Occlusion Devices Market – Highlights
Global Occlusion Devices Market is expected to grow at a CAGR of 6.1% and surpass its previous revenue records over the forecast period of 2017–2023, as per a research report published by Market Research Future (MRFR). The global market for occlusion devices has been proliferating over the past few years on account of rising prevalence of heart, neurological and other chronic diseases across the world. Surging incidences of heart-related and other neurological disorders have resulted in an upsurge in surgeries resulting in increased demand for occlusion devices. Favorable reimbursement policies, especially in the developed economies of the world has reflected positively on the market growth.
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Various government and private insurance organizations now cover the cost of occlusion devices and treatment under health insurance policies, and it has resulted in increased demand for occlusion devices. Rise in overall geriatric population over the globe, who are more prone to various cardiovascular and neurological diseases also fuel the growth of the market.
Growing preference for minimally invasive surgical procedures is another factor contributing to the market growth. Embolization procedure is minimally invasive and has a comparatively shorter recovery time which escalates the demand for embolization occlusion devices. Moreover, the rising popularity of occlusion devices over anticoagulation and various clinical trials which prove the efficacy and safety of these devices is supporting the rapid expansion of the market. However, strict and lengthy procedures for approval of new occlusion devices, stringent frameworks for the commercialization of occlusion devices and lack of skilled professionals to perform occlusive processes are some factors likely to hinder the market growth. The high cost of occlusion devices is also a major restraining factor and limits the growth of the market in economically less developed regions.
Notable players of the global occlusion devices market include Abbott Laboratories (U.S.), Asahi Intecc, Cardinal Health, Edwards Lifesciences, Terumo Corporation, Terumo Corporation (Japan), MicroPort Scientific Corporation (China), Vascular Concepts (India), Boston Scientific Corporation (U.S.), Kyoto Medical Planning Co. Ltd. (Japan), Acrostak, Angiodynamics, Avinger, Cook Group, Penumbra, Stryker Corporation, B. Braun Melsungen AG (Germany), Medtronic plc (Ireland), Meril Life Sciences Pvt. Ltd. (India), Translumina GmbH (Germany), Biosensors International Group, Ltd. (Singapore), Elixir Medical Corporation (U.S.), and others.
The global occlusion devices market has been segmented based on product, application, and end-user. By product, the market has been segmented into embolization devices, occlusion removal devices, and support devices. By embolization, the segment has been further segmented into liquid embolic agents and tubal occlusion devices. Occlusion removal devices segment has been further segmented into balloon occlusion devices, stent retrievers, coil retrievers, and suction and aspiration devices. The support devices segment has been further segmented into microcatheters and guidewires. By application, the market has been segmented into neurology, cardiology, peripheral vascular diseases, urology, oncology, gynecology, and others. By end-user, the market has been segmented into hospitals and clinics, diagnostic centers, surgical centers, ambulatory care centers, and others.
The key markets of the global occlusion devices market include the Americas, Europe, Asia Pacific and the Middle East & Africa. The Americas dominate the global market due to the high prevalence of heart and other chronic diseases within the region. High expenditure on healthcare and concentration of significant players in the region also supports the growth of the market. Canada is foreseen to be the fastest growing market for occlusion devices. Europe follows the Americas closely, and availability of funds for R&D, substantial patient population, and presence of a robust healthcare sector provides a favorable background for market growth in the region. Asia Pacific is estimated to emerge as the fastest growing market for occlusion devices. Factors such as rapid development of the healthcare sector, high expenditure on healthcare from the developing economies such as China and India, and increasing patient population can be attributed for the growth of the market. The Middle East & Africa hold the least share in the market due to low expenditure on healthcare and stringent government policies, especially in Africa. The Middle East accounts for the majority share of the Middle East & Africa market. However, the market is expected to exhibit steady growth over the forecast period owing to increasing awareness regarding chronic diseases and improvements in the medical device sector in the region.
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