The global occlusion devices market size was USD 3.07 Billion in 2021 and is expected to register a CAGR of 5.2% during the forecast period. Increasing use of occlusion devices in the healthcare sector for treatment of various types of disorders is set to drive market revenue growth. Rising number of neurological disorders due to increasing geriatric population, surging number of obese people, and increasing awareness of procedures equipped with advanced technologies would also propel market growth in the near future.
Demand for occlusion devices is increasing at a fast pace in the medical field. The occlusion devices market consists of products such as balloon occlusion devices, suction & aspiration devices, liquid embolic agents, microcatheters, and others. These occlusion devices help surgeons and medical professionals in treating injuries and other disorders effectively and efficiently.
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Occlusion devices are medical devices that are used for treating different disabilities and health conditions in patients. These are also used in the treatment of chronically infected wounds that are resistant to antibiotics. Occlusion devices are applied for the treatment of disorders in various medical fields such as neurology, cardiology, oncology, urology, and others. Occlusion devices primarily help in the efficient prevention of blot clots.
Occlusion devices are tested clinically. Increasing incidence of cancer and nerve injuries are expected to escalate the occlusion devices market growth during the forecast period. Increasing demand for minimally invasive surgical procedures and rising ageing population suffering from chronic disorders are factors driving market growth. Large numbers of people suffering from cardiovascular and neurological disorders would further increase demand for surgeries for undergoing treatment.
Driver: Rising Demand for Occlusion Devices for Prevention of Blood Clots is a Key Revenue Growth Driving Factor
Increasing number of accidents and surgeries that involve huge blood loss and blood clots has surged demand for occlusion devices. Entry of new market players and modern marketing indorsements are some factors that would contribute to high demand for occlusion devices in the near future. Improved reimbursement policies and high demand for these devices will drive the occlusion devices market growth. Besides, technological advancements in research & development activities associated with highly efficient occlusion devices would also propel growth. Apart from that, presence of a large population suffering from various types of disorders is driving market growth. Lastly, increasing healthcare expenditure is also expected to boost the global occlusion devices market.
Restraint: High Cost of Occlusion Devices and Strict Government Norms Are Key Growth Restraining Factors
High cost of occlusion devices, as well as advanced surgical procedures in the healthcare sector is expected to limit market revenue growth in the near future. Complicated amalgamation processes, strict rules & regulations for the launch of new occlusion devices, and high manufacturing cost may also hinder market growth. Lack of awareness, unavailability of skilled healthcare professionals, and limitation in the number of clinical trials may also hamper the occlusion devices market growth over the forecast period.
Product Type Outlook:
Based on product type, the global occlusion devices market has been segmented into occlusion removal devices (balloon occlusion devices, stent retrievers, coil retrievers, and suction & aspiration devices), embolization devices (embolic coils, liquid embolic agents, and tubal occlusion devices), and support devices (microcatheters and guidewires). Demand for occlusion devices is increasing due to rising adoption of minimally invasive surgical procedures. Occlusion removable devices such as suction catheters are used to support a patient’s airway and to minimize the danger related to anesthesia, especially in patients suffering from respiratory disorders. Increasing number of lifestyle diseases and rising number of surgeries that are being performed in the healthcare sector have surged demand for occlusion devices. This factor is driving market growth.
Based on end-use, the global occlusion devices market has been segmented into hospitals, diagnostic centers & surgical centers, ambulatory care centers, and research laboratories & academic institutes. Hospitals segment contributed to the largest revenue share in 2020 because of a large number of surgeries that are being performed in hospitals, compared to other end-use segments. Increasing number of hospitals with advanced healthcare equipment and modern occlusion devices has also boosted the occlusion devices market growth. Diagnostic centers & surgical centers segment, on the other hand, is expected grow at a significant revenue CAGR over the forecast period, owing to increasing geriatric population worldwide. Besides, increasing incidence of peripheral vascular diseases & cancer and availability of healthcare professionals would also drive growth of this segment.
Based on application, the global occlusion devices market has been segmented into neurology, cardiology, peripheral vascular diseases, urology, oncology, and gynecology. Neurology segment accounted for the largest revenue share in 2020. Revenue growth of this segment is due to increasing number of accidents and sports injuries happening across the globe. Rising geriatric population and increasing number of people suffering from spinal cord injury would surge cases of neurological disorders. This factor would further contribute to market growth. Increasing number of neurological surgeries worldwide and inclination of people towards occlusion devices is driving market growth.
Cardiology segment is expected grow at a significant rate over the forecast period. Revenue growth of this segment is due to rising demand for minimally invasive surgeries, increasing prevalence of cardiac arrest, and presence of a large number of people suffering from heart disorders & cardiovascular diseases globally. The use of occlusion devices helps to reduce risk of blood clots that can lead to strokes.
Occlusion devices market in North America accounted for the largest revenue share in 2020. Rising number of people suffering from chronic disorders, increasing cases of various surgeries, occurrences of advanced surgical procedures,increasing funds by governments, and rising awareness among people would drive market growth. Besides, presence of a well-developed healthcare infrastructure and technological advancements are also responsible for market growth in this region.
Occlusion devices market in Asia Pacific is expected to witness the fastest revenue CAGR over the forecast period. Presence of a large number of market players and initiatives by governments of developing countries to accelerate advancement in treatment options would bolster market growth. Apart from that, rising demand for various occlusion devices at the time of surgery and increasing geriatric population are expected to contribute to market revenue growth in Asia Pacific over the forecast period.
Competitive landscape of the global occlusion devices market is moderately fragmented with a number of key players operating on global and regional levels. Key players are engaged in product development and strategic alliances to expand respective product portfolios and gain a robust footing in the global market. Some players in the market include Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corporation, Cardinal Health, Edwards Lifesciences Corporation, Johnson & Johnson, Medtronic Plc, Merit Medical Systems, Penumbra, Inc., Stryker Corporation, Terumo Corporation, and Vascular Concepts.
Some key developments in the market:
- In 2019, after receiving FDA clearance, Okami Medical announced the first use of Low-Profile Braided Occluder (LOBO) on a patient in March. LOBO’s creators designed it to provide interventional physicians with a single-device, one-and-done solution for occlusion of various arterial targets without the need for multiple embolic devices.
- In July 2019, Avinger announced the commercial availability of “Ocelot” for Australia. Ocelot is an image-guided chronic total occlusion crossing system and has completed registration with the “Therapeutic Goods Administration (TGA).” It has been permitted to be distributed throughout Australia.
Segments Covered in the Report:
This report offers historical data and forecasts revenue growth at a global, regional, & country level, and provides analysis of market trends in each of the sub-segments from 2022 to 2030. For this study, has segmented the global occlusion devices market based on product type, end-use, application, and region:
Occlusion Devices Market Report Scope
Segments covered By Product Type Outlook, End-use Outlook, Application Outlook, Regional Outlook
By Product Type Outlook
Occlusion Removal Devices
Balloon Occlusion Devices
Suction & Aspiration Devices
Liquid Embolic Agents
Tubal Occlusion Devices
By End-use Outlook
Diagnostic Centers & Surgical Centers
Ambulatory Care Centers
Research Laboratories & Academic Institutes
By Application Outlook
Peripheral Vascular Diseases
Middle East & Africa
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