Embolization Particle Market Information: By Product Type (Radioembolization & Drug Eluting Beads), Application, (Oncology, Peripheral Vascular Disease, Neurology), Level of Occlusion (Proximal) End User (Hospitals & Clinics) – Global Forecast till 2023
Market Research Future (MRFR), in its recently published market forecast asserts that the global Embolization Particle Market will register a striking CAGR of 9.64 % throughout the forecast period (2017 – 2023) garnering accruals of USD 1,909.76 Mn. by 2023.
Embolization Particle is a minimally invasive therapy used in many procedures as a part of interventional radiology. Embolization is used to stop bleeding as well as to treat tumors that cannot be removed by surgery by stopping its blood supply. The invention of Embolization Particle in therapeutics has offered some exciting possibilities. While Embolization can also be used with ablation, it may not be a good option for some patients whose liver has been damaged by diseases such as cirrhosis or hepatitis.
The use of Embolization in the field of medicine as a whole has revolutionized the way of diagnosis, treatment, and prevention. Hence, the market for Embolization Particle is blooming currently, with the growing prevalence of cases of tumors. The augmenting demand for noninvasive therapies predominantly drives the market growth.
Also, growing incidence of cancer and other metabolic diseases have fueled the growth of Embolization Particle market. Additional factors contributing to the market growth include the growing population, urbanization and improving economic conditions that are increasing access to the quality healthcare and quality of life of people.
On the other hand, unavailability of interventional neuroradiologists and interventional neuroradiology (INR) labs along with the lack of regulatory standards in the examination of Embolization Particle and higher cost of the treatment are some of the key factors impeding the market growth.
Nevertheless, constant technological development, increasing demand for the better treatment, along with the governmental support is expected to foster the market growth commutatively.
Global Embolization Particle Market Segmentation
Global Embolization Particle Market is segmented into five key dynamics for the convenience of understanding;
By Product Types : Radioembolization and Drug Eluting Beads among others.
By Applications : Oncology, Peripheral Vascular Disease, and Neurology among others.
By Levels of Occlusion : Proximal and Distal among others.
By End-Users : Hospitals, Clinics and ambulatory services among others.
By Regions : North America, Europe, APAC and Rest-of-the-World.
The Radioembolization segment accounted for the largest market share in 2016 and is estimated to grow at 10.01% CAGR approx. during the forecast period from 2017-2023.
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Global Embolization Particle Market Regional Analysis
Globally North America leads the Embolization Particle market with the significant market share. The Market is expected to grow phenomenally from 2017 to 2023. Factors substantiating the market growth include the growing number of patients suffering from tumors coupled with the high healthcare expenditures, significant developments in the healthcare domain, and focus of research institutions on advent technologies for new and advanced diagnosis and treatment methods. Well-defined per capita healthcare expenditure is undoubtedly a key driving force behind the market growth in the region.
Moreover, the growing number of centers offering embolization particle therapy coupled with the availability of advanced infrastructures & devices, and availability of skilled healthcare professional contributions to the market growth in the region. The region is expected to reach the valuation of USD 703.13 Mn. by 2023.
The US, backed by the technological advances and availability of funding for the development of new therapeutics and treatment accounts for the major contributor to the market growth. Moreover, the presence of the well-established players also drives the market for Embolization Particle in this region.
Europe emerging as a lucrative market for Embolization Particle will expand with a phenomenal CAGR. The resurging economy in the region is expected to foster the regional market growth. Besides, availability of technologically advanced devices and the proliferation of quality healthcare along with the increasing healthcare cost mushrooms the growth of the market in the region.
Moreover, the accessibility of technology and increasing government support for the research and development support the market growth in the region. Also, factors such as the increasing prevalence of cancer among the population due to the changing lifestyle and the growing emphasis on rapid diagnosis and treatment of cancer substantiate the growth of the market in this region.
Asia Pacific market for the Embolization Particle is expected to perceive the fastest growth by 2023 registering a CAGR of 10.11% from 2017 to 2023. India and China backed by the huge population, and the availability of low-cost therapies will lead the regional market. Moreover, the fastest growing healthcare sector coupled with the large unmet needs over the forecast period will provide impetus to the market growth.
Vietnam, Thailand, and Malaysia among other South East Asian countries are projected to contribute significantly to the regional market growth. Besides the growing penetration of healthcare insurance along with the increase in the demand for various diagnosis & treatment methods, is expected to drive the Embolization Particle market in the in the Asia Pacific region.
Global Embolization Particle Market Competitive Analysis
Key Players are actuated to bring innovations in the therapy with minimum adverse effects, as well as to target emerging applications to leverage growth opportunities. They are focusing on R&D in order to develop the therapy further.
Market players driving the global embolization particle market include Guerbet, Boston Scientific Corporation, BTG International Ltd, Sirtex, Medtronic, Merit Medical, and Terumo. Profiling them in its analysis MRFR finds the strategies helping them to stay at the forefront of competition.
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