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Factors such as the 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 driving the growth of the occlusion devices market.
The global occlusion devices market was valued at USD 2.61 Billion in 2017 and is projected to reach USD 3.55 Billion by 2023 from, at a CAGR of 5.3%.
Stakeholders
• Original equipment manufacturers (OEMs)
• Product sales and distribution companies
• Healthcare service providers (such as hospitals, diagnostic, and surgical centers)
• Non-government organizations
• Government regulatory authorities
• Research laboratories and academic institutes
• Clinical research organizations (CROs)
• Research and development companies
• Market research and consulting firms
Based on product, the occlusion removal devices segment is estimated to have the largest share of the market in 2018.
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 account for the largest share of the global occlusion devices market in 2018.
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Based on application, the neurology segment is expected to account for the largest share of this market in 2018.
On the basis of application, the occlusion devices market is categorized into neurology, cardiology, peripheral vascular diseases, urology, oncology, and gynecology. Neurology applications are expected to account for the largest share of the occlusion devices market in 2018.
Based on end user, the hospitals, diagnostic centers, and surgical centers segment is expected to witness the highest growth during the forecast period.
Based on end user, the market is segmented into hospitals, diagnostic centers, and surgical centers; ambulatory care centers; and research laboratories & academic institutes. The hospitals, diagnostic centers, and surgical centers segment is expected to register the highest CAGR during the forecast period.
North America is expected to dominate the occlusion devices market in 2018.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The large share of North America in the global occlusion devices market is attributed to the increasing availability of medical reimbursements for cardiovascular procedures, increasing patient preference for minimally invasive surgical procedures, and strong market presence of key OEMs (that replicates into the easy availability of occlusion devices).
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Key Players
Major players operating in the market include Boston Scientific (US), Medtronic (Ireland), Terumo (Japan), Stryker Corporation (US), and Penumbra (US). Other prominent players present in this market are Abbott (US), Cardinal Health (US), B. Braun (Germany), Asahi Intecc (Japan), C.R. Bard (US), Cook Group (US), Angiodynamics (US), and Acrostak (US).