Embolization Device Market: Current Analysis and Forecast (2023-2030)

The embolization device market is a rapidly growing segment within the medical devices industry. Embolization devices are used by healthcare professionals to block or reduce blood flow to a specific area of the body. They are most commonly used for the treatment of tumors, aneurysms, uterine fibroids, and vascular malformations. The global embolization device market is driven by several factors. Firstly, the increasing prevalence of chronic diseases such as cancer and cardiovascular diseases is leading to a higher demand for embolization procedures. Additionally, the rising geriatric population, who are more susceptible to these diseases, is contributing to the market growth. Furthermore, the market is also driven by increasing healthcare expenditure, favorable reimbursement policies, and the growing demand for minimally invasive procedures. Embolization procedures are often preferred over traditional open surgeries as they offer several advantages such as shorter hospital stays, reduced risk of complications, and faster recovery times.

The Embolization Device Market is expected to grow at a strong CAGR of 7.7% during the forecast period owing to rising research and development activities. The rising investment by pharmaceutical companies and growing approval by regulatory bodies is other key factor driving the market's growth. For instance, in May 2021, Terumo launched the QuiremSpheres, a microspheres-based product for selective internal radiation therapy (SIRT) of liver tumors.

Based on the device, the market is segmented into embolization coil, liquid embolic agents, embolization particles, flow diverters, and others. The embolization coil held the dominant share of the market in 2022. First and foremost, embolization coils are widely recognized and accepted by healthcare professionals for their effectiveness in treating various medical conditions. These coils are used to block blood vessels or abnormal blood flow, thereby preventing further complications or reducing the size of abnormal growths such as aneurysms or tumors. Furthermore, embolization coils have proven to be minimally invasive compared to surgical alternatives, offering a less risky and faster recovery option for patients.

By application, the market is categorized into peripheral vascular disease (PVD), neurology, oncology, and others. The oncology segment is anticipated to grow with significant CAGR during the forthcoming period. Embolization devices are used in interventional oncology procedures to deliver therapeutic agents directly to tumors, cutting off their blood supply and causing tumor shrinkage or destruction. These devices are increasingly being used in embolization procedures for various types of cancer, including liver, kidney, lung, and uterine cancers. The oncology embolization device market is witnessing significant growth due to advancements in technology, increasing prevalence of cancer, and the growing demand for minimally invasive procedures. The National Cancer Institute (NCI) reports that embolization procedures have shown promising results in the treatment of liver cancers, with overall response rates ranging from 40% to 60%. Moreover, rapid product launch in this segment is also propelling the growth. For instance, BTG plc, a leading company in the field of embolization devices, announced in July 2020 that the US Food and Drug Administration (FDA) approved its bead product for the treatment of unresectable hepatocellular carcinoma (HCC), a type of liver cancer.

Based on end user, the market is segmented into hospitals, ambulatory surgical centers, and others. Hospitals are expected to dominate the market. The driving factors for the hospitals are numerous and include the prevalence of the disease, the advancement of treatments and technology, the quality of care provided, the availability of specialized physicians and skilled nursing staff, and the financial incentives offered by health insurance companies.

For a better understanding of the market adoption of the embolization device industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America held a dominant share of the market in 2022. One of the main factors is the increasing prevalence of chronic diseases that require embolization for treatment. For instance, the rising incidence of liver cancer, kidney cancer, and uterine fibroids have resulted in the increased demand for embolization devices in the region. Additionally, the growing geriatric population, which is more prone to conditions requiring embolization, has also contributed to the market's growth. Moreover, rising regulatory approval from regulatory bodies is also driving the market's growth. For instance, in April 2021, the US Food and Drug Administration (FDA) approved the Pipeline Flex Embolization Device with Shield Technology of Medtronic PLC, which was indicated primarily for brain aneurysms. Shield Technology enhances the flow diverter device by decreasing thrombogenicity caused due to the material.

Some of the major players operating in the market include: Medtronic plc; Stryker Corporation; Terumo Corporation; Cook Medical, Inc.; Johnson & Johnson; Boston Scientific Corporation; Penumbra, Inc.; Abbott Laboratories; Merit Medical Systems, Inc.; and Shape Memory Medical.