Transcatheter Embolization and Occlusion Devices Market, by Device Type Coiled Devices and Non-Coiled Devices

Increasing demand for minimally invasive surgical procedures over conventional open surgeries is expected to propel growth of transcatheter embolization and occlusion devices market. This shift is a result of advantages offered by minimally invasive procedures over open surgeries that includes significantly low blood loss, low recovery time, low surgical time, reduced probability of errors, and others. For instance, according to a retrospective review published by Department of Surgery, John Hopkins Hospital, in 2014, it suggested that the complication and error rates for hysterectomy was 4.69% and 6.64% in catheter embolization and open surgical procedures, respectively. Moreover, rising incidence of venous malformations leading to vascular anomalies is also an important factor contributing significantly to growth of the market. For instance, according to the International Society for Auricular Reconstruction, 2017, the incidence of venous malformations was reported to be 1-4% of the total world population, without any predilection in the sex. However, practice of transcatheter embolization procedures without following FDA guidelines leading to increased hospital readmissions and requirement of expertise to perform the procedures is expected to hinder the market growth. For instance, according to a research survey conducted by University of Michigan Health System, in 2015, reported that 27% of increase in major post-operative complications were reported among patients that took up catheter embolization for the treatment of fibroid tumors.

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Regional Insights

On the basis of region, the global transcatheter embolization and occlusion devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds a dominant position in the global transcatheter embolization and occlusion devices market and is expected to retain its dominance over the forecast period, owing to large population suffering from fibroid tumor, arteriovenous malformations (AVM), and other diseases. According to the American Association of Neurological Surgeons 2017, the prevalence of arteriovenous malfunctions (AVM) is estimated at 18 people per 100,000 population in the U.S. Moreover, the AVM is reported to be the second most identifiable cause for subarachnoid hemorrhage. Furthermore, leading players in the market are introducing novel products in the market and this is also expected to aid in growth of the market in the region. For instance, in September 2017, Medtronic Plc expanded its embolization product portfolio with the introduction of Concerto 3D detachable system in the U.S. and Europe that can be used in arterial and venous embolization.

Furthermore, Asia Pacific is expected to witness a significant growth in the market, which is attributed to increasing medical tourism in emerging economies such as Japan, India, and ASEAN countries that provides high quality medical services at low costs. According to International Medical Travel Journal, Indian hospitals served 460,000 international patients in 2015–2016 for various surgical procedures.

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