Vascular Embolization Is Estimated To Witness High Growth Owing To Advancements In Embolization Techniques
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| Vascular Embolization Market |
Vascular embolization refers to a minimally invasive
medical procedure that occludes or blocks blood vessels. It utilizes embolic
agents such as coils, vascular plugs, liquid embolics, and beads to obstruct
blood flow in diseased blood vessels to treat various medical conditions such
as hemorrhage, tumors and arteriovenous malformations. Vascular embolization
provides benefits such as reduced trauma, faster recovery time and minimal
scarring compared to traditional open surgeries. Growing prevalence of
neurological, oncological and urological disorders increases the demand for
vascular embolization procedures.
The global Vascular Embolization Market is estimated to be valued at US$ 1809.45 Mn in 2023 and is expected
to exhibit a CAGR of 9.5% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Opportunity:
Advancements in embolization techniques present a lucrative opportunity for
substantial growth of the vascular embolization market. Significant
improvements have been made in coil, plug and liquid embolization technologies
toenhance precision and efficacy of treatment. Technological upgrades including
use of bioactive coils and plugs coated with drugs and nanomedicines are being
developed to more effectively treat complex vascular anomalies. Additionally,
novel procedures like using drug-eluting microspheres for localized drug
delivery in tumors shows promise. Continuous R&D aimed at developing
advanced customized embolization solutions tailored for specific indications will
drive the demand over the forecast period.
Porter's Analysis
Threat of new entrants: Low due to
high capital required for R&D and manufacturing, established brand names of
existing players, and stringent regulations.
Bargaining power of buyers: Moderate
as buyers have alternatives but high importance of healthcare drives customer
loyalty.
Bargaining power of suppliers:
Moderate as suppliers have variability in raw materials and specifications
required.
Threat of new substitutes: Low as
procedure needed is specialized requiring expertise and technology not easily
replaced.
Competitive rivalry: High owing to
frequent new product launches, acquisitions and strong focus on innovation.
SWOT Analysis
Strengths: Rapidly growing minimally
invasive procedures, rising favorable reimbursements and guidelines.
Weaknesses: High cost of treatment,
lack of skilled professionals in developing regions.
Opportunities: Untapped potential in
emerging economies, scope for improving product efficacy.
Threats: Risks associated with
procedures, pricing pressure from generic alternatives.
Key Takeaways
The Global
Vascular Embolization Market Demand is expected to witness high growth
during the forecast period of 2023 to 2030. The North America region currently
dominates due to rapid adoption of new technologies and demand for minimally
invasive surgeries.
Regionally, Asia Pacific is poised to grow at the fastest pace over the coming
years. Emerging countries like India, China and Japan are witnessing an
increasing patient pool suffering from target diseases on the back of rapidly
aging population and lifestyles changes.
Key players operating in the vascular embolization market are Shape Memory
Medical Inc., Terumo Corp, Penumbra Inc., Abbott Laboratories, Stryker Corporation,
Cook Medical, Medtronic PLC, Merit Medical Systems Inc., Johnson and Johnson
(Cerenovus), and Boston Scientific Corporation, among others. There is strong
competition between market leaders focused on expanding their product suites
and geographical footprints through strategic acquisitions and new product
approvals.
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