Occlusion Devices Market by Product (Occlusion Balloon, Stent Retriever, Suction Device, Coil Embolization, Liquid Embolics), Application (Cardiology, Neurology, Peripheral Vascular, Urology, Oncology, Gyno), End User - Global Forecast to 2023
“The occlusion devices market projected to grow at a CAGR of 5.3%.”
The global occlusion devices market is projected to reach USD 3.55 billion by 2023 from USD 2.74 billion in 2018, at a CAGR of 5.3%. Growth in target patient population, technological advancements, favorable reimbursement scenario for minimally invasive surgeries, and the availability of clinical evidence for the safety and efficacy of occlusion procedures are some of the factors responsible for the growth of this market. However, procedural limitations associated with CTO treatments and stringent regulatory frameworks for product commercialization are expected to limit the optimal adoption of occlusion devices during the forecast period.
“The occlusion removal devices segment is poised to be the fastest-growing during the forecast period.”
On the basis of product, the occlusion devices market is segmented into occlusion removal devices (balloon occlusion devices, stent retrievers, coil retrievers, and suction and aspiration devices), embolization devices (embolic coils and liquid embolic agents), tubal occlusion devices, and support catheters (microcatheters and guidewires). The occlusion removal devices segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing number of research studies to evaluate the clinical efficacy of occlusion devices, ongoing technological advancements, and growing availability of innovative occlusion devices across key healthcare markets.
“Asia Pacific is expected to register the highest growth rate during the forecast period.”
Geographically, the occlusion devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The highest CAGR for the APAC occlusion devices market can be attributed to the rising adoption of occlusion devices due to their decreasing costs (owing to the increase in localized manufacturing and strengthening of distribution networks of key product manufacturers) and increasing healthcare expenditure across key APAC countries.
Breakdown of supply-side primary interviews: by company type, designation, and region:
By Company Type - Tier 1 - 25%, Tier 2 - 30% and Tier 3 - 45%
By Designation - C-level - 26%, Director-level - 30%, Others - 44%
By Region - North America - 34%, Europe - 26%, APAC - 23%, RoW - 17%
The global occlusion devices market is competitive, with a large number of global and local players. In 2017, the market was dominated by Boston Scientific (US), Medtronic (Ireland), Terumo (Japan), Stryker Corporation (US), and Penumbra (US). Product launches; market expansions; strategic acquisitions; and partnerships, agreements, & collaborations were the major strategies adopted by market players to achieve growth in the market.
This report studies the occlusion devices market based on product, application, and end user. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth. It analyzes opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for the market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends, prospects, and contributions to the total market. The report forecasts the revenue of the market segments with respect to four main regions.
Reasons to Buy the Report:
From an insights perspective, this research report has focused on various levels of analysis—industry trends, market share analysis of top players, and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the occlusion devices market, and high-growth regions and countries and their respective drivers, restraints, challenges, and opportunities.
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn help firms garner greater market shares. Firms purchasing the report could use any one or a combination of the below mentioned five strategies for strengthening their market shares.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on product portfolios offered by the major players in the occlusion devices market. The report analyzes the occlusion devices market based on product, application, end user, and region
Product Development: Detailed insights on the research and development activities and product launches in the occlusion devices market
Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various occlusion devices across geographies.
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the occlusion devices market
Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of leading players in the occlusion devices market