Yahoo Finance The cancer segment is likely to hold the largest market share in 2021.Moreover, the same segment is expected to record the fastest CAGR from 2022 to 2028
The embolotherapy market is expected to grow from US$ 3,341. 49 million in 2021 to US$ 5,758. 28 million by 2028; it is estimated to grow at a CAGR of 8. 1% from 2022 to 2028. The report highlights trends prevailing in the market and factors driving the embolotherapy market growth.
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Embolotherapy Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product, Disease Indication, Procedure, and End User" - https://www.reportlinker.com/p06321035/?utm_source=GNW
The market growth is attributed to a rising incidence of cancer cases, rising patient preference for minimally invasive procedures, and increasing incidence of hypertension, obesity, smoking, and alcoholism.
However, the availability of other alternative therapies and the high cost of embolization agents limit the market growth.
Embolotherapy is an occlusion of arteries by introducing balloons, blood clots, coils, or gel foam using an angiographic catheter.The catheter aids in blocking a blood vessel by implanting a balloon or any foreign body to treat bleeding ulcers, close fistulae or arteriovenous malformations, devascularize organs, blood vessel defects, or control inoperable hemorrhage.
Embolotherapy is also used to stop blood flow towards and around a tumor during surgery.
The five most common types of cancer are breast, prostate, cervical, lung, and colorectal.However, of these five cancers, the leading cause of cancer-related death is lung cancer.
Even though breast cancer has at least a 25% higher incidence among women, cervical carcinoma was the leading cause of death in 2020.According to National Cancer Registry (NCR), in 2020, ~110,000 new cancer cases were diagnosed in South Africa, with over 56,000 cancer-related deaths, representing a quarter of premature noncommunicable disease-related mortality.
This significant cancer burden is predicted to increase in the coming decades, with the incidence of new cancer cases expected to rise to 138,000 and 175,000 by 2030 and 2040, respectively.Cancer-related mortality is predicted to rise to 73,000 and 94,000 during the same period.
Moreover, according to the American Cancer Society journal, in 2021, an estimated 1.9 million new cancer cases will be diagnosed and 608,570 cancer deaths in the United States. Further, in Denmark, the highest cancer rate for men and women combined was 334.9 people per 100,000. The age-standardized rate was at least 300 per 100,000 for ten countries: Denmark, Hungary, Ireland, Belgium, France, Australia, The Netherlands, Norway, France (New Caledonia), and Slovenia. In 2018, an estimated 233,000 women and 265,000 men in Germany were newly diagnosed with cancer. The total number of new cases per year has stagnated at around 500,000 for about ten years. Thus, the rising prevalence of cancer cases is creating a high demand for embolotherapy products.
Based on the product, the embolotherapy market is bifurcated into embolic agents and support devices.The embolic agents are further sub-segmented into microsphere, liquid embolics agents, embolic coils, embolic plug systems, detachable balloons, and others.
The support devices are further sub-segmented into microcatheters and guidewires.The embolic agents segment is likely to hold the largest market share in 2021.
Moreover, the same segment is anticipated to register the highest CAGR during the forecast period. The major driving factors for the growth of the embolic agents segment are the increasing use of embolic agents in various interventional radiology procedures and advancements in embolic agents.
Based on disease indication, the embolotherapy market is segmented into cancer, peripheral vascular disease, neurological disease, urological and nephrological disorder, gastrointestinal disorder, and others.The cancer is sub-segmented into liver cancer, kidney cancer, and other.
The cancer segment is likely to hold the largest market share in 2021.Moreover, the same segment is expected to record the fastest CAGR from 2022 to 2028.
The major driving factors for the growth of the cancer segment are the rising incidences of cancer worldwide.
Based on disease indication, the embolotherapy market is segmented into transcatheter arterial embolization (TAE), transcatheter arterial radioembolization (TARE)/selective internal radiation therapy (SIRT), and transarterial chemoembolization (TACE).The transcatheter arterial embolization (TAE) segment is likely to hold the largest market share in 2021.
Moreover, the same segment is expected to record the fastest CAGR from 2022 to 2028. The major driving factors for the growth of the transcatheter arterial embolization (TAE) segment are the rising preference for minimally invasive procedures by the elderly, the growing prevalence of chronic diseases, and the rapid growth in the geriatric population.
Based on end user, the embolotherapy market is segmented into hospital & clinic, ambulatory surgical center, and other end user.In 2021, the hospital & clinic segment will likely hold the market’s largest share.
Moreover, the same segment is expected to register the highest CAGR from 2022 to 2028. The major driving factors for the growth of the hospitals & clinics segment are the growing adoption of minimally invasive surgical procedures (including vascular, urological, and neurological), higher patient footfall in hospitals for the treatment of various diseases such as cancer, an increasing number of embolization procedures performed in these facilities, growing adoption of advance and cutting-edge embolotherapy devices to perform complex procedures with precision in a big hospital, small clinics, and critical care units.
COVID-19 Impact – Embolotherapy Market
In this scenario, the world observed enormous difficulties in managing cancers such as head and neck surgeries, chronic neurological disorders like brain aneurysms, and from headaches to neurodegenerative diseases.Due to inadequate monitoring, many patients are admitted to emergency departments due to decompensation of their cancer and neurological disease.
During the COVID-19 pandemic, cancer, stroke patients, and other neurological conditions have been arriving late at the hospital, outside the therapeutic window for acute intervention. In addition, the country also faced difficulties obtaining beds in the intensive care unit to manage the diseases during the acute phase.
The initial result was the cancellation of all elective hospital surgeries and procedures.While uterine fibroids are typically not threatened, some patients’ quality of life has been significantly impacted.
Thus, the constraints imposed on accessing elective treatments, either to reduce cross-transmission of the virus or to schedule the hospital structure to assist infected patients, have caused women to live with discomfort and temporary treatments with slight effectiveness.For this reason, hospitals and public organizations have continued to offer Uterine Fibroid Embolization (UFE) during the COVID-19 pandemic.
These factors were likely to have a negative impact in the initial phase on the market growth.
Various organic and inorganic strategies are adopted by companies in the embolotherapy market.The organic strategies mainly include product launches and product approvals.
Further, inorganic growth strategies witnessed in the market are acquisitions, collaboration, and partnerships.These growth strategies allow the embolotherapy market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth.
Further, acquisition and partnership strategies help the market players strengthen their customer base and expand their product portfolios. A few significant developments by key players in the embolotherapy market are listed below.
• In April 2022, Boston Scientific Corporation received 510(k) clearance from the US Food and Drug Administration (FDA) for the EMBOLD Fibered Detachable Coil intended to impede or reduce blood flow in the peripheral vasculature. The newest addition to the Boston Scientific interventional oncology portfolio, the EMBOLD Fibered Coil, was designed for use in various embolization procedures, a minimally invasive treatment intended to block one or more blood vessels to obstruct or reduce blood flow.
• In September 2021, Abbott announced that it acquired Walk Vascular, LLC, a commercial-stage medical device company with a minimally invasive mechanical aspiration thrombectomy system designed to remove peripheral blood clots. Walk Vascular’s peripheral thrombectomy systems will be incorporated into Abbott’s existing endovascular product portfolio.
A few major primary and secondary sources referred to while preparing the report on the embolotherapy market are the World Health Organization (WHO), the Centers for Disease Control (CDC), and the Association of the British Pharmaceutical Industry (ABPI).
Read the full report: https://www.reportlinker.com/p06321035/?utm_source=GNW
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