Embolization market is expected to witness significant growth, owing to increasing cancer cases and minimal invasive procedures
Global embolization market is estimated to be valued at USD 2.21 Bn in 2024, exhibiting a CAGR of 8.4% over the forecast period 2024-2031. Increasing prevalence of cancer and cardiovascular diseases can drive the embolization market growth. Furthermore, benefits such as minimal invasiveness, low risk of infection and reduced hospital stay associated with embolization procedures can boost demand for embolization.
Market Dynamics:
Increasing prevalence of cancer and cardiovascular diseases: Embolization procedures are widely used for treatment of various cancers such as liver cancer, lung cancer and brain cancer. Growing incidence of cancer globally has significantly boosted demand for embolization. Rising cases of cardiovascular diseases such as VTE have boosted the need for embolization.
Advantages of minimally invasive procedures: Embolization procedures are minimally invasive in nature as compared to conventional open surgeries. These are associated with reduced procedural pain, lower risk of infection, shorter hospital stay and quicker recovery time. This has increased the adoption of embolization procedures among physicians and patients over risky open surgeries. The benefits of minimally invasive embolization methods are
Growing Geriatric Population Boosts Demand for Embolization Procedures
Growing global geriatric population, aged 65 years and above, can drive the market growth. According to the data from World Health Organization, the number of people aged 65 years or over is projected to grow to nearly 1.5 billion in 2050 from about 703 million in 2019. Growing age increases the risks of developing certain medical conditions that may require embolization procedures. Conditions like aneurysms, tumors, and uterine fibroids are more common in the geriatric population. Growing elderly demographic worldwide can boost demand for minimally invasive procedures like embolization in the near future.
Increasing Incidence of Cancer
According to the World Health Organization, cancer is a leading cause of mortality worldwide, with approximately 10 million deaths in 2020. Growing cancer burden boosts adoption of minimally invasive techniques like embolization for tumor treatment and palliation. Embolization helps to block the blood supply of tumors, causing them to shrink or die. It is increasingly being utilized as a primary or palliative treatment option for certain cancers like liver, lung and kidney cancers. Rising cancer cases globally can boost the uptake of embolization procedures.
Lack of Skilled Professionals
Embolization procedures require a high level of clinical expertise and positioning skills due to their complex nature. There is a significant shortage of interventional radiologists, vascular surgeons and other endovascular specialists who can perform these procedures adeptly. This skill gap can hamper its adoption. More training programs for clinicians are needed to increase the availability of properly trained endovascular specialists globally. The lack of skilled manpower can hamper the market growth in underdeveloped regions especially.
High Procedure and Equipment Costs
Embolization procedures involve the use of expensive equipment like angiography machines, guidewires, microcatheters, embolic agents and imaging systems. Embolization procedures are costly due to the specialized nature. This makes embolization an expensive treatment option for most patients in developing nations. High equipment, disposable and procedure costs pose affordability constraints, particularly in low and middle-income countries.
Rising Healthcare Expenditure
Healthcare spending has been increasing globally due to growing socio-economic development. According to the World Bank, global health expenditure was US$ 8.5 trillion in 2017 and US$ 10 trillion in 2022. Increasing allocation towards healthcare presents significant opportunities for minimally invasive treatment technologies in both developed and developing nations. Rising healthcare budgets in low and middle-income countries can drive the market growth.
Growing Medical Tourism
Medical tourism has emerged as an important phenomenon across Asia, Latin America and Africa. It refers to people travelling abroad to obtain cost-effective private medical care. Many procedures, including embolization, are much more affordable in medical tourism destinations as compared to developed markets. This allows patients globally to access quality embolization therapy at lower costs. The booming medical travel industry and increased medical value travel can offer significant opportunities for embolization market players worldwide.
Link: https://www.coherentmarketinsights.com/market-insight/embolization-market-4473
Key Developments
- In February 2024, AI, a leading France-based company in medical imaging AI, announced strategic alliance to incorporate its CE-marked CINA-iPE solution into the Blackford AI Platform. This partnership provides healthcare providers with advanced tools to identify incidental pulmonary embolisms more effectively during routine CT scans.
- In July 2021, Terumo Medical Corporation, a medical technology company, launched its AZUR Vascular Plug, the first plug compatible with a microcatheter capable of occluding arteries up to 8mm in diameter. This new addition to Terumo's extensive embolization lineup is designed for reducing or halting blood flow in peripheral vasculature arteries.
- In April 2021, the U.S. Food and Drug Administration (U.S. FDA) approved pipeline flex embolization device with shield technology that is primarily indicated for treating brain aneurysms. This technology was developed by Medtronic Plc, a medical device company. . Shield Technology enhances the flow diverter device by reducing its thrombogenicity, thus, improving its performance.
- In November 2020, Penumbra, Inc, a worldwide healthcare firm emphasizing inventive therapies, announced a collaboration with RapidAI. This collaboration aims to devise solutions facilitating swifter clinical decisions for diagnosing and treating pulmonary embolism (PE). RapidAI, known for its clinically validated AI platform, enables healthcare providers to enhance diagnostic and treatment decisions promptly and accurately for stroke and aneurysm patients.
Key Players: Stryker Corporation, Medtronic plc, Boston Scientific Corporation, Johnson & Johnson (Cerenovis), Terumo Corporation, Cook Medical, B. Braun Melsungen AG, Penumbra, Inc., BTG plc, Merit Medical Systems, Pfizer Inc., Abbott Laboratories, Acandis GmbH & Co. KG, Blockade Medical LLC, MicroPort Scientific Corporation, Kaneka Corporation, Galt Medical
