The growth witnessed by occlusion devices is mainly driven by the growing target patient population, continuous product launches by major manufacturers, increasing availability of medical reimbursements for occlusion devices across developed countries, and rising adoption of minimally invasive surgical procedures across major countries.
The global occlusion devices market is projected to reach USD 3.55 Billion by 2023 from USD 2.74 Billion in 2018, at a CAGR of 5.3%.
Occlusion Devices Market by Product (Occlusion Balloon, Stent Retriever, Suction Device, Coil Embolization, LiquidEmbolics), Application (Cardiology, Neurology, Peripheral Vascular, Urology, Oncology, Gyno), End User - Global Forecast to 2023
What drives the Market?
- Expansion of Target Patient Population Base
- Technological Advancements
- Favorable Reimbursement Scenario for Minimally Invasive Surgeries
- Rising Number of Minimally Invasive Vascular Surgeries
- Focus on Expansion of Manufacturing & Distribution Capabilities in Emerging Markets
- Clinical Evidence for Safety and Efficacy of Occlusion Devices
On the basis of product, the global market is segmented into occlusion removal devices (balloon occlusion devices, stent retrievers, coil retrievers, and suction and aspiration devices), embolization devices (embolic coils and liquid embolic agents), tubal occlusion devices, and support catheters (microcatheters and guidewires). In 2018, the occlusion removal devices segment is expected to account for the largest share of the market. This can be attributed to the increasing research activity to validate the clinical efficacy of novel occlusion removal devices (such as stent retrievers, coil retrievers, and balloon occlusion devices) and growing patient preference for minimally invasive surgeries.
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North America is expected to dominate the occlusion devices market in 2018.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The large share of North America in the global occlusion devices market is attributed to the increasing availability of medical reimbursements for cardiovascular procedures, increasing patient preference for minimally invasive surgical procedures, and strong market presence of key OEMs (that replicates into the easy availability of occlusion devices).
Objectives of the study are:
- To define, describe, segment, and forecast the occlusion devices market on the basis of product, application, end user, and region
- To provide detailed information regarding the major factors influencing global market growth (drivers, restraints, opportunities, and challenges)
- To strategically analyzemicromarkets with respect to individual growth trends, prospects, and contributions to the global market
- To analyze growth opportunities in the global market for key stakeholders and provide details of the competitive landscape for leading market players
- To forecast the size of market segments with respect to four main regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW)
- To profile the key market players active in the global occlusion devices industry and comprehensively analyze their market shares and core competencies
- To track and analyze competitive developments such as product developments & commercialization, acquisitions, market expansions, and agreements & collaborations in the occlusion devices market
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Major players operating in the market include Boston Scientific (US), Medtronic (Ireland), Terumo (Japan), Stryker Corporation (US), and Penumbra (US). Other prominent players present in this market are Abbott (US), Cardinal Health (US), B. Braun (Germany), Asahi Intecc (Japan), C.R. Bard (US), Cook Group (US), Angiodynamics (US), and Acrostak (US).