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I AgreeAnalysis of Embolotherapy Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global embolotherapy market is currently valued at US$ 3,545.56 Million and is anticipated to expand at a CAGR of 8.4% to reach US$ 7,942.8 Million by 2032-end. The market is expected to witness growth owing to the increasing prevalence of cancer and more focus of the key players on technological advancements.
Increasing spending on the development of healthcare infrastructure particularly in the developing nations and increasing application in end-use industries are likely to drive the growth of the embolotherapy market in the forecast period. Embolization is a minimally invasive endovascular procedure used to deliberately stop blood flow in blood vessels when treating cancers, internal haemorrhages, aneurysms, and venous diseases.
Report Attributes |
Details |
Expected Market Value (2022) |
US$ 3,545.5 Billion |
Projected Forecast Value (2032) |
US$ 7,942.8 Billion |
Global Growth Rate (2022-2032) |
8.4% CAGR |
Key Companies Profiled |
|
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A sedentary lifestyle resulting in obesity and other cardiovascular diseases such as heart attack, stroke, Ischemic Heart Diseases (IHD), etc., are primarily driving the embolotherapy market. At the same time, embolotherapy procedures are anticipated to register a downturn, owing to increasing preference for treating COVID-19 patients.
Due to a reduction in both the supply and demand for the associated products, COVID 19 negatively affects the embolotherapy market However, complications arising out of COVID-19 infections are prioritized, thus sustaining growth of market.
As per market research and competitive intelligence provider Fact.MR, the market for embolotherapy witnessed a 7.9 % CAGR from 2017 to 2021. According to the latest analysis and report published by Fact.MR, the demand for embolotherapy market is likely to grow at a steady pace between 2022-2032. Sensing the opportunities, key players are relying on innovations, sustainability, and product development to gain a major share in the market.
Technological advancement in healthcare propels the market growth
The demand for the global market for embolotherapy is anticipated to grow on account of the increasing incidence of several types of hepatic cancer and the increasing demand for minimally invasive procedures.
The increasing number of patients suffering from hepatic cell carcinoma (HCC), varicose veins, renal cell carcinoma (RCC), and aneurysms is rising, thereby leading to an increased mortality rate to drive the embolotherapy market growth.
Moreover, the increasing expenditure to improve healthcare infrastructure and the growing research and development activities for technological advancements in the healthcare sector is expected to drive growth of embolotherapy market.
Availability of a wide range of products and increase prevalence of cancer to drive the market growth
The process of embolotherpy is done with different products and ranges of devices. The availability of large number of products in global embolotherapy market has aided the market growth. Microspheres, embolic coils, embolic plugs are some the products used in embolotherapy.
Also the rising prevalence of various chronic diseases, such as cancer, are anticipated to boost the global embolotherapy market over the forecast period. For instance, according to Centre of Disease Control (CDC) Each year in the United States, about 25,000 men and 11,000 women get liver cancer, and about 19,000 men and 9,000 women die from the disease.
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Although the embolotherapy market has numerous end-uses, there are some obstacles that likely pose a challenge to market growth during the forecasting. Rigid regulatory guidelines for devices used in embolotherapy systems, combined with the high cost of the procedure, are expected to limit the global embolotherapy market's growth.
The lack of skilled medical professionals and lack of some side effects associated with the emboli-removal catheter is the factor limiting the growth of the global embolotherapy market.
Presence of an advanced healthcare sector in the region to propels the market growth
Globally, North America is anticipated to be the major regional market for embolotherapy market. Aggressive healthcare investment coupled with a high number of cardiovascular patients in the world is going to drive the regional embolotherapy market. According to Fact.MR, demand for embolotherapy in North America is likely to expand at an 8.1% value CAGR until 2032
Besides, the presence of large and global embolotherpay product manufacturers with contribute significantly to the growth of embolization market in the region. Because of higher technological advancement and recent FDA approvals for WEB systems, North America is expected to be the dominant market in the global embolotherapy market during the forecast period.
Embolotherapy market is anticipated to witness a healthy growth in the market due to growing number of ASCs (ambulatory surgery center) and increasing geriatric population in the US and Canada.
As per the U.S. department of health and human services, Ambulatory surgery has shown to be popular amongst both patients and physicians and the amount of Medicare certified ambulatory surgery centers has risen steadily all these factor drive the market growth in the region. Favorable reimbursement policies and up gradation in the compensation for the patients is North America is projected to drive demand for embolotherapy market in North America over the forecast period.
Technological advancement in healthcare to drive the embolotherapy market in Europe
Europe is anticipated to be the second leading region for the market with a CAGR of 8.0%. The European market is set to witness gradual growth mainly because of the growing prevalence & incidence of cancer; the availability of treatment and increasing awareness regarding overall health.
The increasing cases of cardiovascular disorders in European countries such as the U.K., Germany, and Italy is expected to boost the embolotherapy market. Also, well-established reimbursement policies by private and public organizations is a major factor boosting the adoption of these therapies in the region.
Increasing prevalence of cardiovascular diseases in the Asia Pacific to boost the market growth
According to Future Market Insights, Asia Pacific is expected to provide immense growth opportunities for the embolotherapy market. Extensive applications in the health industry are keeping sales of the embolotherapy market afloat across the region.
The growth of the market in Asia pacific is attributed to high population and increasing incidence of cardiovascular diseases in these regions along with growing per capita healthcare expenditure in countries like India and China.
Embolotherapy market is expected to increase significantly owing to the rise in cancer incidence rate and manufacturers focusing on expansion strategies in this regions. Increasing number of research activities regulated by various academic research academies further propels the global market growth.
Country | CAGR |
U.K |
8.0% |
India |
7.9% |
South Korea |
7.6% |
China |
7.8% |
U.S |
8.1% |
Embolic Agents to be Highly Sought After
Based on product embolotherapy market is segmented into embolic agent and support devices. The embolic agent segment further divided into Microspheres, Embolic coils, Embolic Plug Systems, Detachable Ballons, Liquid Embolic Agents, others. The segment is projected to grow at a CAGR of 7.5% through 2022-2032.
Embolic agents hold the highest share of the embolotherapy market dusting the forecast period. the growth of the segment is due to increase in use of embolic agents in different procedures and advancement in embolic agents.
Hospitals & Clinics segment generates high revenue in the embolotherapy market
Based on the end-user embolotherapy market is segmented into hospitals, & Clinics, ambulatory surgical centres, and others, among all these the hospitals & clinics segment, holds the largest share of the market.
Increased adoption of minimally invasive procedures to drive the segment growth during the forecast period. Hospitals and clinics to register 7.3% CAGR during the forecast period 2022-2032
Embolx, Embo Medical, IMBiotechnologies, Shape Memory Medical, Biosphere Medical, Microvension, are some of the start-ups in the embolotherapy market
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Medtronic plc, Stryker Corporation, Johnson & Johnson, BTG plc, Cook Medical, Penumbra, Inc., Abbott Laboratories, Boston Scientific Corporation, Merit Medical Systems, Terumo Corporation are some of the key companies in the embolotherapy market.
Companies operating in the market have been focusing on innovations. There is an immense focus on offering more efficient solutions depending upon evolving needs of end users. The global embolotherapy market is considered fairly fragmented due to the presence of a numerous players. Besides this, collaborations have been a key strategy among market players as they aim at expanding regional footprint as well as their product portfolio.
Some of the recent developments from the market are :
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The global embolotherapy market is likely to reach a valuation of US$ 3,545.5 Million by the end of 2022.
By the end of 2032, the global market for embolotherapy market is predicted to reach a valuation of US$ 7,942.8 Million.
Sales of embolotherapy market are likely to expand at 8.4% CAGR through 2032.
The U.S., Canada, Japan, China, and Germany are expected to drive most of the demand for embolotherapy Market.
Medtronic plc, Stryker Corporation, Johnson & Johnson, BTG plc, Cook Medical, Penumbra, Inc., Abbott Laboratories are some of the key players in global embolotherapy Market.