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.
How much is the Occlusion Devices Market worth?
The 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%. Factors such as stringent regulatory framework for product commercialization, procedural limitations associated with CTO treatment, and dearth of skilled surgeons for minimally invasive surgeries are expected to restrain the growth of the market during the forecast period. North America is expected to register the highest growth rate during the forecast period majorly due 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).
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Based on product, the occlusion removal devices segment is estimated to have the largest share of the market in 2018.
On the basis of product, the occlusion devices 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). The occlusion removal devices segment is expected to account for the largest share of the global occlusion devices market in 2018. Factors such as the increasing research to validate the clinical efficacy of novel occlusion removal devices, the rising adoption of minimally invasive surgeries, the growing burden of vascular diseases, ongoing technological advancements, and increasing public-private investments for product development and commercialization are driving the growth of this segment.
Based on application, the neurology segment is expected to account for the largest share of this market in 2018.
On the basis of application, the occlusion devices market is categorized into neurology, cardiology, peripheral vascular diseases, urology, oncology, and gynecology. Neurology applications are expected to account for the largest share of the occlusion devices market in 2018. The increasing number of target neurosurgical procedures across major countries, growing research in the field of interventional neurology, strengthening research capabilities of major product manufacturers, and favorable reimbursement scenario for neurovascular surgeries across developed countries are the key factors supporting the growth of the occlusion devices market for neurology applications.
Based on end user, the hospitals, diagnostic centers, and surgical centers segment is expected to witness the highest growth during the forecast period.
Based on end user, the market is segmented into hospitals, diagnostic centers, and surgical centers; ambulatory care centers; and research laboratories & academic institutes. The hospitals, diagnostic centers, and surgical centers segment is expected to register the highest CAGR during the forecast period. This is attributed to the ongoing technological advancements in the field of minimally invasive or image-guided medical procedures and growing availability of healthcare reimbursements across major countries for minimally invasive medical procedures that covers occlusion devices.
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North America is expected to dominate the occlusion devices market in 2018.
This report covers the market across four major geographies, namely, North America, Europe, AsiaPacific, and the Rest of the World (RoW). Of the four geographic regions studied in the report, North America is expected to register the highest growth rate during the forecast period.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to command the largest share of the market in 2018. 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 (including occlusion treatment), and strong market presence of key OEMs (that replicates into the easy availability of occlusion devices).
Leading Companies
The major players 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).
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