by 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 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vascular embolization is a minimally invasive surgical procedure in which an embolic agent is inserted into blood vessels to occlude them and stop or redirect blood flow. This is done to treat conditions such as gastrointestinal bleeding, uterine fibroids, liver cancer, kidney cancer, and bronchial cancer among others. Embolization procedures offer advantages such as less pain, reduced scarring, shorter hospital stays, and faster recovery times compared to open surgeries. These factors have increased the popularity of embolization procedures over the years.
Market key trends:
One of the key trends in the vascular embolization market is the rising incidence and prevalence of cancer across the globe. Cancer is one of the leading causes of mortality worldwide. For instance, according to the World Health Organization (WHO), cancer accounted for nearly 10 million deaths in 2020. Moreover, various studies project that cancer burden could further increase by over 50% to reach 24 million new cases by 2035. The increasing cancer prevalence is expected to drive the adoption of vascular embolization procedures to manage various types of cancer including liver cancer, kidney cancer, and lung cancer among others. This in turn is anticipated to propel growth of the global vascular embolization market over the forecast period.
Porter’s Analysis
Threat of new entrants: The Threat of new entrants is moderate due to high capital requirements for R&D and manufacturing facilities in the vascular embolization market.
Bargaining power of buyers: The bargaining power of buyers is high attributed to the presence of many established brands and product differentiation in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitutes and differentiation in products.
Threat of new substitutes: The threat of new substitutes is low as the existing products are application specific with high customer acceptance.
Competitive rivalry: High owing to the presence of major global players operating in the vascular embolization market.
Key Takeaways
The Global Vascular Embolization Market Size is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing demand for minimally invasive surgical procedures.
Regional analysis: North America dominates the global vascular embolization market and is expected to continue its dominance over the forecast period. This is attributed to high awareness about vascular embolization procedures and availability of advanced medical facilities. Asia Pacific is expected to be the fastest growing market owing to increasing healthcare expenditure and rising medical tourism in the region.
Key players: Key players operating in the vascular embolization market are Shape Memory Medical Inc., Terumo Corp, Penumbra Inc., Abbott Laboratories, Stryker Corporation, Cook Medical, Medtronic PLC, Merit Medical Systems Inc., Johnson and Johnson (Cerenovus), and Boston Scientific Corporation, among others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
