In 2018, the global embolotherapy market generated a revenue of $3.0 billion and is expected to attain $4.8 billion by 2024, advancing at an 8.0% CAGR during the forecast period (2019–2024). In terms of product, embolic agents are projected to account for the larger share of the market and register the faster growth during the forecast period. The reason for this is the rising adoption of these agents for several interventional radiology procedures.
On the basis of procedure, transcatheter arterial embolization (TAE) is predicted to advance at the fastest pace in the embolotherapy market during the forecast period. This is because the TAE procedure has better toxicity profile as compared to other procedures, namely transarterial radioembolization/selective internal radiation therapy and transarterial chemoembolization. When indication is taken into consideration, cancer accounted for the major share of the market in 2018 due to the rising number of cases, especially liver and kidney cancers.
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A key factor contributing to the growth of the embolotherapy market is the rising patient pool. The increasing adoption of embolic procedures for managing several diseases is occurring due to the growing patient pool and surging healthcare spending. Moreover, the patients diagnosed at advanced and intermediate stages do not respond to curative therapies, including liver transplantation, ablation, and surgical reaction. Hence, the surging pool of patients, who are at an advanced stage of different life-threatening diseases, need embolotherapy intervention, which is resulting in the growth of the market.
Geographically, North America is predicted of account for approximately 40.0% of the embolotherapy market in 2024 due to the increasing cases of chronic diseases and surging geriatric population. In the U.S., the population aged 65 years and above is predicted to increase to about 24% (98 million) by 2060 from 15% (46 million) in 2016. Other regions, including Asia-Pacific (APAC), Latin America (LATAM), Europe, and Middle East and Africa (MEA), are also expected to hold considerable shares of the market because of the increasing prevalence of cancer and neurological and peripheral vascular diseases in the regions.
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The players operating in the embolotherapy market are launching different products in order to increase their shares. For example, Medtronic Plc launched Concerto 3D detachable coil system in Ireland and OptiSphere embolization spheres in the U.S. Some of the key players in the market are Terumo Corporation, Stryker Corporation, Sirtex Medical Limited, Meril Life Sciences Pvt. Ltd., Merit Medical Systems, Kaneka Corporation, Cook Medical Inc., Johnson & Johnson, Boston Scientific Corporation, Balt Extrusion, BTG Plc, Acandis GmbH, and Medtronic Plc.
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