The global transcatheter embolization and occlusion devices market is expected to reach over USD 4.75 billion by 2022, according to a new study by Grand View Research, Inc. Key drivers of the market include increasing adoption of minimally invasive surgeries and rising prevalence of cancer.
According to the National Cancer Institute at the National Institute of Health (NIH), around 1,658,370 new cancer cases will be diagnosed and around 589,430 people will die in 2015 in the U.S. alone. Taking into account the increasing prevalence of cancer, the global TEO devices market is anticipated to grow at a significant growth rate of 10.1% during the forecast period.
In addition, growth of use of embolization technique as a treatment for conditions other than cancer such as vascular malformations and fibrosis is fueling the demand for TEO devices globally. Furthermore, continuous introduction of technically advanced products with enhanced efficiency is also supporting global market growth.
On the other hand, high cost, stringent regulatory approval procedures, and requirement of experienced healthcare professionals to perform TEO procedures are some of the factors that impede market growth.
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Further key findings from the study suggest:
- Coils accounted for the largest market share in 2014. Availability of a broad range of coils in various shapes and sizes enables suitable product selection for a variety of cases, making coiling a preferred treatment for embolization. Moreover affordability of the commercially available devices spurs demand for coiling in occlusion. Thus, reasonable costs together with a broad range of product varieties are resulting in large market share for coils segment among others.
- Accessories including cumulative market revenue generated by devices such as guide wires, catheters, and coiling assist devices was valued as the largest segment among non coil devices with USD 310.6 million in 2014. Use of accessories across various modes of embolization and occlusion is expected to help in achieving the largest market share
- North America along with Europe accounted for the largest market share of around 59.0% in 2014. Presence of advanced healthcare infrastructure, reimbursement coverage, and skilled professionals to perform procedures are some of the factors that will lead to the dominance of these regions in the world.
- Moreover, higher adoption rate for advanced healthcare treatments and products coupled with presence of well-defined regulatory framework are supporting TEO market growth in North America and Europe.
- Asia Pacific TEO devices market is anticipated to show significant growth rate during the forecast period from 2015 to 2022. Increasing healthcare expenditure and government support to improve healthcare infrastructure are some of the factors that support TEO market growth in this region.
- Rapidly growing medical tourism industry is attracting global cancer patients to the emerging countries of Asia Pacific. As a result, demand for TEO in Asia Pacific is anticipated to grow swiftly during the forecast period.
- Brazil was the highest revenue generating regional market in Latin America in 2014. Improving healthcare services, growing medical tourism industry, and availability of regulatory framework in the country are making Brazil the highest revenue generating TEO market in Latin America.
- Global players operating in the TEO market are focusing on market share expansion through mergers and acquisitions. Market players are also involved in the introduction of innovative and advanced products to capture the market.
- Key players of this market include Terumo Corporation, Medtronic, Inc., Boston Scientific Corporation, Stryker Corporation, Cordis Corporation, DePuy Synthes, St. Jude Medical, Cook Medical, Sirtex medical, and Nordian.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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