Transcatheter Embolization and Occlusion Devices Market Analysis – 2024
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“Business agreements and partnerships among key market players will enable them to expand their global reach and market their products to newer regions,” the lead analyst recommends. In January 2016, Terumo Corporation expanded its strategic alliance with Quirem Medical and became the exclusive global distributor of radioembolization solutions developed by Quirem Medical.
In terms of revenue, the global TEO devices market was valued at US$2.4 bn in 2015 and is projected to reach US$4.8 bn by 2024 at a CAGR of 7.9% therein. In terms of volume, the global market is anticipated to register a CAGR of 8.1% from 2016 to 2024.
North America Emerges as Leading Regional Segment
In terms of percentage share contribution, the embolization coils segment is expected to reflect a share of 39.5% by 2024. Registering an impressive CAGR of 13.2% from 2016 to 2024 in terms of revenue, embolization particles are likely to emerge as a highly lucrative product segment in the global transcatheter embolization and occlusion devices market. By application, peripheral vascular disease was the leading segment in 2015, while oncology is slated to be the most attractive segment of the market.
Based on end use, the hospitals segment accounted for a significant share in the global transcatheter embolization and occlusion devices market in terms of revenue. In terms of percentage share contribution, North America is expected to account for 32.3% by 2024, emerging as the leading regional segment of the global transcatheter embolization and occlusion devices market.
Rising Prevalence of Cancer Boosts Demand for Transcatheter Embolization and Occlusion Devices
The TEO devices market is fueled by a number of factors, including an increase in the adoption of minimally invasive surgeries, a rise in the prevalence of cancer, technological innovations, and changing demographics and lifestyle leading to an increase in peripheral vascular diseases.
“Embolization is a minimally invasive surgery that marks a significant advancement in medical technologies,” the author of the report states. “The adoption of minimally invasive surgeries has increased significantly over the years owing to the various advantages they present, including less post-operative pain, reduced blood loss, shorter hospital stay, and faster recovery.”
Cancer is one of the leading causes of mortality and morbidity around the world and the rising prevalence of cancer globally has driven the demand for chemembolization and radioembolization. This has, in turn, boosted the demand for transcatheter embolization and occlusion devices.
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In contrast, frequent product recalls, stringent regulations governing product approvals, the lack of skilled professionals, and the lack of reimbursement policies in emerging markets threaten to impede the global market for transcatheter embolization and occlusion devices.
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