Occlusion Devices Market Competitive Analysis From 2020 to 2023 – By Product (Occlusion Removal Devices, Embolization Devices, Tubal Occlusion Devices, and Support Devices), by Application (Neurology and Cardiology), by End-User (Hospitals & Clinics) – Global Industry Size, Share, Analysis, Growth, Demand, Opportunities and Challenges.
Occlusion Devices Market Analysis
The global occlusion devices market is projected to grow at a stupendous 6.1% CAGR over the predicted years (2017-2023). An occlusion device is widely utilized in cardiology to correct the conditions resulting from obstructions of blood flow in the coronary artery. This device has emerged as a highly effective choice over anticoagulation therapy to treat strokes resulting from atrial fibrillation. There are various occlusion devices that are used for treating various forms of retinal defects, neurological defects, cardiovascular defects and others.
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There are many factors that is driving the growth of the occlusion devices market. Some of these factors as per the Market Research Future (MRFR) report include increasing target patient population, increasing use of minimally invasive surgical techniques across major countries, increasing accessibility of medical reimbursements, surging cases of heart-related and neurological disorders, private and government organizations covering the occlusion device cost and also the treatment under the health insurance policy and increase in the overall geriatric population. On the other hand, factors such as lengthy and strict procedures for approval of latest occlusion devices, strict frameworks for commercialization of the occlusion devices, scarcity of skilled experts for performing occlusive processes and soaring price of occlusion devices are likely to limit the occlusion devices market growth.
Occlusion Devices Market Segmentation
Market Research Future report offers an all-inclusive segmental analysis of the occlusion devices market on the basis of product, application and end-user.
Based on product, it is segmented into support devices, occlusion removal devices and embolization devices. The embolization segment is further segmented into tubal occlusion devices and liquid embolic agents. The occlusion removal is further segmented into aspiration devices, suction, coil retrievers, stent retrievers and balloon occlusion devices. The support devices are further segmented into guidewires and microcatheters. Of these, the occlusion removal devices will lead the market over the predicted years.
Based on application, the occlusion devices market is segmented into gynecology, oncology, urology, peripheral vascular diseases and others. Of these, the neurology segment will have the maximum share in the market.
Based on end-user, it is segmented into ambulatory care centers, surgical centers, diagnostic centers, hospitals and clinics and others. Of these, surgical centers, diagnostic centers and hospitals will lead the occlusion devices market.
Occlusion Devices Market Regional Analysis
Based on region, the occlusion devices market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Middle East and Africa. Of these, North America will shoot market growth to the roof over the predicted years owing to increasing prevalence of heart and other forms of chronic ailments, increasing expenditure on healthcare and concentration of key players in this region. Canada is expected to be the fastest growing market here. North America is closely followed by Europe that is predicted to have a favorable market growth owing to accessibility of funds for research and development, existence of a robust healthcare sector and substantial patient population. The market in APAC is predicted to have the fastest growth owing to rapid development of healthcare domain, rising patient population and increasing expenditure on healthcare from developing economies namely China and India. On the other hand, the occlusion devices market in the Middle East and Africa will have a minimal share owing to low investments on the healthcare domain coupled with strict government policies in Africa. But the market in this region is predicted to have a steady growth over predicted years due to rising awareness concerning chronic ailments and enhancements in the medical device domain.
Occlusion Devices Market Competitive Analysis
The occlusion devices market is competitive and fragmented with the prominent participants leaving no stone unturned in trying to expand their share in the market by acquisitions of the smaller companies which is helping them in diversifying their product portfolio and also increasing geographical footprints. These players are banking upon a long-term contract both with hospitals as well as other forms of healthcare centers for ensuring steady uptake of products.
Occlusion Devices Market Key Players
Leading players profiled in the occlusion devices market include Elixir Medical Corporation (U.S.),Biosensors International Group, Ltd. (Singapore), Translumina GmbH (Germany), Meril Life Sciences Pvt. Ltd. (India), Medtronic plc (Ireland), B. Braun Melsungen AG (Germany), Stryker Corporation, Penumbra, Cook Group, Avinger, Angiodynamics, Acrostak, Kyoto Medical Planning Co. Ltd. (Japan), Boston Scientific Corporation (U.S.), Vascular Concepts (India), MicroPort Scientific Corporation (China), Terumo Corporation (Japan), Terumo Corporation, Edwards Lifesciences, Cardinal Health, Asahi Intecc, Abbott Laboratories (U.S.) and others.
Jan 2019- The US FDA (Food and Drug Administration) has approved the tiniest ever occlusion device for treating symptomatic PDA (patent ductus arteriosus) in premature infants. This device can be used on newborns weighing as tiny as 2 pounds.
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