Vascular Embolization Market
Number of pages: 100 | Report Format: PDF | Published date: March 15, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 1.67 billion |
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Revenue Forecast in 2031 |
US$ 3.45 billion |
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CAGR |
8.4% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global vascular embolization market was valued at US$ 1.67 billion in 2022 and is expected to register a revenue CAGR of 8.4% to reach US$ 3.45 billion by 2031.
Vascular Embolization Market Fundamentals
Vascular embolization is a minimally invasive procedure to block or occlude blood vessels in the body. This technique involves the use of small particles or coils to selectively block off blood flow to a specific area or organ in the body. Vascular embolization is commonly used to treat a variety of conditions, such as uterine fibroids, arterial bleeding, arteriovenous malformations, and tumors. The procedure is typically performed under local anesthesia and is guided by X-ray or other imaging techniques to ensure precise placement of the embolization materials. The benefits of vascular embolization include a reduced risk of complications compared to surgical interventions, a shorter recovery time, and the preservation of normal tissue and organ function. However, as with any medical procedure, there are potential risks and side effects associated with vascular embolization, such as pain, bleeding, infection, and damage to surrounding tissues. Overall, vascular embolization is a safe and effective option for treating certain medical conditions and should be discussed with a healthcare provider to determine if it is the right course of treatment for a particular individual.
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Vascular Embolization Market Dynamics
Vascular embolization is a medical procedure for treating uterine fibroids, aneurysms, and arteriovenous malformations. Several factors drive the global market for vascular embolization. Chronic diseases, such as cancer, cardiovascular diseases, and liver diseases, are rising globally. Embolization is used to treat these conditions, driving the demand for vascular embolization procedures. Technological advancements have developed new embolization materials and devices, making the procedure safer and more effective. For instance, using microspheres for embolization has shown promising results in treating liver cancer.
The aging population is more prone to chronic diseases that require embolization procedures. This demographic trend is driving the demand for vascular embolization procedures and thus leading to the growth of the global vascular embolization market. Patients prefer minimally invasive procedures as they involve less pain, faster recovery, and fewer complications. Embolization procedures are minimally invasive, thereby driving the adoption of vascular embolization. Governments and private players invest heavily in infrastructure to provide better healthcare facilities. This drives the demand for vascular embolization procedures, as they are increasingly used to treat various medical conditions. Additionally, the benefits of embolization, such as reduced bleeding, reduced pain, and faster recovery, are becoming more widely known. This drives the demand for vascular embolization procedures as patients and healthcare providers become more aware of the benefits.
However, the revenue growth of the global vascular embolization market is hindered by factors such as the lack of awareness among physicians and patients. Many medical professionals may not be familiar with the benefits of vascular embolization procedures, and patients may not know that it is a viable treatment option for certain conditions. Vascular embolization procedures can be expensive, and not all patients may have access to the necessary healthcare coverage to pay for them. This could limit the number of patients who can receive these treatments.
Vascular Embolization Market Ecosystem
The global vascular embolization market has been analyzed from three perspectives: type, application, and region.
Vascular Embolization Market by Type
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The global vascular embolization market has been segmented based on type into coiling and non-coiling devices.
The non-coiling devices segment accounts for the largest revenue share in the global vascular embolization market. The segment is projected to rise because of factors including the expanding target patient base and the rising burden of chronic diseases. The American Heart Association study says cardiovascular diseases are expected to be responsible for around 19 million deaths in 2020, an increase of 18.7% from 2010. Heart disease is the top cause of mortality globally. Heart disease now causes 16% of all fatalities in the United States. The market is anticipated to grow in the coming years due to the rising burden of various chronic conditions. Launching novel products into the market is another area of emphasis for market participants. For instance, Japan’s Pharmaceutical and Medical Devices Agency granted Shape Memory Medical certification for the IMPEDE-FX Embolization Plugin in March 2021. The purpose of impeded embolization plugs is to stop or slow down blood flow in the peripheral vascular. Thus, for these factors, the non-coiling devices segment is anticipated to grow profitably during the projection period.
Vascular Embolization Market by Application
Based on application, the global vascular embolization market has been segmented into oncology, peripheral vascular diseases, neurology, urology, and others.
The neurology segment accounts for the largest revenue share in the global vascular embolization market. There is a great demand for neurovascular embolization devices due to the incidence of cerebral aneurysms in all age groups, particularly those over the age of 35, which in turn is significantly driving the revenue growth of the vascular embolization market. The increased demand for neurovascular embolization devices is caused by neurological illnesses and loss of cognitive abilities linked to intracranial aneurysms. The market is growing due to the disease’s rising death rate. The government and numerous non-profit organizations have significantly contributed to the market’s growth by promoting awareness of and funding for neurological illnesses.
One of the main causes of death on the globe is cancer. It is anticipated that by 2040, there will be 16.4 million cancer-related deaths and 29.5 million new instances of cancer each year. Thus, the oncology segment is projected to grow at a higher revenue CAGR in the global vascular embolization market.
Vascular Embolization Market by Region
The global vascular embolization market has been segmented based on region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest global vascular embolization market revenue share. This is due to the rising incidence of vascular and cancer-related illnesses and the expansion of research and development activities in this area. The American Cancer Society predicts that among adolescents and young adults between the ages of 15 and 39, there will be around 89,500 cancer cases diagnosed and about 9,270 cancer deaths in the country in 2020. Embolization is one of the most popular cancer therapy options for individuals with various clinical circumstances. The goal is to cause ischemia within the tumor, leading to tumor necrosis. Adding a chemotherapeutic drug to the embolic substance may further intensify this impact. Thus, the usage of embolization techniques in this area is growing as cancer incidence rises. Another serious condition that has impacted Americans is a brain aneurysm. Also, compared to other areas, the North American region leads in technology and R&D activities, which is anticipated to benefit the market. For instance, Instylla Inc. announced in March 2021 that the first patients had been enrolled in the key Embrace Hydrogel Embolic System randomized worldwide clinical study for treating hypervascular tumors.
The vascular embolization market in the Asia Pacific region is expected to experience significant growth in the coming years. The increasing prevalence of vascular diseases, the rising geriatric population, and advancements in technology are driving the growth of the vascular embolization market in the Asia Pacific region. Additionally, increasing healthcare expenditure and improving healthcare infrastructure in countries such as China, India, and Japan contribute to the market’s revenue growth. Furthermore, the growing demand for minimally invasive procedures and increasing awareness about the benefits of vascular embolization are also expected to fuel the market revenue growth. However, the high cost of treatment and lack of skilled healthcare professionals may hinder the market’s growth to some extent.
In Latin America, the vascular embolization market is expected to experience significant growth during the forecast period. This is due to the increasing prevalence of chronic diseases, such as cancer and cardiovascular disease. Additionally, improvements in healthcare infrastructure and rising awareness about minimally invasive procedures are expected to boost demand for vascular embolization in the region.
Vascular Embolization Market Competitive Landscape
The prominent players operating in the global vascular embolization market are:
There are many significant competitors in the fiercely competitive vascular embolization business. To expand their presence in this market, the top players have employed various techniques, including expansions, the introduction of new products, and acquisitions. For instance, Johnson and Johnson introduced NIMBUS in October 2020 to treat patients with acute ischemic stroke and facilitate revascularization.
Vascular Embolization Market Strategic Developments
The global vascular embolization market is expected to grow at a revenue CAGR of 8.4% during the forecast period.
Abbott Laboratories, Medtronic Plc, Boston Scientific Corporation, Stryker Corporation, and Terumo Corporation are among the key global vascular embolization market players.
The non-coiling devices segment accounts for the largest global vascular embolization market revenue share.
Asia Pacific is expected to observe the highest global vascular embolization market revenue growth during the forecast period.
The global vascular embolization market was valued at US$ 1.67 billion in 2022.
*Insights on financial performance are subject to the availability of information in the public domain