Transparency Market Research (www.transparencymarketresearch.com) has published a new market report titled, “Transcatheter Embolization and Occlusion Devices Market: (Product Type – Embolization Coils, Coiling Assist Devices, Embolization Particles, Flow Diverter Devices, Liquid Embolics, and Accessories; Application – Peripheral Vascular Disease, Neurology, Oncology, Urology, and Others; End-user – Hospitals, Ambulatory Surgical Centers, and Clinics) – Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast, 2016–2024”. According to the report, the transcatheter embolization and occlusion devices market is projected to reach US$ 4,811.2 Mn in 2024 at a CAGR of 7.9% from 2016 to 2024.
The report provides detailed analysis of the current and emerging trends in the transcatheter embolization and occlusion devices market. The market size has been provided for product type, application, and end-user. Geographically, the market has been segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Increase in adoption of minimally invasive surgeries due to technological innovations and rise in cancer prevalence is projected to drive the transcatheter embolization and occlusion devices market.
North America accounted for a major share of the transcatheter embolization and occlusion devices market in 2015 due to presence of major market players in the region. Most of the major players operating in the region have made a series of strategic acquisitions, which contributes to the increase in their market share. Increasing cancer prevalence in the region is the one of the key factors contributing to the growth of market. According to the American Cancer Society, over 1,658,370 new cancer cases were diagnosed and 589,430 cancer deaths reported in the U.S. in 2015. Well-established reimbursement policies by private or public organization for TEO devices is a major factor increasing the adoption of these devices in the region.
Europe was the second largest market for transcatheter embolization and occlusion devices in 2015 due to increasing adoption of minimally invasive procedures for treatment. Embolization procedures have fewer side effects due to their minimal invasive nature and faster wound healing process. Rising awareness among the patients regarding embolization procedures and its associated benefits such as short hospital stay and fast healing process also contributes to market growth. Technological innovations and significant product launches also drive the market in the region.
Asia Pacific is expected to expand at a high CAGR during the forecast period from 2016 to 2024. Large patient pool and rising awareness about transcatheter embolization procedures in the region are the key growth factor of the TEO devices market. The booming medical tourism driven by rising government support and incorporation of different schemes by government to avail better treatment for patients is also expected to propel the market in the region. Increase in the number of localized manufacturers and strengthening of distribution network in Asia Pacific due to growing economy offer significant benefits for market players regarding investment purpose. Moreover, increase in neurovascular diseases and rise in cancer prevalence in countries in Asia Pacific are projected to propel the market.
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Brazil dominated the TEO devices market in Latin America in 2015 and will be the focus area for market players due to large investments by government in health care infrastructure. Rising awareness among physicians about embolization and its benefits is anticipated to drive the TEO devices market in the region.
Middle East & Africa accounts for negligible share of the global transcatheter embolization and occlusion devices market due to low availability of treatment options and lesser awareness among the people. However, global players have been entering Middle East & Africa through various distribution agreements to enhance the reach of their products and to establish their foothold in the region.
Key players operating in the global transcatheter embolization and occlusion devices market include Medtronic, Cook Medical, Terumo Corporation, Boston Scientific, Johnson & Johnson (DePuy Synthes), and Abbott Laboratories.