Market Size of Occlusion Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Occlusion Devices Market Analysis
The occlusion devices market is expected to register a CAGR of 7.5% during the forecast period.
The COVID-19 pandemic had ramifications on various surgical procedures. Due to the lockdown restrictions, a delay in diagnosis and treatments was observed in patients with various lifestyle-related and chronic diseases as a result of a reduction in hospital visits, which impacted the market studied. For instance, according to the research study published in August 2020, the COVID-19 pandemic negatively impacted interventional radiology services in Canada, especially for elective cases. As per the study, about 49.3% of the respondents reported that there was an overall decline in interventional radiology services in the country. Thus, this data indicates that surgical procedures declined due to the pandemic scenario, which, in turn, affected the occlusion devices market. However, due to the vaccinations and declining cases of COVID-19, the market studied has bounced back to its full potential.
The major factors for the growth of the market include the higher acceptance rate of minimally invasive surgeries (MIS) over traditional surgeries, the increasing prevalence of lifestyle-related and chronic diseases, and technological advancements in the area. For instance, according to the WHO fact sheet of 2021, non-communicable diseases (NCDs), also known as chronic diseases, are responsible for the death of about 41 million people each year, which was about 71% of the total deaths recorded all over the world in 2021. As per the same source, every year, over 15 million people aged between 30-69 die due to NCDs across the world. Therefore, the demand for treatment procedures is increasing owing to the high burden of mortality due to NCDs. Thus, the market studied is expected to grow over the forecast period.
The rising adoption of MIS is expected to drive the overall growth of the market. MIS cause less post-operative pain. Besides, there are minimal cuts or stitches involved, the hospital stay is relatively shorter, and this technology is proving its efficiency in treatment while performing complex surgeries.
However, the high cost of the products and the requirement for skilled professionals are hampering the growth of the market.
