by The global vascular embolization market is driven by the rising geriatric population susceptible to various cardiovascular conditions requiring treatment. The vascular embolization is a minimally invasive procedure used for blocking blood flow in abnormal blood vessels to stop bleeding or restrict blood flow to an aneurysm or tumors. It offers advantages such as less pain, shorter recovery times, lower risks of complications and scarring over open surgeries. The vascular embolization products include embolic agents, catheters, microcatheters, guidewires and other accessories used in various applications including neurovascular, pulmonary, and oncology among others.
The global vascular embolization market is estimated to be valued at US$ 1809.45 Mn in 2023 and is expected to exhibit a CAGR of 11% 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 vascular embolization market is the growing demand for particle embolic agents. Particle embolic agents such as trisacryl gelatin microspheres and polyvinyl alcohol particles are widely used for vascular embolization. Their use is increasing at a faster rate over liquid embolic agents owing to higher control and precision in blocking blood vessels selectively. Additionally, manufacturers are focusing on developing advanced particle embolic agents with efficient absorption properties and reduced risks for recurrence. Moreover, there is a rise in adoption of microspheres such as Bead Block microspheres for peripheral embolization owing to their unique multi-layer composition and higher biocompatibility. This is expected to contribute to the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. High capital requirement for R&D and manufacturing acts as a barrier. However, a moderate regulatory compliance level makes the entry slightly easy.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many manufacturers in the market offering differentiated products. Buyers can easily switch between vendors.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of raw materials have some bargaining power due to the requirement of customized products. However, the availability of substitute suppliers provides buyers options.
Threat of new substitutes: The threat of new substitutes is low as vascular embolization is unique. However, minimally invasive surgeries can be considered as alternatives.
Competitive rivalry: Competitive rivalry is high owing to many established players offering differentiated embolization devices, technologies, and geographic presence. Players compete on innovation, quality, and service.
Key Takeaways
The Global Vascular Embolization Market Size is expected to witness high growth over the forecast period. The market growth can be attributed to rising applications of minimally invasive surgeries and increasing availability of advanced embolization devices. The global vascular embolization market is estimated to be valued at US$ 1809.45 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the vascular embolization market and is expected to grow at a high CAGR during the forecast period. Increasing adoption of advanced medical technologies, rising healthcare expenditure, and presence of major players drive the North American market. The Asia Pacific region is anticipated to grow at the fastest pace due to infrastructure development, healthcare reforms, and growing medical tourism.
Key players: Key players operating in the vascular embolization market are DyCare, Costaisa, Meditouch, Signo Motus srl, MEYTEC GmbH Informationssysteme, and Raccoon Technologies Poland LLC. Players compete on dimensions of innovation, quality, and service. They invest heavily in R&D to develop new products and technologies in the market.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
