Rising Cases of Chronic Illnesses Boosting Embolotherapy Market Growth

Embolotherapy Market S0E0 wtorek, 7 czerwiec 22, 10:25

According to P&S Intelligence, the market size is expected to reach $6,447.1 million by 2030 from $3,082.9 million in 2020. Moreover, the market is witnessing a trend of product launches and approvals, across the globe.

A number of factors, such as the rising incidence of lifestyle-associated and chronic illnesses, growing aging population, surging patient pool, increasing healthcare spending, growing medical tourism industry, and enhancing healthcare infrastructure, are projected to propel the growth of the embolotherapy market at CAGR of 7.7% during the forecast period (2020–2030).

One of the prime factors propelling the demand for embolotherapy is the rising incidence of lifestyle-associated and chronic illnesses. The number of cases of chronic diseases, such as diabetes, stroke, metabolic syndrome, various types of cancer, and chronic obstructive pulmonary disease, is increasing rapidly, due to the prolonged exposure to smoking, alcohol consumption, unhealthy diet, and physical inactivity. These diseases lead to a high healthcare burden across the world. For the treatment of these chronic diseases, advanced medications and therapies, including embolotherapy, are required. Thus, this factor drives the market growth.

The product segment of the embolotherapy market is categorized into support devices and embolic agents. Of these, the embolic agents category generated the higher revenue in 2020, and it is also projected to record the faster growth in the coming years. This can be attributed to the high usage of embolic agents in several interventional radiology procedures. Moreover, the developments of innovative embolic agents, including drug-eluting microspheres, radioactive yttrium-90 (Y-90) microspheres, and calibrated microspheres for bland embolization, for the management of primary and secondary liver diseases, drives the market growth in this category .

Geographically, North America accounted for the largest share in the embolotherapy market in 2020, and it is expected to witness the same trend during the forecast period. This will be due to the rise in the geriatric population, technological advancements, increase in the prevalence of chronic diseases, improvements in the healthcare infrastructure, high disposable income, and development of advanced embolic agents by Stryker Corporation, Guerbet, Sirtex Medical Limited, Terumo Corporation, Meril Life Sciences Pvt. Ltd., Merit Medical Systems Inc., Medtronic Plc, Johnson & Johnson, Kaneka Corporation, Boston Scientific Corporation, and Abbott Laboratories.

Browse detailed report on Embolotherapy Market Business Strategies, and Regional Outlook

This study covers

  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market parti**nts
  • Historical and the present size of the market segments and understand their comparative future potential
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
  • Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders