New York, USA, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Occlusion Devices Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Occlusion Devices Market Information By Product, Application, End-User, And Region - Forecast till 2030", the market is expected to reach USD 2,193.98 Million by 2030 at 6.2% CAGR during the forecast period 2022-2030.
Market Synopsis
Occlusion devices are considered medical devices used to cure various ailments and physical flaws in the patient. It has a variety of uses, including those related to the cardiovascular, nervous, oncological, gynecological, and other systems. In medicine, occlusion refers to blocking hollow organs or blood arteries. Occlusion devices are medical tools that are used to cure a variety of patient bodily flaws. The occlusion devices can address cardiovascular, neurological, gynecological, and oncological defects. The tools used for occlusion therapy have undergone clinical testing and successfully removed occlusion from various body areas.
One of the elements influencing market expansion is the implementation of effective reimbursement rules for occlusion devices. The market growth for occlusion devices is anticipated to increase with increased distribution and manufacturing levels in developing nations. These devices have made an effort to claim that the rapid expansion of medical operations has had an impact. In addition, the expansion of the global occlusion device market has been impacted along with the demand for minimal medical device facilities.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 2193.98 Million |
| CAGR | 6.2% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing availability of diagnostic services |
| Favourable reimbursement of the policies and increase in the spending on research and development |
Occlusion Devices Market Competitive Landscape:
The vital contenders in the occlusion devices market are:
- MicroPort Scientific Corporation
- Vascular Concepts
- Elixir Medical Corporation
- Cardinal Health
- Cook Group
- Edwards Lifesciences
- Abbott Laboratories
- Acrostak
- Kyoto Medical Planning
- Terumo Corporation
Occlusion Devices Market Dynamics:
Market Drivers:
The market drivers attempt to portray that the factors that involve the growing awareness also intend to state of the people have managed to benefit the devices by replacing the process over the life treatment devices. Improving the target patient population base is one of the key factors anticipated to propel the growth in the occlusion devices market during the forecast period. Additionally, it is projected that technological advancements will further fuel the market for occlusion devices. Additionally, it is predicted that the appropriate reimbursement environment for minimally invasive procedures will temper the expansion of the occlusion devices market. On the other side, it is also anticipated that the occlusion devices market will grow slowly over the timeframe due to the rigorous regulatory regime for product commercialization. In the upcoming years, the occlusion device market may also see growth prospects because of the rise in healthcare costs in developing nations.
The market is expected to grow due to several factors, including the increased adoption of minimally invasive surgeries (MIS) compared to traditional operations, the rise in chronic diseases and lifestyle-related illnesses, and technological developments in the industry. As a result, more operations are anticipated due to the nation's increased mortality rate from cardiovascular diseases. This will likely lead to a rise in the usage of occlusion devices and support market expansion.
Market Restraints:
Over the forecast period, restrictions on the CTO (chronic total occlusion) treatment process and strict rules and compliances governing the approval of occlusion devices for sale are anticipated to restrain market growth to some extent. The lack of qualified specialists for minimally invasive procedures may, to some extent, limit industry expansion. The expensive expense of the equipment, technological difficulties, governmental regulations, and the circumstances that surgeons face are some of the main limitations. Therefore, it tries to explain how the lack of standard reimbursement of the policies and the significance of the occlusion devices have been hindered. This has had an impact on the market for occlusion devices.
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COVID 19 Analysis
The COVID-19 outbreak had an impact on several surgical techniques. As a result of the tight restrictions, patients with various lifestyle-related and debilitating conditions experienced a delay in diagnosis and treatments. This affected the market under study. So, according to this data, the pandemic scenario caused a drop in surgical procedures, which in turn impacted the occlusion device market. However, because of vaccinations and a drop in COVID-19 instances, the market under study has recovered to its full potential. The need for medical supplies continues to grow among the general public and healthcare professionals due to the increase in COVID-19 cases worldwide. The producers of these goods can take advantage of the rising demand for medical supplies to guarantee a sufficient and ongoing supply of personal protective equipment on the market. Given these elements, COVID-19 is anticipated to have a substantial effect on the market for occlusion devices.
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Occlusion Devices Market Segmentation
By application, the market includes neurology and cardiology.
By product, the market includes embolization devices, tubal occlusion devices, occlusion removal devices, and support devices.
By end-user, the market includes hospitals & clinics.
Occlusion Devices Market Regional Insights
Due to the increasing prevalence of favorable reimbursement circumstances for minimally invasive operations, North America currently controls the majority of the global market for occlusion devices. The availability of clinical data supporting the security and effectiveness of occlusion procedures and the advancement of technology and innovation will also help the occlusion devices market expand in the area over the forecast year. Due to the increased demand for occlusion devices globally, Asia-Pacific is predicted to experience considerable growth in the occlusion devices market. In the upcoming years, it is also projected that the presence of significant key players will further fuel the expansion of the occlusion devices market in the area.
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As a result, more operations are anticipated thanks to the nation's massive mortality rate from cardiovascular diseases. This will likely lead to a rise in the usage of occlusion devices and support market expansion. In contrast, a rise in South America indicates that the general upsurge in advancement must generate a need. Positive growth in the European device market tends to emphasize the detection of long-term diseases. Since then, Germany and the UK have made the biggest contributions to increasing the market's growth.
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