Transcatheter Embolization and Occlusion Devices Market Research Report - Global Forecast till 2024
Global Transcatheter Embolization and Occlusion Devices Market Research Report by Product (Coiled Devices and Non-Coiled Devices), Indication (Peripheral Vascular Disease, Oncology, Neurology and Urology), End User (Hospitals, Clinics and Ambulatory Surgery Centers) and Region - Forecast till 2024
Market Scenario
Global Transcatheter Embolization and Occlusion Devices Market is Expected to Register a Healthy CAGR Over the Forecast Period. The market held a market value of USD 3,290.4 million in 2018 and is projected to grow at a CAGR of 9.9% during the forecast period. Transcatheter embolization and occlusion (TEO) is a minimally invasive (MI) procedure performed in interventional radiology wherein a synthetic embolus is placed or inserted through a fine catheter in the blood vessel to obstruct the blood flow towards tumor or specific area of the body. Coils are permanent embolic agents which come in a variety of shapes and sizes and are coated with chemotherapeutic drugs that block the blood supply as well as induce cytotoxicity to attack the tumor. Particulate agents such as polyvinyl alcohol (PVA) and gelatin-impregnated acrylic polymer spheres are suspended in liquid and injected into the bloodstream to block small blood vessels. This procedure is used to prevent abnormal bleeding, eliminate abnormal connections between arteries and veins, and to treat the aneurysm. Few of the major factors driving the market growth are growing burden of targeted diseases, technological advances in the devices with enhanced efficiency, changing shift from clipping to coiling, rising preference for minimally invasive surgeries (MISs), and increasing adoption of TEO devices. Venous malformations are the most common of all vascular anomalies. For instance, according to the International Society for Auricular Reconstruction (ISAR), in 2017, the overall incidence of venous malformations was reported in 1% to 4% of the population, without any predilection in the sex. On the flip side, the high cost of products and the presence of stringent regulatory framework for product commercialization are anticipated to impede the market growth during the forecast period.