Market Overview:
Embolization devices are used to obstruct or reduce the blood supply to tumors, lesions, or other pathological tissues. These devices include microspheres, microparticles, coils, gels, and plugs. Embolization devices help reduce or block the blood flow to an area of abnormal vascularity or to occlude vascular abnormalities, such as vascular tumors or vascular malformations. The use of embolization devices provides minimal invasion and is performed to alter the blood supply to targeted organs or peripheral arterial or venous abnormalities, reducing related symptoms or pathologies.
Market key trends:
One of the key trends in the embolization market is the increasing demand for neurointerventional procedures due to growing incidences of neurological disorders. Neurological disorders such as brain aneurysm, arteriovenous malformation (AVM), and hemorrhagic stroke necessitate neurovascular treatments such as coiling or gluing procedures that involve the use of embolization devices. According to World Health Organization (WHO), neurological disorders accounted for nearly 20% of total global deaths in 2019. Growing disease burden of neurological disorders is driving more patients to opt for minimally invasive neurointerventional procedures using embolization devices for effective treatment of disorders. This is expected to boost the demand for various embolization devices like coils and liquid embolic agents over the forecast period.
Porter’s Analysis
Threat of new entrants: The Embolization Market requires high capital investment for R&D, regulatory approvals and clinical trials which acts as a barrier for new entrants.
Bargaining power of buyers: The presence of many established players and availability of substitutes increases the bargaining power of buyers in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternatives and substitutes.
Threat of new substitutes: Availability of conservative and minimally invasive treatment options pose a threat of substitution.
Competitive rivalry: Intense due to presence of established global players.
SWOT Analysis
Strength: Advanced technologies for precision and efficacy. High prevalence of target diseases increases market potential.
Weakness: High R&D and clinical trials cost. Risk of complications.
Opportunity: Growing geriatric population prone to target diseases. Untapped opportunities in developing regions.
Threats: Stringent regulatory approval. Reimbursement issues.
Key Takeaways
The Global Embolization Market Share is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of cardiovascular, oncology and neurological disorders.
North America currently dominates the market due to presence of advanced healthcare infrastructure and high adoption of niche technologies. Europe is the second largest market expected to grow at a considerable rate during the forecast period. Asia Pacific represents the fastest growing region due to rising healthcare investments, large patient pool and growing medical tourism.
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.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
