Vascular embolization products are used for diagnosis and treatment of various cardiovascular diseases and disorders. Embolization products include guidewires, catheters, balloons, coils and liquid embolic agents which helps in blocking blood vessels through minimally invasive procedures. These procedures are known to be less painful, require shorter hospital stays and quick recovery time compared to open surgeries.
The global Vascular Embolization Market is estimated to be valued at US$ 1809.45 Mn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising prevalence of cardiovascular diseases such as congenital heart diseases, coronary artery diseases and cerebrovascular diseases is one of the major factors boosting demand for vascular embolization products. As per statistics by WHO, cardiovascular diseases are the leading cause of deaths globally, killing over 17.9 million people annually. This increased disease burden has augmented adoption of minimally invasive procedures like vascular embolization for treatment and management of these conditions.
Strength: The vascular embolization market possesses advanced technologies and equipment for conducting minimally invasive procedures. This helps in reducing risks associated with open surgeries.
Weakness: High costs associated with embolization procedures and equipment may limit their adoption in developing regions. Lack of skilled professionals further restrains market growth.
Opportunity: Increasing incidence of target diseases like cancer and vascular disorders create opportunities for players. Growing geriatric population suffering from such conditions will drive demand.
Threats: Stringent regulatory policies and post-marketing surveillance pose threats. Capacity bottlenecks and disruptions in supply chain activities due to COVID-19 also challenge market growth.
The Global Vascular Embolization Market Demand is expected to witness high growth. The global Vascular Embolization Market is estimated to be valued at US$ 1809.45 Mn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030.
North America currently dominates and is expected to continue its dominance over the forecast period. This owes to the advanced healthcare infrastructure and increasing expenditure on chronic disease management in the region. The Asia Pacific region is expected to witness the fastest growth owing to growing healthcare investment and increasing incidents of target diseases.
Key players operating in the vascular embolization market are Shape Memory Medical Inc., Terumo Corp, Penumbra Inc., Abbott Laboratories, Stryker Corporation, Cook Medical, Medtronic PLC, Merit Medical Systems Inc., Johnson and Johnson (Cerenovus), and Boston Scientific Corporation, among others. Abbott Laboratories, Terumo Corporation, and Stryker Corporation currently hold a major market share owing to their diverse embolization product portfolios and strong geographical presence across major markets. Other key players are focusing on new product development and adoption of inorganic growth strategies like mergers and acquisitions to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it