The global Embolization Market is estimated to be valued at US$ 1,433.6 million in 2022 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The embolization market involves minimally invasive procedures that blocks or reduces the blood supply to an organ or other body part. Embolization products including embolic agents, guidewires, catheters, coils, and plugs are used to treat medical conditions like tumors, arterial venous malformations and aneurysms. Embolization procedures offer advantages like lesser pain, reduced scarring, shorter hospital stay and recovery time compared to traditional open surgeries. With rapidly growing geriatric population worldwide, the demand for minimally invasive procedures to treat several medical conditions is increasing rapidly.
Market key trends:
One of the key trends in the embolization market is the growing adoption of drug-eluting embolization beads. Drug-eluting beads loaded with chemotherapeutic agents allow localized drug delivery during embolization procedures to treat cancerous tumors. This localized approach helps in increasing drug concentration at tumor sites while reducing systemic drug exposure and side-effects. Another emerging trend is the development of bioactive embolization beads coated with molecules like doxorubicin, irinotecan and paclitaxel. These drug coated beads not only block blood vessels locally but also slowly release anticancer drugs in the adjacent tumor region over a period of few weeks, improving treatment efficacy.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low given the high costs associated with R&D, clinical trials, obtaining regulatory approval and establishing distribution networks in the embolization market.
Bargaining power of buyers: The bargaining power of buyers is moderate as the majority of the customers in this market are hospitals and healthcare providers.
Bargaining power of suppliers: The bargaining power of suppliers is also moderate given the availability of substitute materials and products.
Threat of new substitutes: The threat of new substitutes is high due to continued innovation and technological advancements in the interventional radiology field leading to new minimally invasive procedures.
Competitive rivalry: High due to the presence of many global and regional players offering a variety of embolization products.
Key Takeaways
The Global Embolization Market is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of cardiovascular diseases, cancer and neurological disorders. The rising geriatric population coupled with growing demand for minimally invasive procedures will further drive the market during the analysis period.
The North America region currently dominates the embolization market owing to the developed healthcare infrastructure and rising healthcare expenditure in the region. In addition, growing prevalence of target diseases and presence of key players are further boosting the regional market growth. However, Asia Pacific is anticipated to grow at the fastest pace during the forecast period due to increasing focus of global players towards emerging economies in the region.
Key players operating in the embolization market are IMBiotechnologies Ltd., ABK Biomedical Inc., EmboMedics, Guerbet, Boston Scientific Corporation, Medtronic Plc., Varian Medical Systems, Inc., Terumo Corporation, Merit Medical Systems, Inc., Cook Group, and Johnson & Johnson. The major players are focusing on new product launches, partnerships and agreements to expand their footprint and strengthen market position globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it