The Vascular Embolization Market is Estimated To Witness High Growth Owing To Rising Adoption of Minimally Invasive Procedures

The vascular embolization market is estimated to be valued at US$ 1809.45 Mn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Vascular embolization refers to blocking or reducing blood flow to specific part of arteries, veins, or other vessels. It is widely used for treating various conditions such as lung cancer, arterial venous malformations, aneurysms, among others. Embolization procedures cut down recovery time, risk of complication and length of hospital stay compared to conventional surgeries. Embolization products are available in various forms such as coils, beads, liquid embolic agents and plug devices providing treatment options for variety of vascular conditions.

Market key trends:
One of the key trends driving growth of vascular embolization market is rising adoption of minimally invasive procedures. Minimally invasive procedures involve small incisions and use of catheter as compared to conventional open surgeries. This significantly reduces post procedural pain, risk of infection and allows faster recovery. With advancements in catheter technology and deployment systems, interventional radiologist are able to achieve high success rates with minimally invasive embolization treatments. This has increased preference for embolization procedures over surgical intervention for wide range of conditions. Furthermore, availability of wide range of embolic agents and devices catering to different indications is supporting uptake of embolization worldwide.

Porter’s Analysis

Threat of new entrants: The vascular embolization market requires significant capital investment and clinical trial approvals posing high entry barriers.

Bargaining power of buyers: Individual consumers have low bargaining power due to inelastic demand for medical procedure like vascular embolization.

Bargaining power of suppliers: The presence of several device and raw material suppliers gives buyers some negotiating power in terms of pricing and supply.

Threat of new substitutes: There exists a threat of alternate minimally invasive surgical techniques but vascular embolization still remains gold standard for many procedures.

Competitive rivalry: The market is highly competitive with major companies differentiating based on technology and service.

SWOT Analysis

Strengths: High demand for minimally invasive techniques, rising disease burden fuels growth.

Weaknesses: High procedure and device costs, skilled labor shortage are challenges.

Opportunities: Emerging markets with increasing healthcare spending present new opportunities.

Threats: Stringent approvals delay market entry, reimbursement issues in some regions.

Key Takeaways

The Global Vascular Embolization Market Size is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing prevalence of cardiovascular, neurological and oncological diseases. North America dominates the market currently owing to developed healthcare system and favorable reimbursement scenarios for vascular procedures in the US and Canada. Asia Pacific is projected to witness fastest growth due to rising healthcare expenditure, healthcare infrastructure development and growing medical tourism.

Regional analysis: North America held the largest share of over 35.0% in 2023 owing to high disease incidence and access to advanced treatment options. Asia Pacific is poised to witness growth at 11.5% CAGR during the forecast period with China and India emerging as lucrative markets.

Key players: Key players operating in the vascular embolization market are Shape Memory Medical Inc., Terumo Corp, Penumbra Inc., Abbott Laboratories, Stryker Corporation, Cook Medical, Medtronic PLC, Merit Medical Systems Inc., Johnson and Johnson (Cerenovus), and Boston Scientific Corporation, among others.

Read More: https://www.rapidwebwire.com/vascular-embolization-market-demand-growth-and-regional-outlook-by-2030/

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