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Pune India, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the embolotherapy market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the embolotherapy market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as disease, embolic agents, end-user, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global embolotherapy market are Boston Scientific Corporation, Balt USA LLC, Johnson & Johnson, Abbott, Guerbet LLC, Stryker, SSEM Mthembu Medical Ltd, Medtronic, Cook Medical LLC, Acandis GmbH, Terumo Corporation among others. To achieve a substantial market share in the worldwide embolotherapy market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
An embolotherapy procedure involves obstructing the arteries with coils, balloons, and other devices, which are used to treat bleeding ulcers and defects of the blood vessel. Increasing cancer incidence rates and manufacturers focusing on expansion strategies in these regions are expected to boost the global embolotherapy market significantly, as well as an increasing number of research activities regulated by academic research academies. There has been a lot of progress in the oncology field in recent decades. The medical community is constantly seeking new ways to treat cancer and stop tumour growth, but this element has been crucial to driving demand in the global embolotherapy market. Market expansion has also been impacted by tougher standards for invasive procedures, such as balloon placements in arteries. In spite of the wide variety of end-uses of embolotherapy, there are a number of obstacles that are likely to hinder market growth in the forecasting period. Due to strict regulatory guidelines for embolotherapy devices, as well as their high cost, global embolotherapy market growth is expected to be limited. To distinguish between elective surgeries that can be delayed and urgent treatments that must be treated right away, several general guidelines have been published for constructing case categorization criteria. As a result of this, hospital surgical departments closed, decreasing the use of embolotherapy-related products. This negatively affected embolotherapy sales.
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Scope of Embolotherapy Market Report:
| Report Metric || Information |
| Study Period || 2022-2030 |
| Base Year || 2022 |
| Forecast Period || 2023-2030 |
| Market Share Unit || USD Billion |
| Segments Covered || Disease, Embolic Agent, End-User, and Regions. |
| Regions Covered || North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players || Boston Scientific Corporation, Balt USA LLC, Johnson & Johnson, Abbott, Guerbet LLC, Stryker, SSEM Mthembu Medical Ltd, Medtronic, Cook Medical LLC, Acandis GmbH, Terumo Corporation among others |
Oncology is expected to be the fastest-growing segment in 2022.
The disease segment includes oncology, peripheral vacsular diseases and others. The oncology segment is expected to witness the highest growth rate during the forecast period. The cause is the rising incidence of cancer cases worldwide. The Centers for Disease Control and Prevention (CDC) reports that each year, 24,000 men and 10,000 women are diagnosed with liver cancer, and 18,000 men and 9,000 women pass away from it.
Liquid embolic agent is expected to be the fastest-growing segment in 2022.
The embolic agent's segment includes liquid embolic agent, microspheres, embolic coils, detachable balloons and others. The liquid embolic agent segment is expected to witness the highest growth rate during the forecast period. Due to their advantages in distal infiltration, which solid embolic agents cannot reach, liquid embolic agents are gaining increasing attention among various types of embolic agents used. Historically, liquid formulations have been used to embolicize blood vessels for therapeutic reasons, such as cyanoacrylate glues, precipitating polymers, oil, and chemotherapeutic agents.
Hospitals & clinics are expected to be the fastest-growing segment in 2022.
The end-user segment includes ambulatory surgery centres, hospitals & clinics and others. The hospitals & clinics segment is expected to witness the highest growth rate during the forecast period. During the forecast period, hospitals and clinics are expected to have the largest market share, with the highest CAGR. As a result of the adoption of advanced technology in hospitals and the increasing number of surgeries in hospital settings, the segment holds a major share of the market. In addition, minimally invasive surgical procedures are being increasingly adopted, which will contribute to the market's growth.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the embolotherapy market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. North America dominates the embolotherapy market due to the presence of major players and favourable reimbursement policies. Furthermore, the presence of sophisticated technological healthcare facilities will drive the market's growth. As well as large and global embolotherpay manufacturers in the region, embolization will continue to grow significantly in this region.
Germany's emboloherapy market size was valued at USD 0.25 billion in 2022 and is expected to reach USD 0.46 billion by 2030, at a CAGR of 8.2% from 2023 to 2030.
It is expected that the embolotherapy market in Germany will grow enormously. Extensive applications in the health industry is boosting the country's market growth.
China's embolotherapy market size was valued at USD 1.04 billion in 2022 and is expected to reach USD 1.99 billion by 2030, at a CAGR of 8.5% from 2023 to 2030.
In China, it is expected that the embolotherapy market value will continue to grow due to the increasing expenditure on healthcare infrastructure, in combination with the increasing proficiency in research and development to advance healthcare technology
India's embolotherapy market size was valued at USD 0.20 billion in 2022 and is expected to reach USD 0.38 billion by 2030, at a CAGR of 8.4% from 2023 to 2030.
Companies operating in the Indian embolotherapy market implement various organic developments that improve the market dynamically. Market growth is largely driven by organic growth strategies such as product launches and product development, which account for market growth.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising cases of cardiovascular diseases and increasing demand for minimally invasive treatments, propelling the growth of the market across the countries.
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