The top three players held more than 63% of the global market for transcatheter embolization and occlusion devices in 2015, rendering a consolidated competitive landscape, says Transparency Market Research (TMR) in a new report. Nevertheless, the presence of several global players and few local players manifests accounts for a moderate level of competition among players in this market.
“Business partnerships and strategic alliances among key players will help them expand their geographical presence and market their products to wider regions,” says the lead author of the study. In 2016, Terumo Corporation entered into a strategic partnership with Quirem Medical to become the sole distributor of radioembolization solutions developed by Quirem Medical.
According to TMR, the global transcatheter embolization and occlusion (TEO) devices market stood at US$2.4 bn by the end of 2015. Expanding at a CAGR of 7.9% between 2016 and 2024, the market is expected to reach a valuation of US$4.8 bn by 2024. By volume, the market is expected to display a CAGR of 8.1% from 2016 to 2024.
North America to Emerge as Leading Regional Market
In terms of product type, embolization coils is expected to register a share of 39.5% by 2024. However, embolization particles are expected to emerge as one of the most lucrative segment registering a high growth rate over the forecast period.
In terms of application, in 2015, peripheral vascular disease stood as the leading segment, however, oncology is expected to be the most attractive segment of the market over the forecast period. By end use, the segment of hospitals hold a significant share in the market in terms of revenue.
On the basis of geography, North America is expected to dominate accounting for 32.4% of the market by 2024. The region has been leading among other regional markets in the recent past as well. The presence of some top players in the region that are engaged in strategic collaborations accounts for their high market share in the global market. The rising prevalence of cancer is also one of the major factors favoring the growth of TEO devices market in this region. As per statistics of the American Cancer Society, in the U.S., in 2015, more than 1,658,370 new cases of cancer were reported and 589,430 cancer deaths were reported. Favorable reimbursement policies for TEO devices is also contributing to the growth of North America TEO devices market.
Increasing Incidence of Cancer Drives Demand for TEO Devices
The TEO devices market is driven by a number of factor, which includes an increasing preference for minimally invasive surgeries, rising prevalence of cancer, changing demographics and lifestyles leading to an increased prevalence of peripheral vascular diseases, and technological innovations.
“Embolization is a minimally invasive procedure that marks a significant advancement in medical technologies,” states the author of the study. Consumers are preferring minimally invasive procedures owing to various advantages, which includes faster recovery, less post-operative pain, shorter hospital stay, and reduced blood loss.
Cancer stands as one of the leading causes of morbidity and mortality across the world and the increasing prevalence of cancer is driving the demand for chemembolization and radioembolization. Thus, the market for transcatheter embolization and occlusion devices is benefitted.
On the down side, frequent product recalls, lack of skilled personnel, stringent regulations that govern product approvals, and lack of reimbursement policies in emerging economies are challenging the growth of the global transcatheter embolization and occlusion devices.
The review presented is based on the findings of Transparency Market Research report, titled “Transcatheter Embolization and Occlusion Devices Market: (Product Type - Embolization Coils, Coiling Assist Devices, Embolization Particles, Flow Diverter Devices, Liquid Embolics, and Accessories; Application - Peripheral Vascular Disease, Neurology, Oncology, Urology; End-user - Hospitals, Ambulatory Surgical Centers, and Clinics) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2016 - 2024.”
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