The growing patient pool, increasing prevalence of chronic and lifestyle-associated diseases, rising healthcare expenditure, and improving healthcare infrastructure are some of the key factors for the global embolotherapy market growth. Due to the aforesaid factors, the market is expected to generate $6,447.1 million in 2030, growing at a CAGR of 7.7% during 2020–2030.
The COVID-19 pandemic led to a drastic shift in the focus of the worldwide healthcare fraternity, as most of the surgery departments were shut down and all elective procedures were postponed. This led to a severe reduction in the volume of embolotherapy procedures, which, in turn, had a negative effect on the embolotherapy market for much of 2020.
The embolotherapy market is divided into embolic agents and support devices, based on product. In 2020, the embolic agents division dominated the market because of the increasing use of embolic agents in various interventional radiology procedures. Furthermore, because of the introduction of advanced embolic agents, such as drug-eluting microspheres, calibrated microspheres for bland embolization, and radioactive yttrium-90 (Y-90) microspheres, for the treatment of primary or secondary liver disease, the category is expected to witness the faster growth during the forecast period (2021–2030).
The embolotherapy market is divided into transcatheter arterial embolization (TAE), transarterial chemoembolization (TACE), and transarterial radioembolization (TARE)/selective internal radiation therapy (SIRT), based on procedure. Among these, TAE is the most commonly used embolization procedure in the world. Furthermore, it is expected to be the fastest-growing category during the forecast period, since TAE is effective and well-tolerated in patients with ruptured hepatocellular carcinoma (HCC).
North America led the global embolotherapy industry in 2020 owing to the rising number of technological advancements, strong healthcare ecosystem, surging geriatric population, and increasing prevalence of chronic diseases.
Players in the embolotherapy market have been involved in introducing new products to remain competitive. For instance, in April 2019, Guerbet received the Conformité Européene (CE) mark for SeQure and DraKon microcatheters, for peripheral embolization procedures.
Moreover, in August 2019, Cook Medical LLC introduced the 2.6 Fr CXI support catheter, to be used in super-selective anatomy or small-vessel anatomy, for interventional and diagnostic procedures.
The major players operating in the embolotherapy market are Stryker Corporation, Terumo Corporation, Sirtex Medical Limited, Merit Medical Systems Inc., Meril Life Sciences Pvt. Ltd., Medtronic Plc, Kaneka Corporation, Johnson & Johnson, Boston Scientific Corporation, BALT EXTRUSION SAS, Guerbet, and Abbott Laboratories.