Global transcatheter embolization and occlusion devices market size was valued at USD 2.2 billion in 2014. The market is witnessing tremendous growth over the last decade. The paradigm shift from clipping to coiling has stimulated the demand for transcatheter embolization devices.
Rising popularity of embolization techniques in cancer treatment is primarily boosting the TEO market growth. 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 will die in 2015 in the U.S. alone. Taking into account increasing the prevalence of cancer, TEO devices industry is anticipated to grow at a significant growth rate of 10.1% during the forecast period.
Minimally invasive surgery is another major factor positively influencing the global industry. Commercially available embolization products such as liquid embolic and embolization particles support minimally invasive surgeries. Minimally invasive surgeries reduce healing time and surgical wounds. As a result, growth in minimally invasive surgeries is pushing the demand for TEO surgeries using advanced products.
On the other hand, costly products, stringent regulatory approval procedures, and requirement of skilled professionals to perform the procedures are some of the factors impeding growth at global level. Considering all the above-mentioned factors, global TEO devices market is anticipated to reach USD 4,822.1 million in 2022 growing at a CAGR of 10.1% from 2015 to 2022.
Coils and non coils are the two types of embolization devices commercially available. Coiling being one of the oldest techniques is widely adopted by healthcare professionals globally. Moreover, availability of a broad range of coils in various shapes and sizes further makes the procedure more favorable for varied cases.
Based on the deployment technique, pushable and detachable coils are available in the market. Pushable coils accounted for the largest share of around 56% in 2014 owing to high awareness regarding the product. However, disadvantages associated with pushable coils such as the possibility of being trapped in sharp curves of the blood vessels, difficulty in repositioning once deployed, and possibility of getting jammed in catheters are observed to impede its adoption.
Detachable coils are anticipated to show the fastest growth rate of 10.9% during the forecast period. Precise placement, deployment in high flow systems, and retrievability are some of the factors expected to drive swift growth for the detachable coil segment during the forecast period.
North America and Europe together accounted for the majority market share of around 58% in 2014. The presence of well-defined regulatory framework, advanced healthcare infrastructure, and experienced healthcare professionals to perform the procedures are some of the factors observed to fuel demand for TEO in these regions.
Furthermore, North America and Europe are anticipated to maintain their dominance throughout the forecast period. Higher spending capacity and presence of large population pool suffering from cancer coupled with higher adoption rate for advanced healthcare technology are expected to boost market growth in North America and Europe.
Asia Pacific is anticipated to grow at the fastest CAGR of 13.2% during the forecast period. The booming medical tourism industry in emerging economies such as India, China, and Malaysia is attracting global cancer patients. As a result, demand for TEO treatments in these countries is expected to rise swiftly.
Furthermore, various government initiatives to improve healthcare infrastructure and manufacturing industry of the respective country are attracting global players to this region. For example, healthcare spending by the Government of China was USD 590.2 billion, i.e., 5.7% of GDP in 2014. Considering rising healthcare spending coupled with the rapidly growing medical tourism industry, demand for TEO devices in Asia-Pacific is expected to grow swiftly. As a result, Asia Pacific TEO device market is anticipated to reach USD 1,247.0 million in 2022.
Global TEO industry is highly competitive with many global players competing head-to-head. Several players are focusing on the introduction of advanced and innovative products to expand their product portfolio and thereby broaden the market share. In addition, some of the industry participants are practicing partnerships and acquisition strategies to expand their geographic presence and company share. Key players contributing to the global TEO 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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