Neurology Applications to Lead the Way in Occlusion Devices Market Growth

Occlusion devices are medical instruments used to block or close blood vessels, arteries or veins. These devices are commonly used to treat vascular disorders such as aneurysms, stroke, and pulmonary embolism. The global occlusion devices market is expected to witness significant growth due to the rise in the prevalence of vascular disorders and an increasing number of minimally invasive surgeries.

The major drivers of the occlusion devices market include the growing geriatric population, increasing prevalence of vascular diseases, and the advantages of minimally invasive surgeries over traditional surgeries. Additionally, the rise in the adoption of advanced technologies and the development of new and innovative occlusion devices are expected to fuel market growth. The increasing demand for minimally invasive surgeries is also expected to boost the market, as these procedures reduce the length of hospital stays, minimize the risk of infection, and result in faster recovery times.

However, the high cost of occlusion devices and the lack of skilled professionals in emerging economies are expected to restrain the growth of the market. Additionally, stringent government regulations and the risk of complications associated with the use of occlusion devices may also hinder market growth.

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According to a report by the World Health Organization (WHO), the global burden of vascular diseases is increasing rapidly, with an estimated 17.9 million deaths due to cardiovascular diseases in 2019 alone. This rising prevalence of vascular disorders is expected to drive the demand for occlusion devices. The increasing investments in the healthcare sector by various governments and the rise in healthcare expenditure are also expected to drive market growth.

The market for occlusion devices is segmented based on product type, application, end-user, and geography. Based on product type, the market is divided into occlusion removal devices, embolization devices, and support devices. Embolization devices are further classified into coil and non-coil embolization devices. Based on application, the market is divided into cardiology, neurology, peripheral vascular disease, oncology, and urology. The end-users of the occlusion devices market are hospitals, ambulatory surgical centers, and specialty clinics.

Geographically, the occlusion devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominates the global occlusion devices market due to the presence of major market players and the increasing demand for minimally invasive surgeries. According to a report by the US National Library of Medicine, the incidence of peripheral arterial disease in the United States is approximately 4.3% to 14.5%, which is expected to drive the demand for occlusion devices in the region.

The global occlusion devices market is highly competitive and is characterized by the presence of several established players. The market players are adopting various strategies such as partnerships, collaborations, and mergers and acquisitions to expand their market share. The market is dominated by major players such as Medtronic, Terumo Corporation, Cook Medical, Boston Scientific, and Abbott Laboratories.

Major Companies and Competitive Landscape:
Key participants include Boston Scientific, Medtronic PLC, Abbott Laboratories, B. Braun Melsungen, Stryker Corporation, Acrostak AG, Cook Group, Terumo Corporation, Cardinal Health, and Becton, Dickinson, and Company, among others.

Medtronic is a leading player in the occlusion devices market and offers a wide range of products such as embolization coils, stents, and plugs. The company focuses on product innovation and has a strong R&D team. In 2020, Medtronic launched the Telescope Guide Extension Catheter to enhance the visualization and navigation of devices in complex coronary cases.

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Terumo Corporation is another major player in the market, offering occlusion devices such as detachable coils and plugs. The company focuses on expanding its product portfolio through strategic partnerships and collaborations. In 2018, the company entered into a partnership with MicroVention to expand its product portfolio in the neurovascular market.

Cook Medical is a well-established player in the occlusion devices market and offers a wide range of products such as coils, plugs, and occlusion balloons. The company focuses on product innovation and has a strong R&D team. In 2019, Cook Medical launched the Advance Enforcer 35 Focal-Force PTA Balloon Catheter to treat peripheral artery disease.

Boston Scientific is a leading player in the occlusion devices market and offers a wide range of products such as coils, plugs, and occlusion balloons. The company focuses on expanding its market presence through mergers and acquisitions. In 2019, the company acquired BTG plc to expand its product portfolio in the interventional oncology and vascular spaces.

Abbott Laboratories is a major player in the occlusion devices market and offers a wide range of products such as vascular plugs and embolization coils. The company focuses on expanding its market presence through strategic collaborations and partnerships. In 2020, the company entered into a partnership with TandemLife to distribute TandemLife's products in the U.S.

Segmentation Insights for Occlusion Devices Market

The global occlusion devices market is segmented based on product type, application, end-users, and region. In terms of product type, the market is segmented into occlusion removal devices, balloon occlusion devices, stent retrievers, coil retrievers, suction & aspiration devices, embolization devices, embolic coils, liquid embolic agents, tubal occlusion devices, and support devices including microcatheters and guidewires. Among these, the embolization devices segment is expected to grow at a significant rate due to increasing demand for minimally invasive procedures and the rising incidence of cancer.

Based on application, the market is segmented into neurology, cardiology, peripheral vascular diseases, urology, oncology, and others. The neurology segment is expected to dominate the market due to the increasing prevalence of ischemic stroke and the rise in the geriatric population. The end-users for the occlusion devices market include hospitals, diagnostic centers, ambulatory surgical centers, research institutes, and others.

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