NEW YORK, Sept. 19, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, global embolotherapy market size was valued at $3.0 billion in 2018, and is projected to reach $4.8 billion by 2024, progressing at a CAGR of 8.0% during the forecast period (2019–2024). Based on types of product available in the market, embolic agents will lead the market throughout the forecast period. The category is expected to occupy the larger share in the market. The growing adoption of embolic agents for various interventional radiology procedures is a key factor for the dominant position of this category.
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Globally, the adoption of embolic procedures for the management of various diseases is increasing, owing to the rising healthcare spending and increasing patient pool. Furthermore, most of the patients who are diagnosed at intermediate stage and advanced stage, do not respond to curative therapies, such as ablation, surgical resection, and liver transplantation. Thus, increasing pool of patients, at an advanced stage of various life-threatening diseases, which require embolotherapy intervention, is a key driver supporting the growth of the embolotherapy market.
The embolic agents category is expected to witness faster growth in the embolotherapy market. This can be ascribed to the increasing number of applications of embolic agents in the interventional radiology procedures.
Transcatheter arterial embolization is expected to be the fastest growing category in the embolotherapy market, mainly due to the fact that TAE procedure has a better toxicity profile than transarterial chemoembolization and transarterial radioembolization/selective internal radiation therapy procedures.
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Cancer held largest share in the embolotherapy market in 2018, owing to the increased number of cases, especially kidney and liver cancers.
The hospitals and clinics category accounted for the largest share in the embolotherapy market in 2018. Growing adoption of minimally invasive procedures is an important factor responsible for the growth of the market in this category.
Globally, the North American embolotherapy market is expected to hold around 40% share by 2024. This can be mainly attributed to the rising cases of chronic diseases and increasing geriatric population.
In North America, the U.S. is experiencing a demographic shift, with the increasing number of citizens aged 65 years and above. The 65 years and older age group’s share in the total population is projected to rise to nearly 24% (98 million) by 2060 from 15% (46 million) in 2016. Hence, increasing the number of patients for embolotherapy will drive the regional market.
Europe, APAC, LATAM, and Middle East and Africa are the other regions, which hold considerable shares in the embolotherapy market, on account of rising prevalence of cancer, and peripheral vascular and neurological diseases in these regions.
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China is the largest market for embolotherapy in the APAC region. This is mainly due to the rising demand for minimally invasive procedures, and positive reimbursement scenario that plays an important role in the growth of the embolotherapy market in the country.
Manufacturers in the embolotherapy market are involved in product launches to increase their shares. For instance, in 2018, Medtronic Plc launched OptiSphere embolization spheres in the U.S., as well as Concerto 3D detachable coil system in Ireland.
Stryker Corporation, Terumo Corporation, Sirtex Medical Limited, Merit Medical Systems, Meril Life Sciences Pvt. Ltd., Kaneka Corporation, Johnson and Johnson, Cook Medical Inc., Boston Scientific Corporation, BTG Plc, Balt Extrusion, and Acandis GmbH and Medtronic Plc are some of the major players operating in the global embolotherapy industry.
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