by The cancer embolization device market is estimated to be valued at US$ 1,433.6 million in 2022 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cancer embolization devices are minimally invasive medical devices used in cancer treatments such as uterine fibroids, liver cancer, and kidney cancer. They work by blocking or reducing blood vessels that supply an area of abnormal or diseased tissue growth like tumors, leaving the healthy tissue unharmed. This process, known as embolization, essentially “starves” the unhealthy tissue of oxygen and nutrients needed for growth and survival. Some key products in the market include embolic agents, microcatheters, guidewires, and other accessories. These devices offer benefits like shorter hospital stays, less pain and scarring compared to traditional open surgeries.
Market Dynamics:
The cancer embolization device market is primarily driven by the growing prevalence of cancer worldwide. According to WHO, cancer burden rose to 19.3 million new cases and 10 million cancer deaths in 2020. Increasing adoption of minimally invasive procedures and benefits like faster recovery are also fueling market growth. Additionally, continuous new product launches catering to various cancer types by key players like IMBiotechnologies Ltd., ABK Biomedical Inc., and EmboMedics are creating opportunities in the market. Some recent innovations include drug-eluting microspheres that enable targeted drug delivery post embolization and resorbable embolic microspheres that dissolve over time post procedure. Technological advancements to improve outcomes, safety, and efficiency of embolization procedures are further propelling market expansion.
Segment Analysis
The global embolization market is segmented into type, procedure, product, application, and end use. Based on type, the market is classified into Solid Embolic Agents and Liquid Embolic Agents. The liquid embolic agents segment dominated the market in 2020 owing to precise delivery of the agents and ability to conform to irregular vessel shapes and sizes.
PEST Analysis
Political: Regulations regarding new drug approval and medical device usage are very stringent. Favourable government initiatives to spread awareness about minimally invasive procedures boost the market.
Economic: Rising healthcare expenditures and increasing disposable incomes drive the demand for advanced treatment options.
Social: Growing geriatric population susceptive to chronic diseases and rising awareness about benefits of minimally invasive procedures augment the market growth.
Technological: Advancements in embolization devices, introduction of bioactive materials, and development of embolization techniques for complex procedures expand the scope of applications.
Key Takeaways
The Global Embolization Market Size was valued at US$ 1,433.6 Million In 2020 and is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period. The growth is driven by increasing prevalence of cancer, liver disease, and arteriovenous malformations. Regionally, North America dominated the global market in 2020 owing to robust healthcare infrastructure and technological advancements.
Regional analysis: North America dominated the global embolization market in 2020 and is expected to remain the largest market during the forecast period. This is attributed to growing geriatric population, rising prevalence of target diseases, favorable reimbursement policies, and rapid adoption of advanced technologies.
Key players: Key players operating in the embolization market are IMBiotechnologies Ltd., ABK Biomedical Inc., EmboMedics, Guerbet, Boston Scientific Corporation, Medtronic Plc., Varian Medical Systems, Inc., Terumo Corporation, Merit Medical Systems, Inc., Cook Group, and Johnson & Johnson.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
