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Transcatheter Embolization And Occlusion Devices Market Report 2024 - Embolization Devices Market Growth, Size And Trends
Transcatheter Embolization And Occlusion Devices Market
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According to The Business Research Company's, The transcatheter embolization and occlusion devices market size has grown rapidly in recent years. It will grow from $4.31 billion in 2023 to $4.76 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to an increase in the target patient population base, a rising number of minimally invasive vascular surgeries, increasing cases of vascular diseases, an increase in chronic disease cases, and the need for effective treatment options.
The transcatheter embolization and occlusion devices market size is expected to see rapid growth in the next few years. It will grow to $7.13 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to increasing research and development activities, an increase in the healthcare sector, growing minimally invasive techniques, an increase in the older population, and an increase in workshops and awareness among people. Major trends in the forecast period include technological advancements, advancements in imaging, integration of artificial intelligence and machine learning, continuous improvements in device design, and advancement in delivery systems.
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Market Drivers and Trends:
The growing number of cancer patients is expected to propel the growth of the real-time location system in the healthcare market going forward. Cancer patients are individuals who have been diagnosed with cancer, a group of diseases characterized by the uncontrolled growth and spread of abnormal cells in the body. The growing number of cancer patients is due to an aging population, lifestyle factors, genetic predisposition, and access to healthcare. Real-time location systems (RTLS) contribute to a more efficient, coordinated, and patient-centered approach to caring for cancer patients, ultimately improving their outcomes and experiences within the healthcare system. For instance, in May 2024, according to data from the National Institutes of Health (NIH), a US-based government organization, there will be an estimated 18.1 million cancer survivors, representing approximately 5.4% of the population in 2022. This number is projected to increase by 24.4% to 22.5 million by 2032 and grow to 26.0 million by 2040. Therefore, the growing number of patients is driving the growth of the real-time location system in the healthcare market.
Major companies operating in the transcatheter embolization and occlusion devices market are developing technologically advanced products with functionality, such as multi-catheter compatibility, to serve customers with advanced features better and gain a competitive edge in the market. Multi-catheter compatibility is a feature that can be used with various types of catheters during interventional procedures to offer healthcare providers greater versatility and efficiency in performing transcatheter embolization and occlusion procedures. For instance, in April 2022, Boston Scientific, a US-based medical products company, received FDA clearance for its EMBOLD Fibered Detachable Coil, designed for embolization procedures in the peripheral vasculature. This device is part of the interventional oncology portfolio. It aims to obstruct or reduce blood flow in targeted vessels, addressing conditions such as hemorrhaging, aneurysms, tumor reduction, and venous abnormalities. It features multi-catheter compatibility and a nitinol delivery system to prevent kinks. The coil streamlines procedures reduces potential complications and enhances efficiency.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson Services Inc., Abbott Laboratories, Medtronic Inc., Stryker Corporation, Boston Scientific Corporation, Edwards Lifesciences Corporation, Terumo Corporation, Teleflex Incorporated, Cook Medical, Merit Medical Systems Inc., Penumbra Inc., AtriCure Inc, Nordion Inc., Sirtex Medical Limited, Cordis Corporation, OpSens Inc., pfm medical ag, Micro Interventional Devices Inc., Acandis GmbH, Metactive Medical Inc.
Transcatheter Embolization And Occlusion Devices Market 2024 Key Insights:
• The transcatheter embolization and occlusion devices market size is expected to see rapid growth in the next few years. It will grow to $7.13 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.
• Minimally Invasive Surgery Driving Growth In Uterine Fibroid Embolization Device Market
• Technological Advancements in Transcatheter Embolization and Occlusion Devices Market
• North America was the largest region in the transcatheter embolization and occlusion devices market in 2023
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