Vascular Embolization Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Vascular Embolization Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Vascular Embolization market was valued at approximately USD 1,381.20 million in 2020 and is expected to witness a revenue of USD 2,375.14 million in 2026, with a CAGR of 9.50% over the forecast period.

The outbreak of COVID-19 impacted the vascular embolization market, as hospitals and healthcare services for non-covid indications were significantly reduced due to social distancing measures enforced globally. However, many research studies have proven that vascular embolization techniques are safe during COVID-19 if performed with utmost care and precautions. According to a research study titled “Bronchial Artery Embolization Performed in COVID-19 Patients: Tolerance and Outcomes”, published in 2020, the results demonstrated that Management of severe hemoptysis (SH) in COVID-19 patients with bronchial artery embolization (BAE) was feasible and efficient and concerning the safety guidelines, it is of utmost importance to protect the interventional radiology (IR) staff. Thus, owing to the aforementioned factors, the studied market is expected to be impacted during the COVID-19 pandemic.

The increasing prevalence of vascular diseases, technological advancements in embolization products and procedures, increasing research and development activities, and growing demand for minimally invasive procedures are the key driving factors in the global vascular embolization market. According to 2020 updates of the World Health Organization, ischemic heart disease is responsible for 16% of the world’s total deaths annually, owing to cardiovascular diseases that include coronary heart disease, rheumatic heart disease, cerebrovascular disease, and other heart conditions. It is one of the leading causes of death worldwide. Also, a few of the key players are developing and launching novel products and technologies to compete with the existing products, while others are acquiring and partnering with the other companies trending in the market. For instance, in February 2020, EmboCube and Torpedo devices of Merit Medical Systems Inc. were FDA indicated for the embolization of blood vessels to occlude blood flow, and thus aids in the control of bleeding and hemorrhaging in the peripheral vasculature. Thus, owing to the aforementioned factors, the studied segment is expected to grow over the forecast period. However, the high cost associated with the procedures, stringent regulations, and complications associated with these procedures are likely to hinder the growth of the market studied.

Key Market Trends

The Non-Coiling Devices Segment is Expected to Hold a Major Market Share in the Vascular Embolization Market Over the Forecast Period

The non-coiling devices include coiling assist devices, catheters, foam and liquid embolic systems, and embolization plugs, among others. Factors such as the growing burden of chronic diseases and the expanding target patient pool are expected to propel the segment’s growth. According to the World Health Organization (2018), chronic diseases have always been a massive global challenge, and they account for approximately 71% of all deaths worldwide. This indicates a potential market demand for vascular embolization. Owing to the increasing burden of various types of chronic disorders, the market studied is expected to grow in the future. Moreover, as per a French study published in 2018, titled “Embolization with ethylene-vinyl alcohol copolymer (Onyx) for peripheral hemostatic and non-hemostatic applications”, transcatheter embolization with Onyx is feasible and safe in the peripheral arterial or venous vasculature for both bleeding and non-bleeding patients. Additionally, the market players are focusing on the launch of new products in the market. For instance, in March 2021, the company Shape Memory Medical received approval from Japan’s Pharmaceutical and Medical Devices Agency for IMPEDE-FX Embolization Plug. Impede embolization plugs are indicated to obstruct or reduce the rate of blood flow in the peripheral vasculature. Thus, owing to these factors, the Non-coiling Devices segment is expected to experience lucrative growth during the forecast period.

North America Holds a Significant Share in the Studied Market and Expected to do Same in the Forecast Period

North America is expected to hold a major market share in the global vascular embolization market due to the increasing prevalence of cancer and vascular-related diseases and increasing research and development activities in this region. According to the estimates of the American Cancer Society, in 2020, there were approximately 89,500 cancer cases diagnosed and about 9,270 cancer deaths among adolescents and young adults (AYAs) aged between 15 and 39 years, in the United States. Embolization is one of the most accepted modalities of cancer treatment in patients with a variety of clinical scenarios. It is done to produce ischemia within the tumor, resulting in tumor necrosis, this effect may be further potentiated by the addition of a chemotherapeutic agent to the embolic material. Hence, the rising burden of cancer is giving growth to the embolization procedures in this region. Brain Aneurysm is another major disorder that has affected the American population. As per 2019 Statistics by the Brain Aneurysm Foundation, an estimated 6.5 million people in the United States have an unruptured brain aneurysm, with an annual rate of rupture of approximately 8-10 per 100,000 people. In a patient with a brain aneurysm, coil embolization is one of the most common minimally-invasive procedures to treat an aneurysm by filling it with material that closes the sac and reduces the risk of bleeding. Hence, the increasing burden of diseases in the country is expected to drive the demand for vascular embolization. Moreover, the North American region is ahead in technology and R&D activities in comparison to other regions, which is expected to positively impact the market. For instance, in March 2021, Instylla Inc. reported the enrollment of the first patients in the pivotal Embrace Hydrogel Embolic System (HES) global randomized clinical trial for the treatment of hypervascular tumors. Thus, owing to the aforementioned factors, the studied market is expected to witness significant growth in North America over the forecast period.

Competitive Landscape

The Vascular Embolization Market is highly competitive and consists of several major players. Some of the companies which are currently dominating the market are Medtronic Plc, Cook Medical, Stryker Corporation, Boston Scientific Corporation, Abbott Laboratories, Johnson and Johnson (Cerenovus), Merit Medical Systems Inc, Penumbra Inc, Terumo Corporation, and Shape Memory Medical Inc. The major players have used various strategies such as expansions, new product launches, acquisitions, and others to increase their footprints in this market. For instance, in October 2020, Johnson and Johnson launched NIMBUS to remove tough clots and enable revascularization for patients with acute ischaemic stroke in Europe.

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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Vascular Diseases
4.2.2 Technological Advancements in Embolization Products and Procedures
4.2.3 Increasing Research and Development Activities
4.3 Market Restraints
4.3.1 High Costs Associated with Embolization Procedures
4.3.2 Stringent Regulatory Norms
4.3.3 Complications Associated with Embolization Procedures
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1 By Embolization Technique
5.1.1 Coiling Devices
5.1.2 Non-coiling Devices
5.2 By Application
5.2.1 Peripheral Vascular Disease
5.2.2 Oncology
5.2.3 Neurology
5.2.4 Urology
5.2.5 Other Applications
5.3 Geography
5.3.1 North America United States Canada Mexico
5.3.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.3.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.3.4 Middle East and Africa GCC South Africa Rest of Middle East and Africa
5.3.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Medtronic Plc
6.1.2 Cook Medical
6.1.3 Stryker Corporation
6.1.4 Boston Scientific Corporation
6.1.5 Abbott Laboratories
6.1.6 Johnson and Johnson (cerenovus)
6.1.7 Merit Medical Systems Inc
6.1.8 Penumbra Inc
6.1.9 Terumo Corp
6.1.10 Shape Memory Medical Inc

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