February 25, 2024

The Global Embolization Market Is Driven By Rising Prevalence Of Cardiovascular Diseases

Embolization refers to a minimally invasive procedure that blocks one or more blood vessels or vascular pathways. In embolization therapy, detachable coils, beads, or balloons are placed into blood vessels to block the blood flow. This minimally invasive procedure is commonly performed to treat aneurysms, arteriovenous malformations, tumors, uterine fibroids, and varicose veins among others. Embolization products comprise guidewires, catheters, balloons, coils and liquid embolic agents. These products are widely used in neurology, oncology, peripheral vascular disease and other clinical applications. The advantages of embolization over conventional open surgeries include reduced risks of infection, pain, and scarring. It also offers shorter hospital stays and recovery time. Growing preference for minimally invasive procedures and rising cases of target diseases are expected to drive the demand for embolization devices significantly over the forecast period.

The global Embolization Market is estimated to be valued at Us$ 1810.94 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the embolization market is the rising prevalence of cardiovascular diseases such as aneurysms, arteriovenous malformations and peripheral artery disease. As per Heart Foundation Australia, cardiovascular diseases accounted for approximately 45% of the total deaths in 2020. Improved diagnostics and growing inclination towards minimally invasive procedures are expected to contribute significantly to the adoption of embolization therapy for the treatment of cardiovascular conditions. Another major trend is the technological advancements in embolization devices and increased funding for research and development in this domain. Some manufacturers are developing bioactive embolization coils coated with medicines that help reduce complications and speed up tissue repair. In addition, players are focusing on user-friendly catheter designs, advanced imaging technologies for precise delivery and new liquid embolic agents. Such innovations are anticipated to augment the market growth over the projected timeframe.

 

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate in the embolization market as it requires significant investments in research and development to develop new products. Additionally, existing players have established their brand names, distribution channels and customer base.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of multiple players offering similar products in the market. Buyers can easily switch between products based on pricing and quality.

Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous component suppliers in the market. Additionally, the components used are standard and not unique to any particular manufacturer.

Threat of new substitutes: The threat of substitutes is moderate as there are limited product substitutes for embolization. However, alternatives like laparoscopy and nanoparticles can pose a threat.

Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players offering comparable products. Players compete based on product quality, features, pricing and innovation.

Key Takeaways

The Global Embolization Market Demand  is expected to witness high growth over the forecast period owing to increasing prevalence of chronic diseases, rise in aged population and growing number of interventional radiology procedures.

Regional analysis –

 

North America dominates the embolization market and is expected to continue its dominance over the forecast period due to increasing number of angiography procedures, growing aging population and presence of major players. Asia Pacific is expected to be the fastest growing region owing to rising healthcare expenditure, growth in medical tourism and growing patient pool.

Key players operating in the embolization market are Henkel AG & Company KGaA, 3M Company, Paramelt B.V., H.B. Fuller Company, Bostik SA, Avery Dennison Corporation, Sika AG, Wacker Chemie AG, Ashland Inc., Dymax Corporation, DowDuPont Inc., and Huntsman Corporation. Major players are focusing on new product launches, geographical expansion and acquisitions to increase their market share.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it