Major Players: Transcatheter Embolization and Occlusion (TEO) Market
The key players contributing to their product development and offerings include Abbott Laboratories, Cardinal Health, Medtronic plc, Stryker Corporation, Boston Scientific Corporation, Terumo Corporation, DePuy Synthes, Cook Medical, Sirtex Medical Limited, and Pfizer Inc., and Merit Medical Systems.
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.
Overview: Transcatheter Embolization And Occlusion (TEO)
A catheter embolization procedure includes drugs or synthetic materials (embolic agents) that are introduced through a catheter released into a blood vessel to prevent blood flow to the area. Technological progress in the products, the expansion of the target population, the growing number of minimally invasive surgeries, the presence of a favorable reimbursement for cardiovascular surgeries contribute to the growth of the market. On the other hand, more expensive products and the presence of a strict regulatory framework for product marketing should limit market growth over the next five years.
Transcatheter embolization and occlusion (TEO) are a minimally invasive alternative to open surgery, giving patients preference for minimally invasive surgery as it offers several benefits, including small incisions and minimal tissue pain and surgical scarring, and rapid wound healing. This can often lead to minor complications and lower operating costs that can help the market growth over the coming years.
The technology proves its effectiveness in treating complex interventions. The embolization technique has become one of the most popular methods of treating various types of cancer, such as kidney, breast, liver (hepatocellular carcinoma), and pancreas.
Segmentation: Transcatheter Embolization And Occlusion (TEO) Market
The global for transcatheter embolization and occlusion devices market is subdivided into product, indication, end-user, and region.
Based on the type, the global market is bifurcated into coiled devices and non-coiled device. The coiled device segment is subdivided into removable coils and pushable coils. The uncoiled device segment is further subdivided into flow diversion devices, liquid plungers, embolization particles, other embolization, and occlusion devices & accessories.
Based on the indications, the market is divided into peripheral vascular diseases, oncology, neurology, urology, and others.
Based on the end-user, the market is bifurcated into hospitals and clinics, ambulatory surgery centers (ASCs), and others.
Regional Outlook: Transcatheter Embolization And Occlusion (TEO) Market
Based on the regions, the US is expected to dominate the market over the forecast period due to the availability of medical grants for cardiovascular interventions and large OEMs, allowing for a rapid start of the program, an established health infrastructure, and qualified health professionals. These include Stryker Corporation, Boston Scientific Corporation, Pfizer Inc., Abbott Laboratories, and Cardinal Health.
Europe would follow America in terms of value in the transcatheter embolization and occlusion devices market, as medical devices make a vital contribution to healthcare in the European region, with the interest of citizens. In addition, strong growth in the field of radioembolization, drug dispensing granules, and energy collection devices would support growth in the regional market.
The Asia Pacific market would have a higher annual compound growth rate over the forecast period due to the growth of the geriatric population, increased weight of venous malformations and vascular abnormalities, rapid population growth, and medical tourism in emerging countries such as China, India, Australia, and Malaysia.
The Middle East and Africa have a minimum share in the global market for transcatheter embolization and occlusion devices. In addition, most of the region's market would be managed by the Middle East region due to the development of the healthcare system and medical infrastructure in the Arab countries.
Recent Updates: Transcatheter Embolization And Occlusion (TEO) Market
Shape Memory Medical stated that it got approved CE Mark IN European Union for its Trellix embolic coil to treat vascular abnormalities in peripheral and brain vasculature. The device is outfitted with a shape memory polymer developed by the Californian company. The polymer can change from a smaller catheter-deliverable shape to larger that is memorized post-implantation. Shape Memory Medical stated that Trellix had been used in over 30 neurovascular procedures to date.
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