A number of factors such as increasing incidence of lifestyle-associated and chronic illnesses, improving healthcare infrastructure, and rising healthcare spending are expected to propel the embolotherapy market at a CAGR of 7.7% during 2020–2030. According to P&S Intelligence, the market was valued at $3,082.9 million in 2020, and it is projected to generate $6,447.1 million revenue by 2030. In recent years, the rising number of product approvals and launches has become a major market trend.
Apart from this, the rising incidence of chronic and lifestyle-associated diseases will also play a vital role in the embolotherapy market growth. Diseases such as obesity, diabetes, stroke, chronic obstructive pulmonary disease (COPD), cancer, and metabolic syndrome are caused due to unhealthy diet, smoking, physical inactivity, and excessive alcohol consumption. These diseases are a major healthcare burden in high-income as well as low- and middle-income countries (LMICs) and require advanced treatment for better results, owing to which medical professionals are prescribing emobolotherapy for such patients.
Access Detailed Report - Embolotherapy Market Regional and Country Breakdown
Currently, players in the embolotherapy market, such as Medtronic Plc, Merit Medical Systems Inc., Terumo Corporation, Kaneka Corporation, Boston Scientific Corporation, Guerbet, BALT EXTRUSION SAS, Johnson & Johnson, Abbott Laboratories, Sirtex Medical Limited, and Meril Life Sciences Pvt. Ltd., are focusing on product approvals and product launches to gain a competitive edge. For example, in August 2019, Cook Medical LLC introduced the 2.6 Fr CXI support catheter for super-selective anatomy or small-vessel anatomy used for interventional and diagnostic procedures.
Globally, North America accounted for the largest share in the embolotherapy market in 2020, and it is expected to maintain its lead during the forecast period as well. This can be primarily ascribed to the surging prevalence of chronic and lifestyle-associated diseases, growing geriatric population, and increasing efforts of market players toward developing advanced embolic agents in the region. Moreover, the presence of an established healthcare ecosystem also facilitates the regional market growth.
