by Vascular embolization is a minimally invasive medical procedure performed to block one or more blood vessels or abnormal vascular structures. It is used to control acute bleeding or abdominal arterial venous malformations. Vascular embolization devices include embolic coils, liquid embolic agents, embolic plug systems, and microspheres which aids interventional radiologists and vascular surgeons in performing the procedures. Embolization can help treat conditions like uterine fibroids, liver tumors, arterialvenous malformations (AVM), and life-threatening hemorrhages. The growing preference for minimally invasive procedures over conventional open surgery is fueling the demand for vascular embolization globally.
The global Vascular Embolization Market is estimated to be valued at Us$ 1809.45 Mn in 2023 and is expected to exhibit a CAGR Of 11% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand for minimally invasive procedures as mentioned in the heading is one of the key drivers for the growth of the vascular embolization market. Minimally invasive procedures allow for smaller incisions, less pain, shorter hospital stays, and quicker recovery times compared to traditional open surgery. This has led to rising adoption of vascular embolization procedures for the treatment of various vascular diseases and abnormalities. In addition, the growing prevalence of target diseases such as liver cancer and kidney cancer is also fueling the need for vascular embolization globally. According to the Global Cancer Observatory, liver cancer saw over 905,000 new cases in 2020 and kidney cancer incidence reached over 403,000 cases. Thus, increasing disease burden will continue driving market growth during the forecast period.
Segment Analysis
The global vascular embolization market is dominated by the neurovascular embolization segment, which accounts for over 35% share of the overall market. Neurovascular embolization involves procedures to treat brain aneurysms and arteriovenous malformations. It is widely performed globally due to the high incidence of cranial vascular disorders. The growing geriatric population is also prone to developing neurological conditions, thus driving the demand for neurovascular embolization procedures.
PEST Analysis
Political: Regulations around medical device approval and reimbursement codes influence new product adoption. Harmonized standards help streamline approvals.
Economic: Developed economies spend significantly on healthcare compared to other nations. As incomes rise in emerging countries, more will be spent on specialty procedures.
Social: Greater health awareness and an aging population seek diagnosis and treatment for previously untreatable conditions. Demand is growing for minimally invasive techniques.
Technological: Advancements in embolic agents, microcatheters and 3D imaging allow more complex cases to be treated. Adoption of robotics may enhance dexterity and visualization in future.
Key Takeaways
The Global Vascular Embolization Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The global Vascular Embolization Market is estimated to be valued at US$ 1809.45 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
North America currently dominates the market owing to its advanced healthcare infrastructure and favorable reimbursement scenario. The region performs the highest number of vascular embolization procedures annually for treatment of numerous cardiovascular, oncology and neurological conditions. The Asia Pacific region is witnessing the fastest growth and emerging as a major market for vascular embolization. Factors such as rising healthcare expenditure, growing incidences of target diseases and increasing medical tourism are driving the growth. Countries like China and India are expected to be among the top markets.
Key players:
Key players operating in the vascular embolization market are DyCare, Costaisa, Meditouch, Signo Motus srl, MEYTEC GmbH Informationssysteme, and Raccoon Technologies Poland LLC. These companies offer an extensive range of embolization devices catering to neurovascular, oncology and general interventional applications.
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.
