The Embolization market is estimated to be valued at US$ 1810.94 Mn in 2023 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 the process of blocking one or more arteries or veins either surgically or through catheterization. This minimally invasive procedure is used to control internal bleeding, abnormal connections between arteries and veins (arteriovenous malformations), as well as slow or stop blood flow to tumors. Embolization devices include embolic agents, catheters, guidewires, balloons, and stents. These devices are mainly used in treatment of conditions such as uterine fibroids, brain aneurysms, liver tumors, and pelvic congestion syndrome.

Market Dynamics:
Growth of the global embolization market is primarily driven by increasing adoption of minimally invasive procedures as they cause less pain, quicker recovery time and decrease risk of infection and other complications associated with open surgeries. According to the Society of Interventional Radiology, about 2.6 million minimally invasive procedures are performed annually in the U.S. alone. Moreover, rising prevalence of target diseases such as cancer, uterine fibroids, and cardiovascular diseases also contribute to growth of the embolization market. According to World Health Organization, cancer burden is expected to grow to 27 million new cancer cases and 17 million cancer deaths by 2030. The second driver is technological advancements in embolization devices such as newer embolic agents, detachable coils and introduction of superselective catheters allowing navigation to difficult anatomy which helps in better treatment outcomes. This is encouraging more physicians to adopt embolization procedures for various indications.

SWOT Analysis

Strength: The Embolization Market has strong growth potential due to the rising prevalence of cancer and other chronic diseases. It provides minimally invasive procedures for better patient outcomes. Research and development of advanced products is leading to improved efficacy and reduced complications.

Weakness: High procedure costs associated with embolization devices limit their adoption in developing nations. Lack of skilled professionals for performing complicated procedures also hinders market growth.

Opportunity: Rising healthcare expenditure in emerging economies will drive the demand for advanced embolization procedures over the forecast period. Growing applications of embolization in treating other medical conditions present lucrative opportunities.

Threats: Stringent regulatory approvals of new products increase challenges for market players. Reimbursement limitations in some countries impede revenue generation.

Key Takeaways:

The Global Embolization Market Size is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of cancer worldwide. Advancements in interventional radiology and growing geriatric population are also propelling the market growth.

Regional analysis: North America dominates the global market and is expected to retain its leading position over the next few years. Presence of advanced healthcare infrastructure, favorable reimbursement policies, and growing incidence of target diseases drive the North American market. Asia Pacific is poised to register the fastest growth owing to rising healthcare expenditure, availability of low-cost procedures, and growing medical tourism in countries like India, China, and Malaysia.

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, acquisitions, and geographical expansion strategies to solidify their market presence.

 

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