TORONTO, Oct. 24, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the Latin American transcatheter embolization and occlusion (TEO) device market will exhibit strong growth through 2022. Two main factors will support market expansion: the growing Latin American economies and an increasing availability of devices, particularly for interventional oncology.
Although all of the Latin American economies are growing, Brazil remains a particular focus for competitors due to its large population and government investments in health care infrastructure. In fact, Brazil will continue to account for more than half of all TEO procedures performed in Latin America through 2022. That being said, Argentina has had stronger adoption of endovascular procedures due to its fairly advanced health care system and a strong community of physicians, and it is therefore also an attractive investment opportunity for competitors. Colombia and Mexico will continue to represent smaller, more difficult markets to penetrate despite their large populations, offering less revenue potential.
The rising adoption of products for interventional oncology will also strongly support TEO device market expansion. Although products such as drug-eluting beads were already available for this indication, there is excitement surrounding the approval of radioembolization spheres, which were introduced in Latin America in 2012 and have been rolled out throughout 2013. These products are priced at a substantial premium, and their strong adoption will therefore significantly boost the overall market size.
"In the radioembolization sphere market, Sirtex Medical's SIR-Spheres and BTG's recently acquired TheraSphere product line are really the only two names out there," said MRG Senior Analyst Sean Messenger. "So far, the SIR-Spheres are the only devices of this type available in Latin America. However, BTG, which acquired Nordion's TheraSphere line in 2013, has positioned itself to significantly expand the global availability of this product. Ultimately, the entrance of the TheraSphere will further boost adoption of radioembolization spheres, thereby supporting overall Latin American TEO device revenues."
Millennium Research Group's Latin American Markets for Transcatheter Embolization and Occlusion Devices 2014 report includes unit, procedure, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for interventional neuroradiology (INR) embolization coils, INR coiling-assist devices, INR flow-diverting devices, peripheral vascular (PV) embolization coils, PV plugs, embolization particles, liquid embolics and accessory devices in Argentina, Brazil, Colombia and Mexico. Supplemental country coverage is also available for Chile, Peru and Venezuela, as well as in aggregate for the rest of the Latin American countries.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group