Transcatheter Embolization and Occlusion Devices Market: Snapshot
The transcatheter embolization and occlusion (TEO) devices market has witnessed strong growth in the past few years due to the rising focus on innovation, resulting in higher product approvals and product launches globally. The market is also characterized by significant research and development leading to several technological innovations.
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.
High Prevalence of Obesity Drives Use of TEO Devices in Treating Peripheral Vascular Diseases
Embolization coils are the leading products in the market, as these are one of the oldest embolization products available in the market. However, the embolization particles and flow diverter devices segments are expected to record a high CAGR during the forecast period.
Based on application, the peripheral vascular disease segment dominates the transcatheter embolization and occlusion devices market. This segment is expected to continue its lead through 2024 due to a growing geriatric population, changing lifestyles leading to a high prevalence of obesity, and the rising demand for minimally-invasive procedures. However, the oncology segment is expected to record a high CAGR during the forecast period due to the rising prevalence of cancer across the globe.
By end use, the hospitals segment captured a considerable market share and is likely to remain a key segment in the transcatheter embolization and occlusion devices market, expanding at a high CAGR during the forecast period.
Booming Medical Tourism Industry Contributing toward Growth of APAC TEO Devices Market
North America accounted for a major share in the global transcatheter embolization and occlusion devices market in 2015 due to the presence of leading market players in the region. Most of these companies operating in the region have made a series of strategic acquisitions, which contributes to an increase in their market share. The growing prevalence of cancer in the region is one of the primary factors contributing to the growth of the transcatheter embolization and occlusion devices market. According to the American Cancer Society, over 1,658,370 new cancer cases were diagnosed and 589,430 cancer deaths reported in the U.S. in 2015 alone. Well-established reimbursement policies by private or public organizations for TEO devices is also a major factor spurring the adoption of these devices North America.
The transcatheter embolization and occlusion devices market in Asia Pacific is expected to expand at a high CAGR during the forecast period. A large patient pool and rising awareness about transcatheter embolization procedures are the key factors driving the adoption of TEO devices in the region. The booming medical tourism industry, driven by rising government support and the incorporation of different schemes by the government to avail better treatment for patients, is also expected to propel the transcatheter embolization and occlusion devices market. An increase in the number of localized manufacturers and the strengthening of the distribution network in Asia Pacific due to a rapidly growing economy offer significant benefits for market players as far as investments are concerned. A surge in the prevalence of neurovascular diseases and cancer in several countries across Asia Pacific is projected to fuel the market in the coming years.
Major players operating in the transcatheter embolization and occlusion devices market include Abbott Laboratories, Boston Scientific Corporation, BTG plc, Cook Medical, Inc., Edwards Lifesciences, Johnson & Johnson, Medtronic plc, Merit Medical Systems, Inc., Penumbra, Inc., Pfizer, Inc., Sirtex Medical Limited, St. Jude Medical, Inc., Stryker Corporation, and Terumo Corporation.
Transcatheter embolization is a process of placing synthetic material or medication called embolic agent into blood vessel through catheter to block the blood flow toward a specific area of the body. Embolization is a highly effective way to prevent abnormal bleeding and is minimally invasive as compared to open surgery. This report analyzes the current and future prospects of the transcatheter embolization and occlusion devices market based on type of product, application, end-user, and geography.
The research is a combination of primary and secondary research, conducted for understanding and arriving at trends, used to forecast the expected revenue of the major embolization therapies in the near future. Primary research formed the bulk of our research efforts with information collected from in-depth interviews and discussions with a number of key industry experts and opinion leaders. Secondary research involved study of company websites, annual reports, press releases, investor presentations, analyst presentation, and various international and national databases. The report provides estimated market size in terms of US$ Mn for each product type, application, end-user, and geography for the period 2014 to 2024, considering the macro and micro environmental factors. The revenue generated from each product was calculated by considering number of products used in the procedures and their market demand as per their use, number of products launched, average cost of products of each sub segment, trends in industry, end-user trend, and adoption rate across all geographies. The revenue generated for applications was calculated on the basis of prevalence of diseases and number of devices available for the treatment of particular disease.
The report also provides volume in terms of number of units for each product type, generated by average selling price for each product by different manufacturers across the geographies. Market trends and demand has been considered in addition to the above parameters. The adoption rate for the procedures in various geographies has been studied in detail to gain further insights in the analysis.
The market report comprises an elaborated executive summary, which includes market snapshot that provides information about various segments of the market. It also provides information and data analysis of the market with respect to market segments based on type of product, application, end-user, and geography. The market overview section of the report analyzes market dynamics such as drivers, restraints, and opportunities that influences the TEO devices market in the current and future scenario. The report also provides value chain analysis of the market that describes the sequence of activities involved from drug manufacturing to their final reach to the end-users.
Market share analysis among the market players is analyzed to signify the contribution of these players in the market in terms of percentage share. All these factors will help the market players to decide on the business strategies and plans to strengthen their positions in the global market. Based on geography, the market has been analyzed for major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The study also covers detailed country analysis contributing majorly in the transcatheter embolization and occlusion devices market.
The report also profiles the major players in the market and provides various attributes such as company overview, financial overview, SWOT, product portfolio, business strategies, and recent developments. Major companies profiled in the TEO devices market report are Medtronic, Cook Medical, Terumo Corporation Boston Scientific Johnson & Johnson (DePuy Synthes), Stryker, Sirtex Medical Limited, Penumbra, Inc., and Abbott Laboratories.
The transcatheter embolization and occlusion devices market has been segmented as follows:
- Transcatheter Embolization and Occlusion Devices Market, by Product
- Embolization Coils
- Coiling Assist Devices
- Stent Assisted Coiling
- Balloon Assisted Coiling
- Embolization Particles
- Radioembolization Particles
- Drug-eluting Beads
- Flow Diverter Devices
- Liquid Embolics
- Embolization Coils
- Transcatheter Embolization and Occlusion Devices Market, by Application
- Peripheral Vascular Disease
- Transcatheter Embolization and Occlusion Devices Market, by End-user
- Ambulatory Surgical Centers
- Transcatheter Embolization and Occlusion Devices Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- North America