inserted into blood vessels to obstruct blood flow to specific organs or tissues. Key applications of embolization include treatment of uterine fibroids, liver tumors, bland embolization for trauma, embolization of cerebral arteriovenous malformations and aneurysms. Technological advancements in embolization products such as use of resorbable embolic agents and detachable coils have expanded the scope of this technique to treat numerous medical conditions.
Market Dynamics:
The embolization market is driven by growing technological advancements in embolization products and increasing adoption of minimally invasive procedures. Some of the advanced technologies include utilization of liquid embolics such as ethylene vinyl alcohol copolymer (Onyx) and newer polymer mixtures, use of radioactive embolization agents such as TheraSphere and SIR-Spheres, as well as detachable coils. These advancements have expanded the treatment landscape of embolization from neurovascular diseases to oncology and other clinical areas. For instance, use of Onyx liquid embolic agent has enabled the treatment of larger brain AVMs that were traditionally difficult to access via endovascular route. Further, growing preference for minimally invasive procedures among patients and physicians over conventional open surgeries owing to benefits such as lesser pain, fewer complications, and shorter hospital stays is propelling the demand for embolization procedures. However, high cost of e
SWOT Analysis
Strength: Explain in three sentence explanation
- The embolization market is driven by the rising prevalence of cancer and cardiovascular diseases. Embolization procedures offer minimal invasion and faster recovery time compared to conventional surgeries. Advanced embolization technologies allow interventional radiologists to treat complex diseases.
Weakness: Explain two weakness in three sentence long explanation
- Embolization procedures require highly skilled interventional radiologists for performing complex procedures which results in limited number of trained medical professionals. High cost of advanced embolization devices and equipment's restricts its adoption in price sensitive markets.
Opportunity: Explain two opportunity in three sentence long explanation
- Growing geriatric population suffering from chronic diseases presents an opportunity for market players to develop innovative embolization products. Rising healthcare expenditure in emerging nations creates growth prospects for market players. Technological advancements in 3D imaging, guidewires, and embolic agents will further expand application areas of embolization procedures.
Threats: Explain two threats two sentence explanation
- Stringent regulatory approval process and ongoing product recalls delay market entry of novel embolization devices. Risk of complications associated with transcatheter embolization procedures discourage patients from adopting minimally invasive treatments.
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.
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