Valued at $3.0 billion in 2018, the global embolotherapy market is projected to generate revenue worth $4.8 billion by 2024, witnessing a CAGR of 8.0% during the forecast period (2019–2024).
Globally, North America is expected to lead the embolotherapy market during the forecast period, mainly on account of the rising technological advancements, surging geriatric population, and increasing prevalence of chronic diseases in the region. The elderly population are more prone to chronic diseases, such as cardiac disorders, gastrointestinal problems, and cancer, as most of these conditions require medical intervention based on advanced technologies. Due to this, the market in the region is expected to witness significant growth in the coming years.
Dynamics of Embolotherapy Market
Development of new embolic agents, such as resorbable microspheres and organic materials, is a key trend observed in the embolotherapy industry. These new agents offer beneficial properties, such as they get removed from body after the desired clinical effect is obtained. For the development of such agents, key players in the industry are focusing toward the research and development of new embolic materials.
Globally, increasing number of patients require embolotherapy procedures to treat various diseases such as hepatocellular carcinoma (HCC), liver cancer tumors, renal cell carcinoma (RCC), kidney cancer, varicose veins, and aneurysms. This increasing patient pool has evolved as a major factor driving the embolotherapy market growth. Moreover, embolotherapy has a wide application in clinical settings, such as in surgery or treatment of inflammation and non-trauma-related vascular disorders.
Structural Analysis of Embolotherapy Market
On the basis of product, the embolotherapy market will be led by embolic agents. This is owing to the development of advanced embolic agents, such as calibrated microspheres for bland embolization, and radioactive Y-90 microspheres to treat primary or secondary liver diseases.
Based on procedure, transcatheter arterial embolization (TAE) is the leading category in the embolotherapy market, in terms of size as well as growth. This is primarily attributed to the fact that TAE is preferred more as compared to transarterial chemoembolization (TACE) and transarterial radioembolization/selective internal radiation therapy (TARE/SIRT), as it is known to provide better toxicity profile.
In terms of indication, the cancer category held 38.7% share in the embolotherapy market in 2018. The increasing prevalence of cancer, especially kidney and liver cancers, is leading to greater adoption of embolotherapy in this category.
Hospitals and clinics are the largest end-user category in the embolotherapy market. This end-user is also expected to be the fastest-growing category in the market during the forecast period. Increasing availability of reimbursements policies by hospitals and clinics is supporting the growth of the market in this category.
Geographical Scenario of Embolotherapy Market
Globally, North America was the largest embolotherapy market during the historical period and is expected to maintain the trend during the forecast period as well. Increasing prevalence of indications that requires embolization procedure, established healthcare ecosystem, and development of advanced embolic agents by players operating in the region are the primary factors for the leading position of the market in this region.
Geographically, Asia-Pacific (APAC) is expected to emerge as the fastest growing market for embolotherapy in the coming years. The embolotherapy market in this region is expected to progress at a CAGR of over 9% during the forecast period. This can be ascribed to the several factors, including increasing patient pool, rising prevalence of cancer, and increasing healthcare expenditure in the region.
Competitive Landscape of Embolotherapy Market
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 major players operating in the embolotherapy market.
Recent Strategic Developments of Major Embolotherapy Market Players
In recent years, major players operating in the global embolotherapy market have actively engaged in strategic developments, such as new product launches and acquisitions, to gain a competitive edge in the industry. For instance, in January 2019, Terumo Europe announced that its product, QuiremScout, has received CE mark approval. This will lead to the availability of the product across Europe. QuiremScout is designed to advance the SIRT work-up procedure by improving the accuracy of predicting lung shunting and intrahepatic distribution, which aims to optimize SIRT patient selection and treatment planning.
Key Questions Addressed in the Report
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