Occlusion Devices Market is expected to reach US$ 31.71 billion by 2031

Occlusion Removal Devices Segment to Hold Significant Share of Occlusion Devices Market During 2021–2031

According to our latest study on "Occlusion Devices Market Forecast to 2031 – Global Analysis – Product, Application, and End User," the market value is expected to reach US$ 8.90 billion in 2023 to US$ 31.71 billion by 2031; it is estimated to record a CAGR of 17.2% during 2023–2031. The report emphasizes the key factors driving the market and prominent players' developments. The growing incidences of cardiovascular disease (CVDs) and rising adoption of minimally invasive techniques in interventional procedures propel the occlusion devices market growth. However, the rising number of product recalls hampers the growth of the market.

Developments in minimally invasive surgical (MIS) techniques, such as endoscopic and mitral valve surgeries, have modernized arterial occlusion treatments. A minimally invasive mitral valve surgery (MIMVS) is suitable for high-risk patients who may not be eligible for open surgeries. As per an article published in the Journal of Thoracic Disease (JTD) in February 2021, a retrospective analysis was conducted to propose a reproducible, effective, and safe method for mitral valve surgery using an intra-aortic occlusion device. The study establishes minimally invasive mitral valve surgery using an intra-aortic occlusion device as a well-established alternative to the conventional surgical approach. The prominent benefits of a minimally invasive approach include less surgical trauma, better pain control, and reduced duration of ICU stays. Further, developments in materials and design support the research pertaining to stronger and biocompatible occlusion devices, which produce improved patient outcomes and reduce the risk of complications. According to an article published in ScienceDirect in July 2021, novel occlusion devices, including biodegradable and 3D-printed occlusion devices, are being developed as next-generation alternatives to traditional Nitinol-based occlusion devices due to their biodegradability, customization, and improved biocompatibility. Therefore, biodegradable, biocompatible, and customizable devices are anticipated to bring new occlusion devices market trends in the coming years.

Occlusion Devices Market, by Region, 2023 (%)

Source: The Insight Partners Analysis

The occlusion devices market analysis has been carried out by considering the following segments: product, application, and end user. By product, the market is segmented into occlusion removal devices, embolization devices, and support devices. The occlusion removal devices segment is further categorized into stent retrievers, coil retrievers, balloon occlusion devices, and suction and aspiration devices. The support devices segment is further bifurcated into microcatheters and guidewires. The occlusion removal devices segment held the largest occlusion devices market share in 2023. This is attributed to an increasing number of cardiovascular patients, which creates a demand for diagnosis and treatment. Further, the support devices segment is anticipated to register the highest CAGR during the forecast period.

The market, by application, is categorized into neurology, cardiology, urology, oncology, and gynecology. The neurology segment held the largest market share in 2023. Implantation of occlusion devices has become widely accepted for occluding abnormal blood/thrombus flow within the heart owing to its high effectiveness and less invasive procedure. It is anticipated to register the highest CAGR from 2023 to 2031.

The market, by end user, is segmented into hospitals, diagnostic centers and surgical centers, ambulatory care centers, and research laboratories and academic institutes. The hospitals segment held the largest occlusion devices market share in 2023, and it is anticipated to register the highest CAGR from 2023 to 2031. Key factors driving the growth of the market for this segment include the rising adoption of minimally invasive surgical procedures, and the availability of reimbursements for targeted procedures and diagnoses in developed countries.

The geographic scope of the occlusion devices market report entails North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). Asia Pacific is expected to register the highest CAGR in the occlusion devices market during the forecast period. The projected market growth in the region can be ascribed to the increasing healthcare expenditure and medical tourism in India and China, among other countries.

In 2023, North America held the largest share of the occlusion devices market. The surging incidence of cardiovascular diseases, rising adoption of minimally invasive surgeries, availability of a high-class healthcare infrastructure, and approval of new devices contribute to expanding the occlusion devices market size in North America.

Apart from factors driving the market, the occlusion devices market report emphasizes key developments by prominent players. Abbott; Boston Scientific Corporation; LeMaitre Vascular, Inc; Edwards Lifesciences Corporation; Medtronic; MicroPort Scientific Corporation; Johnson & Johnson; Terumo Group; Stryker Corporation; and Tokai Medical Products are among the prominent players contributing to the occlusion devices market growth. These companies have been implementing various strategies that contribute to their growth and lead to various changes in the market. Organic strategies implemented by them include product launches, expansions, and product approvals, while inorganic strategies include collaborations and partnerships.

As per company press releases, a few initiatives taken by key players operating in the global occlusion devices market are listed below:

• In April 2023, Terumo Europe N.V. initiated the NAGOMI COMPLEX PMCF study to pursue innovation in patient care and product development by evaluating the efficacy of the Ultimaster Nagomi sirolimus-eluting coronary stent system in complex percutaneous coronary intervention (PCI) patients. The device received CE mark approval in November 2022 and is a therapeutically equivalent version of the Ultimaster Tansei sirolimus-eluting coronary stent system.
• In October 2021, Phenox GmbH, a German manufacturer of stent retrievers for mechanical thrombectomy, announced the global launch of the Preset 6-50 mechanical thrombectomy device for the treatment of acute large vessel occlusive (LVO) stroke.

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