by Vascular embolization involves the use of embolic agents such as microspheres, coils, plugs, and liquid embolic agents to obstruct or reduce the blood flow within abnormal blood vessels. It is minimally invasive in nature and is often used to treat cancerous tumors, arteriovenous malformations, and aneurysms. The global vascular embolization market is witnessing significant growth owing to the rising prevalence of neuroendovascular surgical procedures and interventional radiology applications across the globe. The increasing geriatric population and the growing demand for minimally invasive surgeries have also propelled the market growth. Additionally, technological advancements in the field of embolization devices have enhanced their adoption rate in many healthcare facilities.
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:
One of the key trends in the vascular embolization market is the growing popularity of drug-eluting microspheres or beads. These microspheres are used in transcatheter arterial chemoembolization (TACE) procedures to treat cancerous liver tumors. When loaded with chemotherapeutic drugs like doxorubicin, these microspheres allow localized and sustained release of the drug at the tumor site. This enhances the therapeutic efficacy and also reduces systemic side effects. Several new drug-eluting microsphere systems have been developed and commercialized in recent years, thereby boosting the overall market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the vascular embolization market requires large capital investments and stringent regulatory norms.
Bargaining power of buyers: The bargaining power of buyers is moderate since vascular embolization devices are essential healthcare tools and there are no close substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of several medical device manufacturers in the market.
Threat of new substitutes: The threat of new substitutes is low as there are limited alternative techniques available for vascular embolization procedures.
Competitive rivalry: The competitive rivalry is high among the top players due to their continuous efforts in new product launches and geographic expansion.
Key Takeaways
The Global Vascular Embolization Market Demand is expected to witness high growth over the forecast period. 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 is currently dominating the market and is expected to maintain its position over the forecast period. Increasing prevalence of target diseases and growing number of angiographic & minimally invasive surgical procedures are driving the market in the region. Asia Pacific is expected to witness fastest growth in the vascular embolization market owing increasing healthcare investments, rising healthcare awareness, and growing medical tourism in countries like China, India, and Japan. Rising adoption of advanced medical technologies and growing geriatric population with target diseases are fueling market growth in the region.
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. Major players are focusing on new product launches, acquisitions, and geographic expansions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
