Occlusion Devices Market Overview
The global occlusion devices market is projected to grow at a stupendous 6.2% CAGR over the predicted years 2022-2030. An occlusion device is widely utilized in cardiology to correct the conditions resulting from obstructions of blood flow in the coronary artery. This device has emerged as a highly effective choice over anticoagulation therapy to treat strokes resulting from atrial fibrillation. There are various occlusion devices that are used for treating various forms of retinal defects, neurological defects, cardiovascular defects and others.
There are many factors that is driving the growth of the Occlusion Devices Market. Some of these factors as per the Market Research Future (MRFR) report include increasing target patient population, increasing use of minimally invasive surgical techniques across major countries, increasing accessibility of medical reimbursements, surging cases of heart-related and neurological disorders, private and government organizations covering the occlusion device cost and also the treatment under the health insurance policy and increase in the overall geriatric population. On the other hand, factors such as lengthy and strict procedures for approval of latest occlusion devices, strict frameworks for commercialization of the occlusion devices, scarcity of skilled experts for performing occlusive processes and soaring price of occlusion devices are likely to limit the occlusion devices market growth.
The rise in heart-related ailments has been identified as a vital factor for the development of the occlusion devices market. The increased prevalence of chronic diseases is also expected to benefit the demand for occlusion devices. Also, an increased pace of improvement in the product design and efficiency of occlusion devices is projected to create favorable opportunities for expansion.
Occlusion Devices Market Segmentation
The segmental analysis of the occlusion devices market is carried out on the basis of product, region, application, and end-user. Based on the product, the occlusion devices market is segmented into support devices, tubal occlusion devices, support devices, and occlusion removal devices. The embolization devices segment is further segmented into tubal occlusion devices and liquid embolic agents. The occlusion removal devices are further segmented into stent retrievers, coil retrievers, balloon occlusion devices, and suction and aspiration devices. The support devices segment is further segmented into guidewires and microcatheters. The segmentation of the occlusion devices market based on application comprises of cardiology, neurology, peripheral vascular diseases, oncology, urology, gynecology, and others. The end-user based segmentation of the occlusion devices market comprises of diagnostic centers, hospitals and clinics, ambulatory care centers, surgical centers, and others.
Occlusion Devices Market Regional Analysis
The regional analysis of the occlusion devices market observes that the North American region is the chief region and is chiefly motivated by the mounting patient population suffering from persistent diseases, rising investment in healthcare, and escalating geriatric population levels. Also, the U.S. is the principal market in the North American region due to the incidence of a huge number of market companies manufacturing occlusion devices and growing awareness about risk factors for chronic diseases. The European region’s occlusion devices market shows positive growth with an escalating emphasis on the diagnosis of chronic diseases and other associated diseases. The Asia Pacific region is anticipated to be the top growing market whose expansion is accredited to the mounting burden of chronic diseases and escalating focus on early diagnosis and management of heart diseases. Additionally, other factors contributing to the expansion of the occlusion devices market are lifestyle changes, the control of western culture among adults, and compulsion to smoke. The Middle Eastern and African region in the market for occlusion devices displays a stable rise with a boost in the number of healthcare facilities offering treatment of chronic circumstances and the affluent growth in the medical device sector, particularly in the devices used in treatment methods.
Competitive Analysis
The occlusion devices market is competitive and fragmented with the prominent participants leaving no stone unturned in trying to expand their share in the market by acquisitions of the smaller companies which is helping them in diversifying their product portfolio and also increasing geographical footprints. These players are banking upon a long-term contract both with hospitals as well as other forms of healthcare centers for ensuring steady uptake of products.
Key Players
Leading players profiled in the occlusion devices market Players include Elixir Medical Corporation (U.S.),
Biosensors International Group, Ltd. (Singapore), Translumina GmbH (Germany), Meril Life Sciences Pvt. Ltd. (India), Medtronic plc (Ireland), B. Braun Melsungen AG (Germany), Stryker Corporation, Penumbra, Cook Group, Avinger, Angiodynamics, Acrostak, Kyoto Medical Planning Co. Ltd. (Japan), Boston Scientific Corporation (U.S.), Vascular Concepts (India), MicroPort Scientific Corporation (China), Terumo Corporation (Japan), Terumo Corporation, Edwards Lifesciences, Cardinal Health, Asahi Intecc, Abbott Laboratories (U.S.) and others.
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