Market Trends of Global Vascular Embolization Industry
This section covers the major market trends shaping the Vascular Embolization Market according to our research experts:
The Non-coiling Devices Segment is Expected to Hold a Major Market Share in the Vascular Embolization Market over the Forecast Period
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 report 2020, the mortality rate has been growing due to the number of chronic diseases increasing over the past 20 years, with heart disease being the leading cause of death worldwide. Since 2000, the number of deaths from heart disease has increased by nearly 2 million, to nearly 9 million in 2019. In the United States, heart disease now accounts for 16% of all deaths. 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.
Additionally, market players are focusing on the launch of new products in the market. For instance, in March 2021, 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 during 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 American Cancer Society estimates, 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.
