Peripheral Embolization Device Market Growth and Forecast 2016-2026
Embolization is a process through which embolus is placed into the blood vessel to block the blood flow to a particular area of the body. The embolus is usually a blood clot formed due to clotting of blood cells. However, the artificial embolus is used to close off blood vessels to prevent the blood from reaching a particular part of the body to eliminate abnormal conditions in the body like a renal aneurysm, arteriovenous fistula, hypo gastric artery embolization, endo leak embolization, GI bleeding and treatment of tumours. Peripheral embolization is usually used to shrink tumors by blocking the blood flow to it. Peripheral embolization devices often use embolus made up of various drugs which along with blocking the blood flow also are targeted towards the treatment of a tumour. Embolization is efficient and less invasive as compared to open surgery and therefore poses a little risk to the patient.
Peripheral Embolization Device Market: Drivers and Restraints
The global peripheral embolization device market is driven by the rising incidence of cancer and cardiovascular diseases. According to CDC (Centers for Disease Control and Prevention) by 2025, 19.3 million cases of cancer cases are expected to be diagnosed each year, which in turn is expected to increase demand for peripheral embolization devices for early treatment of malignant tumours. The increasing mortality rate due to cardiovascular diseases is expected to boost demand for peripheral embolization devices. Increasing cardiovascular patients owing rising global geriatric population is expected to provide high growth opportunities for the peripheral embolization devices manufacturers over the forecast period. Moreover, technological developments in new peripheral embolization devices aimed to increase safety among patients and ease of use for physicians is expected to provide significant growth opportunities for the peripheral embolization devices manufacturers. However, the high cost of peripheral embolization devices and complications like coil migration, perforations, and spasms among patients is expected to hamper market growth over the forecast period.
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Peripheral Embolization Device Market: Segmentation
The global peripheral embolization device market are segmented into product type and end user
Segmentation based on product type
- Embolization Guide wires
- Micro catheters
- Occlusion Systems
- Occlusion Balloons
- Platinum Coils
Segmentation based on end user
- Ambulatory surgical centres
- Specialty clinics
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Peripheral Embolization Device Market: Region – wise Outlook
The peripheral embolization device market is expected to witness healthy growth throughout the forecast period with North America expected to be the leading market. High demand for peripheral embolization devices from cancer patients is expected to boost the market growth over the forecast period. Favourable reimbursement policies and up gradation in the compensation for the patients is North America is projected to drive demand for peripheral embolization devices in North America over the forecast period. Moreover, several global manufacturers in this region are expected to promote the use of peripheral embolization devices and in turn is supposed to increase the adoption rate of the devices. Western Europe is expected to be second largest market followed by North America owing to high awareness related to the use of peripheral embolization devices for treatment of cardiovascular and bleeding disorders. APEJ (Asia-Pacific excluding Japan) and Japan are expected to follow next after Western Europe owing to high population and increasing the incidence of cardiovascular diseases in these regions along with growing per capita healthcare expenditure in countries like India and China. Eastern Europe and the Middle East and Africa (MEA) is expected to increase significantly owing to the rise in cancer incidence rate and manufacturers focusing on expansion strategies in this regions.
Peripheral Embolization Device Market: Key Players
Some key players in peripheral embolization market are Boston Scientific Corporation, Medtronic, Inc., Cook Medical, St. Jude Medical, Inc., Penumbra, Inc., Metactive Medical, Inc., Terumo Corporation and others. The companies are focused on development of new peripheral embolization devices with increased safety and ease of use.