Embolotherapy Market Size, Leaders, Segment Analysis and Forecast to 2024

The global embolotherapy market generated a revenue of $3 billion in 2018 and is expected to attain $4.8 billion by 2024, advancing at an 8.0% CAGR during the forecast period (2019–2024). In terms of product, embolic agents are projected to account for the larger share of the market and register the faster growth during the forecast period. The reason for this is the rising adoption of these agents for several interventional radiology procedures.

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A key factor contributing to the growth of the embolotherapy market is the rising patient pool. The increasing adoption of embolic procedures for managing several diseases is occurring due to the growing patient pool and surging healthcare spending. Moreover, the patients diagnosed at advanced and intermediate stages do not respond to curative therapies, including liver transplantation, ablation, and surgical reaction. Hence, the surging pool of patients, who are at an advanced stage of different life-threatening diseases, need embolotherapy intervention, which is resulting in the growth of the market.

Geographically, North America is predicted of account for approximately 40.0% of the embolotherapy market in 2024 due to the increasing cases of chronic diseases and surging geriatric population. In the U.S., the population aged 65 years and above is predicted to increase to about 24% (98 million) by 2060 from 15% (46 million) in 2016. Other regions, including Asia-Pacific (APAC), Latin America (LATAM), Europe, and Middle East and Africa (MEA), are also expected to hold considerable shares of the market because of the increasing prevalence of cancer and neurological and peripheral vascular diseases in the regions.

In the European region, Germany is projected to lead the embolotherapy market throughout the forecast period because of the increasing healthcare expenditure, rising awareness regarding preventive care, growing adoption of advanced healthcare techniques, and presence of established players. China is expected to hold the largest market share in the APAC region during the forecast period due to the growing demand for minimally invasive procedures and positive reimbursement scenario.

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The players operating in the embolotherapy market are launching different products in order to increase their shares. For example, Medtronic Plc launched Concerto 3D detachable coil system in Ireland and OptiSphere embolization spheres in the U.S. Some of the key players in the market are Terumo Corporation, Stryker Corporation, Sirtex Medical Limited, Meril Life Sciences Pvt. Ltd., Merit Medical Systems, Kaneka Corporation, Cook Medical Inc., Johnson & Johnson, Boston Scientific Corporation, Balt Extrusion, BTG Plc, Acandis GmbH, and Medtronic Plc.

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