Rising prevalence of heart related diseases, increasing global geriatric population, and availability of medical reimbursements are some key factors expected to drive market growth
According to Emergen Research, the global occlusion devices market size was USD 2,952.3 Million in 2019 and is expected to reach USD 4,378.5 Million by 2027 and register a revenue CAGR of 5.0% during the forecast period, 2021-2028.
Market Dynamics:
Occlusion devices are commonly used in cardiology to treat diseases caused by blood flow blockages in coronary arteries. In the treatment of strokes induced by atrial fibrillation, these medical devices have proven to be more effective than anticoagulant medication. For instance, Percutaneous LAA exclusion/occlusion devices are generally implanted at increasing rates for patients ineligible for systemic anticoagulation to reduce stroke risk. This has been boosting demand for numerous occlusion devices and is expected to drive market revenue growth during the forecast period.
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In addition, growing popularity of minimally invasive surgical techniques, innovations of new procedures and rising prevalence of chronic diseases are some factors expected to contribute to market growth over the forecast period. Post-operative discomfort is reduced with minimally invasive procedures. The occlusion devices are used with few cuts or stitches involved, resulting in a shorter hospital stay. This technology is demonstrating its efficacy in the treatment of complicated procedures. However, lack of skilled professionals, stringent government regulations regarding the use of certain healthcare devices, limitations in procedure of chronic total occlusion (CTO) treatment are some factors expected to restrain market revenue growth over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Neurology Segment Revenue to Expand at a Rapid CAGR:
Neurology segment is expected to register a rapid revenue CAGR over the forecast period attributed to increasing research activities in the field of interventional neurology, rising cases of neurological disorders and favorable government regulations regarding neurovascular surgeries. Further, neurological illnesses are becoming more widely recognized as major causes of death and disability.
Hospitals Segment to Register Significant Revenue Growth:
Hospitals segment is expected to register significant revenue growth over the forecast period due to rising government and private investments in healthcare industry (especially during SARS-CoV-2), availability of reimbursements for target procedures, growing global geriatric population, and large scale adoption of minimally invasive surgical procedures in healthcare sector.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to rising incidence of neurological devices, growing population of elderly people and presence of key players in the region. Further, increasing research and development activities on novel occlusion removal devices and presence of better healthcare infrastructure are some other factors expected to contribute to market growth in the region.
Major Companies in the Market Include:
- Boston Scientific
- Medtronic PLC
- Abbott Laboratories
- Braun Melsungen
- Stryker Corporation
- Acrostak AG
- Cook Group
- Terumo Corporation
- Cardinal Health
- Becton
- Dickinson
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For the purpose of this report, Emergen Research has segmented the global occlusion devices market on the basis of product type, application, end-users, and region:
Product Type Outlook (Revenue, USD Million; 2017–2027)
- 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
-
- Microcatheters
- Guidewires
Application Outlook (Revenue, USD Million; 2017–2027)
- Neurology
- Cardiology
- Peripheral Vascular Diseases
- Urology
- Oncology
- Others
End-Users Outlook (Revenue, USD Million; 2017–2027)
- Hospitals
- Diagnostics Centers
- Ambulatory Surgical Centers
- Research Institutes
- Others
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Regional Outlook (Revenue, USD Million; 2017–2027)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Turkey
- Rest of MEA
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