The embolotherapy market size is projected to reach US$ 7.37 billion by 2031 from US$ 3.88 billion in 2023. The market is expected to register a CAGR of 8.3% during 2023–2031. Increasing use of liquid embolic agents is likely to remain a key trend in the market.
Rising incidences of stroke and aneurysms have been observed in the European region and the world. For instance, in Spain, stroke is considered the third leading cause of death after Alzheimer's disease and ischemic heart stroke. Additionally, in Africa, hypertension is the major risk factor for stroke, along with other risk factors that include obesity, stress, smoking, alcohol use, physical inactivity, and an unhealthy diet. Furthermore, in 2020, 111,321 new cancer cases was diagnosed in South Africa, with more than 64,547 cancer-related deaths in the country. Due to the above factors, many organizations are running programs to reduce the mortality due to chronic diseases. For instance, the Healthy Heart Africa (HHA) Program has been launched by AstraZeneca to prevent hypertension and reduce the increasing burden of CVDs across Africa.
Increasing implementation of embolotherapy in treating endovascular disease, traumatic injuries, cerebrovascular malformation, venous malformation, arteriovenous malformation, and pediatric vascular conditions are expected to offer an opportunity for the Embolotherapy market revenue growth over the coming years. The prevalence of brain aneurysms in Canada is rising. According to the Brain Aneurysm Foundation, around 2,800-3,500 individuals suffer from a brain aneurysm every year, accounting for about 3% of all hemorrhagic strokes. Moreover, the prevalence is observed in people aged above 40. As per the Canadian Institute for Health Information, in the next 20 years, the population aged 65 is expected to grow by 68%. As per the Brain Injury Association, approximately 160,000 Canadians experience an acquired brain injury every year. These rates continue to rise and are likely to increase the chances of an aneurysm.
The preference has shifted from open surgery to minimally invasive procedures with real-time imaging. Prostatic artery embolization (PAE) is also a minimally invasive therapy implemented as an elective outpatient technique for lower urinary tract symptoms (LUTS) secondary to benign prostatic hyperplasia (BPH). The total patients cured with PAE has grown in recent years. Embolization has established itself as a minimally invasive technique for achieving vascular occlusion. Liquid embolic agents have attracted considerable attention as they penetrate deep into the vessels and independently of thrombus formation, which relies on the patient's coagulation system.
Due to the increasing research and development activities, new introductions and innovations are projected to drive the adoption of new technologies, propelling market growth. For instance, in September 2021, Korea Ministry of Food and Drug Safety (MFDS) approved MicroPort NeuroTech’s NUMEN Coil Embolization System and NUMEN FR Detachment System. For hospital usage NUMEN is primarily used in endovascular coiling procedures to treat intracranial aneurysms due to its stable embolization and dense packing. Furthermore, they also dependently developed the NUMEN Coil Embolization System, which was approved by Korea’s Health Insurance Review and Assessment Service (HIRA) as a product eligible for health insurance reimbursement in Korea. The above factors will likely create opportunities for the embolotherapy market during the forecast period.
Key segments that contributed to the derivation of the embolotherapy market analysis are product, disease indication, procedure, and enduser.
The geographic scope of the Embolotherapy market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market and Asia Pacific is anticipated to grow with the highest CAGR in the coming years. The growth of the Asia Pacific market iis due to the rising prevalence of brain stroke, coronary artery diseases, heart diseases, increasing surgical procedures, and others. The rise in cardiovascular diseases is observed due to the rise in risk factors such as cholesterol, blood pressure, smoking, and diabetes. The 35.4% percentage of men who smoke in Japan is greater than the rate of smoking in the US. Furthermore, in June 2022, Medtronic launched a CE-marked fourth-generation flow diverter, a Pipeline Vantage embolization device with shield technology for the endovascular treatment of brain aneurysms. The above factors will propel the embolotherapy market.
The regional trends and factors influencing the Embolotherapy Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Embolotherapy Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 3.88 Billion |
Market Size by 2031 | US$ 7.37 Billion |
Global CAGR (2023 - 2031) | 8.3% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Product
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
The Embolotherapy Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Embolotherapy Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Embolotherapy market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Embolotherapy market are listed below:
The “Embolotherapy Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America has dominated the Embolotherapy market.
Factors such as rising patient preference for minimally invasive procedures and growing application of embolotherapy will boost the market growth.
Increasing use of liquid embolic agents is likely to remain a key trend in the market.
The Embolotherapy market size is projected to reach US$ 7.37 billion by 2031.
The market is expected to register a CAGR of 8.3% during 2023–2031.