Transcatheter embolization is a process of placing synthetic material or medication called embolic agent into blood vessel through catheter to block the blood flow toward a specific area of the body. Embolization is a highly effective way to prevent abnormal bleeding and is minimally invasive as compared to open surgery. This report analyzes the current and future prospects of the transcatheter embolization and occlusion devices market based on type of product, application, end-user, and geography.
The transcatheter embolization and occlusion (TEO) devices market has witnessed strong growth in the past few years due to the rising focus on innovation, resulting in higher product approvals and product launches globally. The market is also characterized by significant research and development leading to several technological innovations.
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The top three players in the global transcatheter embolization and occlusion (TEO) devices market accounted for over 63% in 2015. Medtronic, plc, Cook Medical, and Terumo Corporation are the three companies that together dominated the market in 2015. Transparency Market Research notes that the degree of competition is moderate due to market consolidation as a result of frequent acquisitions. The competitive rivalry is influenced by the presence of large global players and few local manufacturers of transcatheter embolization and occlusion devices.
“Business agreements and partnerships among key market players will enable them to expand their global reach and market their products to newer regions,” the lead analyst recommends. In January 2016, Terumo Corporation expanded its strategic alliance with Quirem Medical and became the exclusive global distributor of radioembolization solutions developed by Quirem Medical.
In terms of revenue, the global TEO devices market was valued at US$2.4 bn in 2015 and is projected to reach US$4.8 bn by 2024 at a CAGR of 7.9% therein. In terms of volume, the global market is anticipated to register a CAGR of 8.1% from 2016 to 2024.
North America Emerges as Leading Regional Segment
In terms of percentage share contribution, the embolization coils segment is expected to reflect a share of 39.5% by 2024. Registering an impressive CAGR of 13.2% from 2016 to 2024 in terms of revenue, embolization particles are likely to emerge as a highly lucrative product segment in the global transcatheter embolization and occlusion devices market. By application, peripheral vascular disease was the leading segment in 2015, while oncology is slated to be the most attractive segment of the market.
Based on end use, the hospitals segment accounted for a significant share in the global transcatheter embolization and occlusion devices market in terms of revenue. In terms of percentage share contribution, North America is expected to account for 32.3% by 2024, emerging as the leading regional segment of the global transcatheter embolization and occlusion devices market.
Rising Prevalence of Cancer Boosts Demand for Transcatheter Embolization and Occlusion Devices
The TEO devices market is fueled by a number of factors, including an increase in the adoption of minimally invasive surgeries, a rise in the prevalence of cancer, technological innovations, and changing demographics and lifestyle leading to an increase in peripheral vascular diseases.
“Embolization is a minimally invasive surgery that marks a significant advancement in medical technologies,” the author of the report states. “The adoption of minimally invasive surgeries has increased significantly over the years owing to the various advantages they present, including less post-operative pain, reduced blood loss, shorter hospital stay, and faster recovery.”
The transcatheter embolization and occlusion devices market in Asia Pacific is expected to expand at a high CAGR during the forecast period. A large patient pool and rising awareness about transcatheter embolization procedures are the key factors driving the adoption of TEO devices in the region. The booming medical tourism industry, driven by rising government support and the incorporation of different schemes by the government to avail better treatment for patients, is also expected to propel the transcatheter embolization and occlusion devices market. An increase in the number of localized manufacturers and the strengthening of the distribution network in Asia Pacific due to a rapidly growing economy offer significant benefits for market players as far as investments are concerned. A surge in the prevalence of neurovascular diseases and cancer in several countries across Asia Pacific is projected to fuel the market in the coming years.
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Cancer is one of the leading causes of mortality and morbidity around the world and the rising prevalence of cancer globally has driven the demand for chemembolization and radioembolization. This has, in turn, boosted the demand for transcatheter embolization and occlusion devices.
In contrast, frequent product recalls, stringent regulations governing product approvals, the lack of skilled professionals, and the lack of reimbursement policies in emerging markets threaten to impede the global market for transcatheter embolization and occlusion devices.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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