Transcatheter Embolization and Occlusion Devices Market : Competitive Strategies, Regional Analysis Forecast 2016 - 2024

In a highly consolidated global transcatheter embolization and occlusion (TEO) devices market, top three players namely, Medtronic plc, Terumo Corporation, and Cook Medical held over 63% of the market in 2015, says Transparency Market Research (TMR) in a new report. The market, however, features moderate competitive rivalry due to a handful of large players that operate globally and few local players that operate predominantly within regional markets. Competition in the market is also moderate due to prevalence of acquisition and partnership practices. A case in point is Terumo Corporation. In 2016, the company expanded its business alliance with Quirem Medical to become the sole global distributor of radioembolization solutions created by Quirem Medical.

Vis-à-vis revenue, the global market for TEO devices was worth US$2.4 bn in 2015. The market is anticipated to increment at a healthy 7.9% CAGR for the market to become worth US$4.8 bn by the end 0f 2024, as per the TMR report. The global is predicted to clock 8.1% CAGR vis-à-vis volume from 2016 to 2024. In terms of product type, the embolization coils segment is predicted to hold a 39.5% of the overall market by 2024. However, the embolization particles segment is likely to emerge attractive in the global TEO devices market over the forecast period. By geography, North America is anticipated to emerge as the most lucrative market accounting for 32.3% in the overall market by 2024.

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Increasing Preference for Minimally Invasive Procedures Benefits Market

Primarily driving the TEO devices market is increasing demand for minimally invasive surgeries, rising incidence of cancer, technological advancements, and changing lifestyle leading to a rise in peripheral vascular diseases.

“Embolization refers to minimally invasive surgery that indicates significant advancements in medical technologies,” says the lead author of the report. Minimally invasive procedures are increasingly being adopted due to advantages of less post-operative pain, shorter hospital stay, reduced blood loss, and faster recovery.

Rising prevalence of cancer, which is presently one of the leading causes of morbidity and mortality worldwide is fuelling the demand for chemoembolization and radioembolization. As per statistics of American Cancer Society, in 2015, more than 1,658,370 new cancer cases were detected and 589, 430 cancer deaths reported in the U.S. alone. As a result, the demand for transcatheter embolization and occlusion deices is on the rise.

Increasing Government Support for Cancer Diagnosis Stokes Demand in Developing Countries

Apart from this, government support for cancer diagnosis and cancer treatment and emergence of new manufacturers that operate locally are some of the factors stoking the growth of transcatheter embolization and occlusion devices market in developing countries such as of Asia Pacific. This, along with economic development is boosting investments from market players to expand their distribution networks. Surging number of neurovascular diseases and cancer in several countries of Asia Pacific is likely to fuel the TEO devices market in the region.

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On the other hand, proving to be a roadblock to the growth of TEO devices market are frequent product recalls, long hauls and stringent regulations for product approval, lack of skilled personnel to handle TEO devices, and lack of favorable reimbursement policies in developing economies.

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This release was published on openPR.