Embolization market

Embolization Market, by Product Type (Particles (Radioembolization Spheres, Drug-eluting Beads, Microspheres (or Blands beads, without drug), and PVA particles (Polyvinyl Alcohol), Liquid Embolic, Plugs, and Coils), by Indication (Hemorrage/Bleeding, Benign Prostatic Hyperplasia (BPH), Uterine Fibroid, Tumor (Malignant, including Liver Cancer), Malformation (AVM, AVF), Venous embolization (incl. Varicocele for ex), and Others), by End User (Hospitals & Clinics, Ambulatory Surgical Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

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Jun 2021
CMI4473
410 Pages
Excel & Pdf
Medical Devices

Summary

Researchers and key players are focusing on the development of novel embolization products for the treatment of chronic diseases such as tumor, hemorrhage and others, which is expected to drive growth of the global embolization market over the forecast period.

For instance, in January 2021, MicroVention, Inc., a U.S.-based subsidiary of Terumo and a global neurovascular company, received the U.S. Food and Drug Administration approval for its PMA Supplement for the WEB 17 System, a new addition to the WEB Aneurysm Embolization System for the treatment of intracranial wide neck bifurcation aneurysms. The WEB 17 System, is designed with the latest MicroBraid technology, which features a lower profile delivery system compatible with the VIA 17 microcatheter, and includes additional device configurations.

Moreover, in November 2020, Fluidx Medical Technology, a U.S.-based embolic devices manufacturing company, introduced its novel GPX Embolic Device. It is an innovative embolic designed to combine the benefits of other embolics such as coils, particles, and liquids with simplified preparation, delivery, precision, and control leading to durable, long-term occlusions.

The global embolization market is estimated to be valued at US$ 1,433.6 million in 2020 and is expected to exhibit a CAGR of 8.1% over the forecast period (2020-2027).

Figure 1. Global Embolization Market Share (%) in Terms of Value, By Region, 2020

Increasing incidence of chronic diseases is expected to drive the market growth over the forecast period.

The increasing incidence of chronic diseases such as cancer, cardiovascular diseases, neurovascular diseases, and others is expected to drive growth of the global embolization market over the forecast period.

For instance, according to the World Health Organization statistics published in March 2021, cancer is the second leading cause of deaths globally, and is responsible for about 10 million deaths per year, across the globe, and about one in six deaths is due to cancer. Furthermore, according to the same source, an estimated 9.6 million deaths occurred due to cancer in 2018, globally.

Additionally, according to the Global Burden of Disease (GBD), an article published in the National Center for Biotechnology Information (NCBI) in July 2020, prevalence of ischemic heart disease is increasing. The GBD datasets analyzed that in 2020, the prevalence rate of ischemic heart disease was 1,655 per 100,000 global population, and is expected to exceed 1,845 by 2030.

Moreover, according to the Brain Aneurysm Foundation report 2020, there are almost 500,000 deaths worldwide each year caused by brain aneurysms, and half of the victims are younger than 50 years of age.

Embolization Market Report Coverage

Report Coverage	Details
Base Year:	2019	Market Size in 2020:	US$ 1,433.6 Mn
Historical Data for:	2016 to 2019	Forecast Period:	2020 to 2027
Forecast Period 2020 to 2027 CAGR:	8.1%	2027 Value Projection:	US$ 2,468.7 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East: GCC Countries, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Central Africa
Segments covered:	By Product Type: Particles (Radioembolization Spheres, Drug-Eluting Beads, Microspheres (or Blands beads, without drug), PVA particles (Polyvinyl Alcohol)), Liquid Embolic, Plugs, Coils By Indication: Hemorrage/Bleeding, Benign Prostatic Hyperplasia (BPH), Uterine Fibroid, Tumor (Malignant, including Liver Cancer), Malformation (AVM, AVF), Venous embolization (incl. Varicocele for ex), Others By End User: Hospitals & Clinics, Ambulatory Surgical Centers, Others
Companies covered:	IMBiotechnologies Ltd., ABK Biomedical Inc., EmboMedics, Guerbet, Boston Scientific Corporation, Medtronic Plc., Varian Medical Systems, Inc., Terumo Corporation, Merit Medical Systems, Inc., Cook Group, and Johnson & Johnson
Growth Drivers:	Increasing novel product launches and approvals Increasing incidence of chronic diseases
Restraints & Challenges:	Product recalls Complications associated with embolization

Figure 2. Global Embolization Market Share (%), by Product Type, 2020

Global Embolization Market– Impact of Coronavirus (Covid-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it as a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus (COVID-19) has resulted in over 122 million infected individuals worldwide, as of March 19, 2021.

The coronavirus or COVID-19 outbreak that started from Wuhan, China has spread across continents, affecting various industries globally. Supply of key materials such as probes required for interventional ablation have been severely disrupted due to forced quarantine, and imposed lockdowns in various countries. This has led to disruption in the link between regional warehouses, the transportation of materials between regions cannot be carried out successfully. This shortage of medical devices such as embolic coils, plugs required for embolization procedures have affected the supply chain of the global embolization market.

Moreover, the hospitals are delaying the uterine fibroid embolization of patients who are stable and the surgery can be postponed, or suggesting patients to undergo the treatment from outpatient’s services, to reduce the high risk of getting infected by the COVID-19.

Global Embolization Market Restraint

Product recall is a voluntary action taken, when laws administered by the U.S. Food and Drug Administration (FDA) are violated by manufacturers and distributors. The action is taken to protect public from the risk of injuries. Increasing number of product recalls of embolization products by various developers/manufacturers is expected to hinder growth of the market.

For instance, in March 2020, Medtronic Plc recalled Pipeline Flex Embolization Device (available in the U.S.) and Pipeline Flex Embolization Device with Shield Technology. The reason behind the recall of these two products is that there is a risk of the delivery system, which will fracture while placing the stent inside the patient. The U.S. FDA received 50 Medical Device Reports, with 10 injuries and one death regarding these embolization products from November 1, 2019 to March 1, 2020.

Key Players

Major players operating in the global embolization market include IMBiotechnologies Ltd., ABK Biomedical Inc., EmboMedics, Guerbet, Boston Scientific Corporation, Medtronic Plc., Varian Medical Systems, Inc., Terumo Corporation, Merit Medical Systems, Inc., Cook Group, and Johnson & Johnson

Table of Content

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- Frequently Asked Questions -

What is the current market size and compound annual growth rate (CAGR) of the market during the forecast period (2020-2027)?

The global embolization market size is estimated to be valued at US$ 1,433.6 million in 2020 and is expected to exhibit a CAGR of 8.1% between 2020 and 2027.

What are the major factors driving the global market growth?

Increasing novel product launches and approvals and increasing incidence of chronic diseases are expected to drive the market growth over the forecast period.

Which is the leading product type segment in the market?

Particles segment is expected to hold the major market share, owing to increasing product approvals and launches during the forecast period.

Which region holds the largest market share in the market?

North America holds the largest market share in the market.

What are the key factors hampering growth of the market?

Major factor hampering growth of the market includes product recalls and complications associated with embolization.

Which are the major players operating in the market?

Major players operating in the market include IMBiotechnologies Ltd., ABK Biomedical Inc., EmboMedics, Guerbet, Boston Scientific Corporation, Medtronic Plc., Varian Medical Systems, Inc., Terumo Corporation, Merit Medical Systems, Inc., Cook Group, and Johnson & Johnson