by The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Embolization refers to blocking of a blood vessel, usually an artery, using a controlled placement of a solid or liquid material into the vessel. This is done via catheter based microcatheters or through direct surgical placement. Embolization is commonly used to treat tumors, aneurysms, major arterial bleeding and arteriovenous malformations.
Market key trends:
One of the key trends in the embolization market is the growing demand for minimally invasive procedures. Minimally invasive procedures are less painful, minimize lengthy hospital stays and quick recovery times. Thus, they are becoming increasingly popular among patients and healthcare providers as well. Advancements in microcatheters and availability of various embolic agents are enabling the adoption of minimally invasive embolization procedures to treat variety of medical conditions thereby driving the market growth.
SWOT Analysis
Strength: The Embolization Market has emerging technologies such as drug-eluting beads and radioembolization which increases procedure effectiveness and reduce reoccurrence. It is a minimally invasive procedure with lesser risk of complications and shorter hospital stay.
Weakness: High procedure cost and lack of reimbursement policies in developing nations hinders market growth. Dearth of skilled professionals for performing embolization proceduresalso poses challenges.
Opportunity: Rising geriatric population suffering from chronic diseases and increasing healthcare spending in developing nations creates growth opportunities. Expanding application areas such as neurovascular diseases, oncology and trauma cases presents new avenues.
Threats: Presence of alternative treatment options like radiofrequency ablation and surgical procedures restricts market demand. Stringent regulatory approvals and clinical trials delay product commercialization.
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 chronic diseases and road accidents requiring embolization procedures.
Regional analysis
North America dominates the embolization market owing to rising healthcare expenditure, presence of developed healthcare infrastructure and key players in the region. Asia Pacific exhibits fastest growth due to growing medical tourism industry, rising healthcare standards and increasing disposable income in China and India.
Key players
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. These players are focusing on new product launches, mergers, collaborations and geographic expansions to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
