Occlusion Devices Market By Product (Embolization Devices, Occlusion Removal Devices, Tubal Occlusion Devices, and Support Devices), By End User (Ambulatory Care Centers (ACCS); Hospitals, Diagnostic Centers, & Surgical Centers; and Research Laboratories & Academic Institutes), and By Application (Cardiology, Gynecology, Neurology, Oncology, Peripheral Vascular Disease, and Urology) – Global Analysis & Forecast 2020-2030
Report ID : 355 | Published Date : May 2020 | Pages : 150 | Region : Global | Report Code : MD-118
Occlusion Devices Market Introduction & Overview
Occlusion devices are used in the treatment of various defects and conditions such as blockages, the closing of a blood vessel, and hollow organs. They are most commonly utilized in cardiology for correcting blood flow blockages in coronary arteries as well as neurology, urology, oncology, and gynecology, among others. For instance, atrial septal occlusion devices are implantable cardiac devices utilized by patients suffering from certain defects of the atrial septum. The devices are percutaneously implanted with the help of a catheter and consist of a self-expanding double disk made from wire mesh. The disks lie on both sides of the septal defect and the defect is occluded. These devices are also used to close muscular ventricular septal defects. Several different occlusion devices are available to suit specific applications. Radiographic features, such as plain radiograph and echocardiography, are performed to ensure proper device positioning and to monitor for the presence of a residual shunt.
The occlusion devices market is driven by factors such as the growing preference for minimally invasive procedures, the effectiveness of occlusion devices, and rising incidents of heart & neurovascular diseases. Moreover, image-guided procedures in various medical specialties, including cardiology and neurology, favorable reimbursement scenarios for implantations and surgeries, and clinically proven efficiency are further adding to growth of the occlusion devices market. However, strict regulations regarding the approval of these devices and the lack of skilled labor are likely to hamper the occlusion devices market to a certain extent.
The global occlusion devices market can be segmented into product, end-user, application, and region.
Occlusion Devices Market By Product
Based on the product, the market can be segmented into embolization devices, occlusion removal devices, tubal occlusion devices, and support devices. The occlusion removal devices segment is expected to account for the largest market share owing to factors such as the preference for minimally invasive surgeries and growing investments in R&D for the clinical validation of occlusion removal devices.
Occlusion Devices Market By End User
Based on the end-user, the market can be classified into Ambulatory Care Centers (ACCS); hospitals, diagnostic centers, & surgical centers; and research laboratories & academic institutes. The hospitals, diagnostic centers, & surgical centers segment dominated the market during the forecast period. The increasing purchasing power among people, well-settled healthcare facilities, image-guided procedures, and helpful reimbursement policies are likely to drive the growth of this segment.
Occlusion Devices Market By Application
Based on the application, the market can be classified into cardiology, gynecology, neurology, oncology, peripheral vascular disease, and urology. The neurology segment dominated the market during the forecast period due to the growing number of neurosurgeries worldwide, expanded work in the area of interventional neurology, and attractive reimbursement policies.
Occlusion Devices Market By Region
Based on the region, the market can be segmented into North America, Europe, Asia-Pacific, and the Rest of the World (ROW). North America dominated the global occlusion devices market in 2018 owing to high patient preference for minimally invasive surgical procedures and helpful reimbursement policies for implantations & surgical procedures. Moreover, the rising prevalence of cardiovascular & neurological diseases and technological advancements, such as bioresorbable occlusion devices for congenital heart defects, has played a pivotal role in supporting market growth in this region.
However, Asia Pacific is expected to register the highest CAGR during the forecast period owing to increasing healthcare expenditure, rising economies, adoption of various technologies in the healthcare sector, and the high prevalence of cardiovascular diseases.
Occlusion Devices Market Prominent Players
Some of the key players operating in the occlusion devices market include Abbott, Cardinal Health, Boston Scientific Corporation, Medtronic, Edwards Lifesciences Corporation, BD, ASAHI INTECC CO., LTD., BVM Medical Limited, Acrostak Int., Cook, and others.