Vascular embolization is a minimally invasive medical procedure used to block one or more blood vessels or vascular cavities. It is performed using various embolic agents such as coils, gel foam, pushable coils, detachable coils, and liquid embolic agents. These agents help block the blood vessels to control bleeding or stop blood flow to an abnormal vascular site such as arteriovenous malformation (AVM) or tumors. Vascular embolization provides several advantages over conventional open surgery as it is associated with less complications, shorter hospital stay, and quick recovery. Growing prevalence of traumatic injuries, rising demand for minimally invasive procedures, and increasing cases of cancer worldwide are fueling the need for vascular embolization procedures.
The global vascular embolization market is estimated to be valued at US$ 2084.49 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
According to the World Health Organization (WHO), road injuries account for approximately 2.5 million deaths every year globally. Embolization aids in the control of bleeding from damaged blood vessels caused by traumatic injuries thereby reducing mortality rate. With surge in motor vehicle accidents worldwide, the demand for vascular embolization procedures is expected to rise significantly to manage bleeding and other related complications. This is anticipated to propel the global vascular embolization market growth during the forecast timeframe.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires high investment to establish manufacturing facilities and develop techniques for new products. However, opportunities for new specialized techniques and products allows scope for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as the market is fragmented with the presence of many players. Buyers can negotiate on prices, however product differentiation and customized offerings keep buyer switching costs high.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers and suppliers of specialized accessories. Suppliers face threat of forward integration by players.
Threat of new substitutes: The threat of new substitutes is low as there are limited treatment substitutes for complex vascular issues. However, alternative minimally invasive techniques continue to evolve.
Competitive rivalry: The competitive rivalry is high owing to presence of many global and regional players offering differentiated products and technologies. Players compete on product development, customer relationship and geographical expansion.
SWOT Analysis
Strength: Extensive R&D capabilities allow development of specialized embolization devices and techniques. Established brands and relationships provide an edge over new entrants.
Weakness: High dependence on reimbursement policies impacts pricing flexibility. Significant investment required to develop new technologies and products.
Opportunity: Rising prevalence of vascular diseases and cancers in developing regions increases growth opportunities. Growing demand for minimally invasive procedures also provides scope.
Threats: Strong regulatory approvals required which increases compliance costs. Price pressures from larger players and availability of alternatives pose challenges.
Key Takeaways
The Global Vascular Embolization Market Size is expected to witness high growth over the forecast period supported by rising disease incidence, growing demand for minimally invasive treatments and availability of advanced products. The global vascular embolization market is estimated to be valued at US$ 2084.49 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
Regional analysis: North America is expected to dominate the global market owing to growing healthcare expenditure, favorable reimbursement policies and presence of key players in the region. Asia Pacific is anticipated to witness fastest growth supported by rising healthcare infrastructure, growing medical tourism industry and increasing disease prevalence in emerging economies like India and China.
Key players: Key players operating in the vascular embolization market are Boston Scientific Corporation, Medtronic, St. Jude Medical, Cordis Corporation, Abbott Laboratories, Terumo Corporation and Cook Medical. Boston Scientific holds a major share of the market and is investing significantly in product development and marketing initiatives to consolidate its leadership position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
