NEW YORK, Sept. 8, 2021 /PRNewswire/ -- The global embolotherapy market value, which was $3,082.9 million in 2020, will likely reach $6,447.1 million in 2030, at a 7.7% CAGR between 2020 and 2030, according to the market research report published by P&S Intelligence.
The key factors driving the demand for embolotherapy procedures are:
Growing Patient Pool: The number of patients suffering from hepatic cell carcinoma (HCC), varicose veins, renal cell carcinoma (RCC), and aneurysms is rising, thereby leading to an increasing mortality rate. For instance, the American Cancer Society has put the expected number of liver cancer cases to be diagnosed in the U.S. in 2021 at 42,230.
Rising Prevalence of Chronic Diseases: Another key driving factor for the embolotherapy market is the increasing prevalence of cancers and other chronic and lifestyle-associated diseases. According to the World Health Organization (WHO), cancer leads to 9.6 million deaths each year. Embolotherapy is rapidly becoming a preferred treatment for cancer as it cuts the tumor from the blood supply, essentially starving it of nutrients.
The COVID-19 pandemic has negatively affected the embolotherapy market by reducing both the supply and demand for the associated products. During the lockdowns, factories producing non-essential commodities were shut down and the supply chains were also disrupted. On the demand side, most surgery departments were closed as the focus shifted entirely to COVID care. This led to a drastic decrease in the number of embolotherapy procedures, which resulted in an extremely low demand for the associated products.
The embolic agents bifurcation will witness the faster growth within the product segment of the embolotherapy market in the years to come. The rising volume of interventional radiology procedures is driving the demand for a variety of embolic agents. Moreover, numerous technological advancements have been brought about in these products, such as radioactive yttrium-90 (Y-90) microspheres, drug-eluting microspheres, and calibrated microspheres for bland embolization.
In the coming years, the transcatheter arterial embolization (TAE) category will hold the largest share in the embolotherapy market, based on procedure. The rising demand for minimally invasive surgeries by the elderly and the fact that TAE is better tolerated by and effective in patients with a ruptured HCC are propelling the preference for TAE.
In the near future, the highest embolotherapy market CAGR, of 8.0%, under segmentation by end user, is projected to be witnessed by the hospitals & clinics category. Compared to ambulatory surgery centers and other facilities, hospitals and clinics witness a higher patient footfall as they boast cutting-edge equipment and experienced professionals.
North America is the largest embolotherapy market on account of the rising incidence of diseases that require such procedures. Moreover, the advanced healthcare sector of the region is complemented by the development of improved embolotherapy products by medical device and pharma companies.
Key players in the global embolotherapy market are Stryker Corporation, Sirtex Medical Limited, Terumo Corporation, Merit Medical Systems Inc., Medtronic Plc, Meril Life Sciences Pvt. Ltd., Kaneka Corporation, Boston Scientific Corporation, Johnson & Johnson, BALT EXTRUSION SAS, Abbott Laboratories, and Guerbet.
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