The global Transcatheter Embolization and Occlusion (TEO) devices market size was valued at USD 3.27 billion in 2018 and is expected to register a CAGR of 9.7% over the forecast period. The market is witnessing tremendous growth over the last decade. Paradigm shift from clipping to coiling has stimulated the demand for transcatheter embolization devices.
On the other hand, costly products, stringent regulatory approval procedures, and requirement of skilled professionals to perform the procedures may hinder the growth at global level. Increasing adoption of this technique is also seen while using TEO devices. Non coil products, such as embolization particles and liquid embolics, support minimally invasive surgery.
Thus, use of these devices helps avoid complications, such as imprecise deployment, catheter entrapment, and balloon deflation associated with coiling. Therefore, surgeons are increasingly shifting toward non coil devices to leverage on the benefits associated with it, which in turn, is projected to drive the demand for TEO devices. Asia Pacific is projected to witness the highest growth rate over the forecast years.
Initiatives by various governments in the region to improve healthcare infrastructure and manufacturing industry are attracting global companies in APAC. For example, healthcare spending by the Government of China was USD 590.2 billion (5.7% of GDP) in 2014. Thus, rising healthcare spending coupled with a rapidly growing medical tourism industry is estimated to fuel the demand for TEO devices in APAC.
Non-coils devices segment includes coiling assist devices, flow diverting devices, embolization particles, liquid embolics, other embolization and occlusion devices, and accessories. Non coil devices segment is anticipated to grow at the fastest growth rate during the forecast period on account of rising demand for minimally invasive surgeries, which boosts demand for these devices.
The accessories segment accounted for the largest revenue share in the past. Inclusion of various accessories used along with a wide variety of commercially available embolization products resulted in it becoming the largest revenue-generating segment in 2018. However, demand for embolization particles is expected to grow swiftly as they support minimally invasive surgeries. Thus, embolization particles market is estimated to witness the highest growth rate in future.
Based on application, the market is segmented into peripheral vascular disease, oncology, neurology, and others. Increasing cases of fatal neurological disorders, such as brain aneurysm and cerebral arteriovenous malformations, across the globe is expected to spur the segment growth. According to the Society of Neurointerventional Surgery, currently more than 140 Guglielmi detachable coils are available in the market in various sizes, which have been used to treat more than 125,000 patients around the globe. Hence, the market for brain aneurysm is expected to grow significantly during the forecast period.
The oncology segment is expected to witness the highest CAGR owing to the embolization technique’s effective treatment in the case of liver and kidney cancer. Embolization technique has become one of the most popular modalities for the treatment of different cancers including liver, kidney, breast, pancreatic, and others. Out of these, liver cancer or hepatocellular carcinoma is the most common type that is treated through embolization procedures. According to the National Center for Biotechnology Information, hepatocellular carcinoma is the third leading cause of cancer deaths across the globe.
North America and Europe together accounted for the majority revenue share in 2018. Presence of advanced healthcare infrastructure, well-defined regulatory framework, and experienced healthcare professionals to perform the procedures are some of the factors fueling the demand for TEO devices in these regions. Both regions are anticipated to maintain their dominance throughout the forecast period.
This growth is attributed to the presence of large target population base, higher spending capacity, and wide adoption of advanced healthcare technology. Asia Pacific is anticipated to register the fastest CAGR of 12.0% during the forecast period. Rapidly growing medical tourism industry in emerging economies, such as India, China, and Malaysia, is attracting cancer patients across the globe. As a result, demand for TEO treatments in these countries is expected to rise swiftly, thereby driving the regional market.
Some of the key companies in the global market include Terumo Corporation; Medtronic, Inc.; Boston Scientific Corporation; Stryker Corporation; Cordis Corporation; DePuy Synthes; St. Jude Medical; Cook Medical; Sirtex Medical; and Nordian. Market participants are focusing on expanding their business and geographic reach through various strategies, such as acquisition of small-scale companies. Long-term contracts with the hospitals and surgeons to ensure the sales is another strategy adopted by the major companies to maximize their profit margins
Base year for estimation
Actual estimates/Historical data
2015 - 2017
2019 - 2026
Revenue in USD Million and CAGR from 2019 to 2026
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
U.S., Canada, Germany, U.K., France, Italy, Spain, China, Japan, India, Thailand, South Korea, Brazil, Mexico, Argentina, Columbia, South Africa, Saudi Arabia, and UAE
Revenue forecast, company share, competitive landscape, growth factors and trends
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This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, Grand View Research has segmented the global transcatheter embolization and occlusion devices market report on the basis of type, application, and region:
Type Outlook (Revenue, USD Million, 2015 - 2026)
Flow Diverting Devices
Application Outlook (Revenue, USD Million, 2015 - 2026)
Peripheral Vascular Disease
Venous Blood clot
Cerebral Arteriovenous Malformations
Benign Prostatic Hyperplasia/Urinary Retention
Regional Outlook (Revenue, USD Million, 2015 - 2026)
Middle East & Africa
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