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Tumor Embolization Devices Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033
Tumor Embolization Devices Market Size
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According to The Business Research Company's, The tumor embolization devices market size has grown rapidly in recent years. It will grow from $1.62 billion in 2023 to $1.82 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to minimally invasive procedures, technological advancements, cancer incidence, aging population.
The tumor embolization devices market size is expected to see rapid growth in the next few years. It will grow to $2.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to personalized medicine, combination therapies, image-guided embolization, telemedicine and remote consultations. Major trends in the forecast period include innovations in embolic agents, transarterial chemoembolization (tace), embolization for palliative care, image-guided procedures.
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Market Drivers and Trends:
The rise in the number of cancer cases across the globe is likely to contribute to the growth of the tumor embolization devices market during the forecast period. According to the American Cancer Society, there were about 1.9 million new cases and 608,570 cancer deaths in 2021 in the USA. The four most common types of cancers worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all new cancer cases. Therefore, the rise in the cancer incidence rate globally is anticipated to boost the demand for the tumor embolization market over the forthcoming years.
Companies in the tumor embolization devices market are increasingly investing in technological advances to provide more efficient devices to consumers. The advances include the emergence of biocompatible, biodegradable, drug-eluting microspheres that provide effective embolization. Bioresorbable microspheres block the blood vessels causing tumors without long-term blockage of the healthy tissue blood vessels. In May 2021, Emboline received an investment of $55 m to develop and launch embolic protection catheters from Matrix Capital Management.
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Major Key Players of the Market:
Boston Scientific Corporation, Medtronic plc, Terumo Corporation, Sirtex Medical Limited, Merit Medical Systems Inc., Cook Medical LLC, AngioDynamics Inc., Siemens Healthineers AG, Johnson & Johnson, Penumbra Inc., Teleflex Incorporated, Meril Life Sciences Pvt. Ltd., Kaneka Corporation, Imagion Biosystems Ltd., Guerbet, BTI Biotechnology Institute S.L., BTG International, Avinger Inc., Shape Memory Medical Inc., Delcath Systems Inc., Endoshape Inc., InSitu Technologies Inc., Monteris Medical Corporation, NeuWave Medical Inc., Neoprobe Corporation, OncoSec Medical Incorporated, Helomics Corporation, Hologic, Surefire Medical Inc., Varian Medical Systems Inc.
Tumor Embolization Devices Market 2024 Key Insights:
• The tumor embolization devices market size is expected to see rapid growth in the next few years. It will grow to $2.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
• Tumor Embolization Devices Market Growth Fueled By Rising Cancer Incidence
• Investments In Technological Advancements Driving Efficiency And Innovation In Tumor Embolization Devices Market
• North America was the largest region in the tumor embolization devices market in 2023
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