by The Vascular Embolization Market is estimated to be valued at US$ 1809.45 Mn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vascular embolization is a minimally invasive procedure used to block blood vessels to stop bleeding or restrict blood flow to aneurysms or tumors. During the procedure, embolic agents such as gelatin sponges, coils or liquid agents are used to block blood vessels. It is used to treat various conditions such as uterine fibroids, arteriovenous malformations, aneurysms and tumors. Vascular embolization offers advantages over conventional open surgeries such as less pain, reduced hospital stay, lower risk of infection and quick recovery time.
Market Dynamics:
Increasing preference for minimally invasive procedures is a major driver for the vascular embolization market. Minimally invasive procedures are less painful, lead to faster recovery and pose lower risk compared to conventional surgeries. Growing geriatric population prone to various vascular diseases and rising investment by public and private players to enhance healthcare infrastructure also contribute to market growth. Moreover, technological advancements in embolization products such as detachable coils, liquid embolic agents and vascular plugs have widened the scope of application of vascular embolization procedures.
Segment Analysis
The global vascular embolization market is dominated by the embolic agents segment owing to increasing preference for minimally invasive procedures. Embolic agents are used either for occlusion or as embolotherapy in vascular embolization procedures. Types of embolic agents include liquid embolic agents, pushable coils, detachable coils, and vascular plug systems. Among these, detachable coils are highly popular as they allow flexibility during placement and permanent vessel occlusion post-procedure.
PEST Analysis
Political: Regulations supporting medical devices usage and reimbursement for minimally invasive procedures promote vascular embolization procedures.
Economic: Developing economies in Asia Pacific offer high growth potential due to increasing healthcare spending and demand for quality treatments.
Social: Rising awareness about benefits of minimally invasive treatments and vascular conditions prevalence increase adoption.
Technological: Advances in embolic agent design, delivery systems and imaging modalities improve procedure efficacy and safety.
Key Takeaways
The Global Vascular Embolization Market Size is expected to reach US$ 3,287.42 Mn by 2030, expanding at a CAGR of 9.5% over the forecast period. Increasing preference for minimally invasive procedures as compared to open surgeries is a major factor driving market growth. Regionally, North America dominated the market in 2023 with a share of over 35.0% owing to high disease prevalence, advanced healthcare infrastructure and availability of reimbursements. The Asia Pacific region is anticipated to witness the fastest growth over the forecast period supported by increasing healthcare spending, expanding medical tourism industry and growing burden of target diseases. Key players operating in the vascular embolization market are Shape Memory Medical Inc., Terumo Corp, Penumbra Inc., Abbott Laboratories, Stryker Corporation, Cook Medical, Medtronic PLC, Merit Medical Systems Inc., Johnson and Johnson (Cerenovus), and Boston Scientific Corporation, among others.
Regional analysis
The Asia Pacific region is poised to witness the fastest growth in the vascular embolization market during the forecast period. This is attributed to factors such as rising healthcare expenditure, increasing medical tourism, growth in target patient population and growing awareness regarding minimally invasive procedures. Countries such as China, India and Japan are anticipated to be high potential markets contributing to Asia Pacific’s leading position during the analysis period.
Key players
Key players operating in the vascular embolization market are Shape Memory Medical Inc., Terumo Corp, Penumbra Inc., Abbott Laboratories, Stryker Corporation, Cook Medical, Medtronic PLC, Merit Medical Systems Inc., Johnson and Johnson (Cerenovus), and Boston Scientific Corporation, among others. The market demonstrates a moderately consolidated structure with leading players adopting strategies like new product launches and geographic expansions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
