New York, October 29, 2021 – The global occlusion devices market size is expected to reach USD 4.62 Billion in 2028 and register a CAGR of 5.4% over the forecast period, according to the latest report by Reports and Data. Increasing prevalence of diabetes and surging geriatric population across the globe are anticipated to drive market revenue growth in the upcoming years. Also, older people are more prone to peripheral vascular diseases and thus, demand for occlusion devices is likely to increase rapidly in the near future.
Rising incidence of chronic disorders and increasing cases of spinal cord injuries & cardiovascular diseases are key factors driving market revenue growth
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Increasing number of surgical procedures have raised demand for occlusion devices across the globe. Occlusion devices are utilized during different surgical procedures to help in minimizing blood loss. Occlusion devices include many products that are used to stop bleeding and take care of patients’ trauma during surgeries.
Furthermore, rising number of people suffering from chronic disorders has increased demand for various surgeries. Occlusion devices can be used for treatment, prevention, and management of infected wounds. These devices are also beneficial in neurology, oncology, and other surgical procedures. Increasing incidence of sports-related injuries is further leading to occurrences of neurological disorders and development of advanced product. These factors are expected to boost market revenue growth in the near future.
However, high cost of advanced occlusion devices & treatment procedures and poor reimbursement policies in underdeveloped countries may hamper market revenue growth. Additionally, limitation in the number of clinical trials and lack of awareness of these devices in emerging countries would also hinder the occlusion devices market revenue growth in the upcoming years.
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Some Key Highlights From the Report:
- By application, cardiology segment is expected to grow at significant rate over the forecast period in terms of revenue. Usage of occlusion devices provides various benefits at the time of surgery. These devices have high success rates and can minimize risks related to various treatment options. It would help in driving growth of this segment.
- By end-use, diagnostic centers & surgical centers segment is expected to grow at a significant rate over the forecast period. Rising cases of peripheral vascular diseases and cancer are compelling people to move towards diagnostic centers for quick and efficient diagnosis of various diseases. Also, availability of skilled healthcare professionals and rising requirement of occlusion devices are set to drive growth of this segment in the near future.
- Occlusion devices market revenue in Asia Pacific is expected to witness the fastest CAGR over the forecast period, reason being increasing awareness of people and healthcare specialists about the benefits of Occlusion Devices. The APAC region has a large number of patients with urological disorders, gynecological disorders, and a productive healthcare system, which in turn contribute to the Asia Pacific market growth.
- In 2019, Okami Medical Inc. successfully completed its first case with the help of Low-profile Braided Occluder (LOBO)-3 vascular occlusion system after receiving FDA clearance. It would help interventional physicians to perform occlusion of various arterial targets without the need for multiple embolic devices.
- In July 2019, Avinger commercially launched Ocelot in Australia. It is an image-guided Chronic Total Occlusion (CTO) crossing system that would positively impact treatment of vascular diseases in the healthcare sector. It is equipped with the company’s proprietary Lumivascular technology that would enable physicians to see the inside of an artery during a CTO crossing procedure or an atherectomy for the first time, by using optical coherence tomography (OCT).
- Some companies in the market include Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corporation, Cardinal Health, Edwards Lifesciences Corporation, Johnson & Johnson, Medtronic Plc, Merit Medical Systems, Penumbra, Inc., Stryker Corporation, Terumo Corporation, and Vascular Concepts.
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For the purpose of this report, Reports and Data has segmented the global occlusion devices market on the basis of product type, end-use, application, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Occlusion Removal Devices
- Balloon Occlusion Devices
- Stent Retrievers
- Coil Retrievers
- Suction & Aspiration Devices
- Embolization Devices
- Embolic Coils
- Liquid Embolic Agents
- Tubal Occlusion Devices
- Support Devices
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Diagnostic Centers & Surgical Centers
- Ambulatory Care Centers
- Research Laboratories & Academic Institutes
Application Outlook (Revenue, USD Billion; 2018-2028)
- Peripheral Vascular Diseases
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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