Newark, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 3,341 million in 2022 embolotherapy market will reach USD 6,657 million by 2030. The main drivers driving the global embolotherapy market are the rising chronic exposure to four modifiable lifestyle habits, including smoking, eating poorly, drinking alcohol, and being inactive, which frequently leads to chronic diseases like stroke, diabetes, obesity, metabolic syndrome, chronic obstructive pulmonary disease, and many types of cancer. Both high-income and low- and middle-income countries' healthcare systems are significantly strained by chronic diseases (LMICs).
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Key Insight of the embolotherapy market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest embolotherapy market share. The American government has made large efforts to reduce the number of cancer cases, which has resulted in a decline in cancer incidence. The U.S. Preventive Services Task Force (USPSTF) and the U.S. Preventive Services Board (USPSB) routinely assess the efficacy of clinical prevention services in-depth. The effectiveness of programmes that influence the population is assessed by the Community Preventive Services Task Force.
The microspheres segment is expected to augment the embolotherapy market during the forecast period.
The microspheres segment is anticipated to dominate the market over the forecast period. In comparison to PVA particles, these microspheres have been shown in clinical investigations to penetrate further, providing greater blood loss prevention during preoperative meningioma embolization. Using embolic coils is one of the many options for performing embolization. But the problem with embolic coils is that when they are used to treat bleeding, a strong saline flush dislodges a thrombus that has formed around the bleeding site. This is the justification for choosing microspheres versus embolic.
The oncology segment is expected to augment the embolotherapy market during the forecast period.
The oncology segment is anticipated to dominate the market over the forecast period. The increasing number of cancer cases worldwide is the cause. According to statistics from the Centers for Disease Control and Prevention (CDC), 24,000 men and 10,000 women are diagnosed with liver cancer per year, and 18,000 men and 9,000 women die from it.
The hospitals segment market size is 1,302 million in 2022
The hospiats segment held the largest market share in 2022 and is expected to continue during the forecast period. This is because hospitals provide the most extensive health insurance alternatives, are the most dependable source of medical care, and are increasingly employing minimally invasive surgical techniques to treat urological, neurological, and vascular diseases.
Advancement in market
In May 2022, The first multifunctional noninvasive ventilators with integrated oxygen therapy and a humidifier were introduced by Max Ventilator in India.
In May 2022, Stryker unveiled the EasyFuseDynamic Compression System. This foot and ankle staple system reduces operating room waste, offers strong dynamic-compression implants, and makes surgery simpler.
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Market Dynamics
Driver: Increase in target patient
During the forecast period, it is anticipated that the global embolotherapy market would be driven by the rising prevalence of a number of chronic disorders, including cancer and strokes. According to estimates from the Centers for Disease Control and Prevention (CDC), 33,000 Americans receive a liver cancer diagnosis each year. Over 27,000 of these sufferers pass away from the sickness; of these, 24,000 men and 10,000 women develop liver cancer; and over 18,000 men and 9,000 women pass away from the illness. In addition, over the past ten years, the number of persons with liver cancer has been continuously rising. Additionally, the survival rate after five years is still incredibly poor, ranging from 4 to 26 percent.
Restraint: Lack of skilled professionals
The lack of trained workers, particularly in developing nations, would pose a hindrance to the market's expansion during the aforementioned forecast period. Alternative medicines with strong market positioning will slow the rate of market expansion. The stringent regulatory framework that must be followed for product approval and commercialization will further stymie market expansion.
Opportunity: Rise in prevalence
The rising incidence of hepatocellular cancer and liver cancer, along with the leading manufacturers' increased attention to technological breakthroughs, will drive up demand for embolotherapy. The market value for embolotherapy will expand as a result of rising infrastructure construction costs and improved research and development capabilities to advance healthcare technology. Other factors influencing market expansion include rising personal disposable income and rising patient desire for minimally invasive procedures.
Challenge: Stringent regulations
A number of broad guidelines have been published to provide case categorization criteria to separate between elective surgeries that can be postponed and urgent therapies that must be addressed right away. The majority of surgical departments in hospitals had to close as a result, which reduced the demand for products used in embolotherapy. The market for embolotherapy suffered as a result.
Some of the major players operating in the embolotherapy market are:
● Terumo Corporation
● Simbionix USA Corporation.
● Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
● Boston Scientific Corporation
● BTG International Limited
● Heraeus Holding
● Debakey Medlife Private Limited
● Meril Life Sciences Pvt. Ltd.
● Abbott
● AngioDynamics
● IMBIOTECHNOLOGIES LTD.
● Guerbet
Key Segments cover in the market:
By Product:
● Embolic Coils
● Microspheres
● Guidewires
● Microcatheters
● Others
By Disease:
● Peripheral Vascular Diseases
● Oncology
● Others
By Application:
● Ambulatory Surgical Centers
● Hospitals
By Region
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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