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Embolotherapy Market To Generate $6,447.1 Million Revenue by 2030
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Another major driver for the embolotherapy market is the booming geriatric population. Elderly people are more prone to chronic diseases, especially cancer and cardiovascular diseases (CVDs), which is why they account for a high hospitalization rate. Moreover, due to their weak biological functions, many elderly are poor candidates for proper invasive surgeries, as their tissues can take months to heal, as could natural blood coagulation. Therefore, many are now undergoing embolization, as it is a minimally invasive procedure carried out via microcatheters.
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The product segment of the embolotherapy market is categorized into support devices and embolic agents. Of these, the embolic agents category generated the higher revenue in 2020, and it is also projected to record the faster growth in the coming years. This can be attributed to the high usage of embolic agents in several interventional radiology procedures. Moreover, the developments of innovative embolic agents, including drug-eluting microspheres, radioactive yttrium-90 (Y-90) microspheres, and calibrated microspheres for bland embolization, for the management of primary and secondary liver diseases, drives the market growth in this category.
Geographically, North America accounted for the largest share in the embolotherapy market in 2020, and it is expected to witness the same trend during the forecast period. This will be due to the rise in the geriatric population, technological advancements, increase in the prevalence of chronic diseases, improvements in the healthcare infrastructure, high disposable income, and development of advanced embolic agents by Stryker Corporation, Guerbet, Sirtex Medical Limited, Terumo Corporation, Meril Life Sciences Pvt. Ltd., Merit Medical Systems Inc., Medtronic Plc, Johnson & Johnson, Kaneka Corporation, Boston Scientific Corporation, and Abbott Laboratories.
Thus, the rising incidence of lifestyle-associated and chronic diseases and the surging aging population will propel the market growth across the world during the forecast period.
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