Embolotherapy Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product (Embolic Agents, Microcatheters), By Indication (Oncology, Vascular, Aneurysm, Urology, Nephrology), By Procedure (TACE, TARE), By End User (Hospital, Clinics, Ambulatory Surgery Centers), By Region and Competition Forecast

Market Overview

Global Embolotherapy Market has valued at USD 3.67 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 8.35% through 2028. Embolotherapy is a minimally invasive treatment that selectively restricts blood flow to targeted areas. It is an endovascular procedure utilized to occlude abnormal blood vessels, effectively controlling or ceasing bleeding. In urgent cases of severe hemorrhage, Embolotherapy has emerged as a viable alternative to invasive surgery. This treatment option has gained widespread recognition and is performed globally by interventional radiologists in various clinical settings. The applications of Embolotherapy have expanded significantly, particularly in cutting-edge procedures such as prostatic artery embolization (PAE) for benign prostatic hyperplasia and gastric artery embolization (GAE) for weight loss. Both of these procedures serve as effective treatment options for their respective conditions. PAE, in particular, is performed worldwide in over 800 procedures annually to address lower urinary tract symptoms (LUTS) caused by BPH. Furthermore, Embolotherapy is employed in the management of chronic pain conditions in the musculoskeletal system, including osteoarthritis, frozen shoulder, and overuse injuries. Its application in treating uterine fibroids has shown a success rate of approximately 85% globally. Additionally, it is utilized in the treatment of specific types of cancer, notably liver cancer.

Key Market Drivers

Growing Target Patient Population

Cardiovascular disease (CVD) is a significant target ailment, and its importance and high prevalence have made it a focal point for research into successful and effective treatments. In 2017, peripheral vascular diseases affected over 200 million individuals worldwide. According to the same source, the prevalence of these diseases rises with age, with a prevalence rate of over 20% in those aged 80 and above. The increasing demand for Embolotherapy devices will be driven by the notable success rate and low postoperative complication rate associated with Embolotherapy procedures, coupled with the rising incidence of liver cancer and hepatocellular cancer. Liver cancer ranks as the fifth most common cancer in men and the ninth most common cancer in women, with over 840,000 new cases diagnosed worldwide in 2018 (source: World Cancer Research Fund). Furthermore, kidney cancer incidence rates in the United Kingdom have witnessed a significant 42% increase over the past decade, with males experiencing a 38% incidence rate and females a 44% rate.

Rising Patient Preference for Minimally Invasive Procedures

The prevalence of minimally invasive surgeries is on the rise as patients increasingly opt for these procedures due to their associated benefits, including reduced postoperative pain, fewer complications, shorter hospital stays, and quicker recovery times. In the realm of early-stage breast cancer treatment, noninvasive or minimally invasive alternatives to surgery are being developed. One such example is Trans Arterial Chemo Embolization (TACE), a minimally invasive procedure commonly used for hepatocellular carcinoma treatment in asymptomatic and unresectable cases. TACE is employed to shrink tumor size and render patients eligible for liver transplantation, representing an evolution from the previously utilized technique known as Trans-catheter Arterial Embolization (TAE). Additionally, Prostatic Artery Embolization (PAE) serves as a minimally invasive therapy for benign prostatic hyperplasia (BPH) and its associated lower urinary tract symptoms (LUTS). PAE is performed as an elective outpatient technique and has seen a notable increase in patient utilization in recent years. Overall, the growing preference for minimally invasive procedures is contributing to the expansion of the embolotherapy market.

Funding & Investments by Government and Private Organizations

Adequate funding allows researchers and medical professionals to explore, develop, and refine new medical procedures like embolotherapy. Research investments can lead to innovative techniques, improved technologies, and enhanced safety protocols, making the therapy more effective and appealing to patients and healthcare providers. Funding supports the conduct of clinical trials to evaluate the safety and efficacy of new therapies. Positive trial results can provide evidence of the therapy's benefits, instilling confidence in medical professionals and patients and driving demand for its adoption. Investments in training programs and medical education help disseminate knowledge about new therapies among healthcare professionals. Well-trained healthcare providers are more likely to recommend and administer the therapy, increasing patient demand. Government funding and support can influence insurance coverage and reimbursement policies for medical procedures. If embolotherapy is proven effective, insurance coverage can make it more accessible to a larger patient population, thus increasing demand.

Technological Advancements in Embolotherapy Devices

Technological advancements have significantly transformed the field of embolotherapy, leading to the development of more precise, effective, and minimally invasive devices. Microcatheters are thin, flexible tubes used to navigate intricate blood vessels. Technological improvements have led to the development of microcatheters with enhanced steerability, trackability, and flexibility, allowing physicians to reach challenging anatomical locations more accurately. Advanced imaging techniques, such as 3D rotational angiography and cone-beam CT, offer real-time visualization of blood vessels. These technologies aid physicians in precise device placement, reducing the risk of complications. Navigation systems integrate real-time imaging with navigation tools, providing physicians with 3D guidance during catheterization. These systems enhance accuracy, safety, and efficiency in embolotherapy procedures. Robotic systems have been introduced to assist in catheter navigation and positioning, enhancing precision and reducing radiation exposure for both patients and healthcare providers. Advanced visualization tools, such as augmented reality (AR) and virtual reality (VR), can help guide catheterization and device placement, improving accuracy and procedural outcomes. Many modern embolotherapy devices incorporate safety features, such as improved anchoring mechanisms and reduced risk of device migration. These technological advancements have revolutionized the field of embolotherapy by improving procedural outcomes, patient safety, and recovery times. As technology continues to evolve, the field of embolotherapy is likely to see further innovations that enhance the precision, effectiveness, and accessibility of these procedures.

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Key Market Challenges

Stringent regulations

Artificial embolization devices, including permanent microspheres used as artificial emboli (AED), are classified as medical devices. These devices function by physically closing vessels and are regulated as Class II vascular and neurovascular embolization devices in the United States. In the European Union, they are classified as Class IIB bland embolization devices under the medical device directive MDD 93/42/EEC. PVA particles have been used for over 40 years as a comparison device, serving as the basis for approval or authorization of later next-generation items due to their demonstrated general embolization of vessels.

Lack Of Skilled Medical Professionals

The lack of skilled medical professionals is a significant challenge that can hamper the growth of embolotherapy, a specialized medical procedure used to treat vascular conditions. Embolotherapy requires a high level of expertise, training, and experience due to its intricate nature and potential risks. A shortage of skilled professionals means that there may be fewer healthcare providers trained to perform embolotherapy procedures. This can result in limited access to treatment, especially in areas where skilled specialists are scarce. With fewer qualified professionals available, patients seeking embolotherapy may face longer wait times to receive treatment. Delays in treatment can negatively impact patient outcomes, especially for conditions that require prompt intervention. Embolotherapy carries inherent risks, and lack of expertise can increase the risk of complications during and after the procedure. Complications could lead to longer hospital stays, additional interventions, and increased healthcare costs. Skilled professionals are essential for effectively using advanced technologies and techniques in embolotherapy. A shortage of expertise may lead to underutilization of these technologies, limiting treatment options for patients.

Key Market Trends

Increasing Acquisitions and Collaborations

Increasing acquisitions and collaborations can indeed contribute to an increased demand for embolotherapy in the future. Collaborative efforts within the healthcare industry often lead to enhanced research, development, accessibility, and awareness of medical procedures like embolotherapy. Collaborations between pharmaceutical companies, medical device manufacturers, and research institutions can accelerate the research and development of new and improved embolotherapy techniques, devices, and materials. This can lead to innovations that increase the effectiveness and safety of embolotherapy procedures. Acquisitions and collaborations bring together the expertise of different entities. This multidisciplinary approach can lead to the creation of comprehensive and integrated embolotherapy solutions that cater to diverse patient needs.

Need for Advancement in Oncology

In the past few decades, remarkable progress has been achieved in the field of oncology. The medical community relentlessly pursues innovative approaches to combat cancer and halt tumor growth. This factor has played a pivotal role in driving the demand for embolotherapy on a global scale. Furthermore, the need to comply with more stringent standards for invasive procedures, such as arterial balloon placement, has also influenced the expansion of the market. Advances in oncology are shifting towards personalized treatment plans that consider individual patient characteristics. Embolotherapy can be tailored to each patient's tumor size, location, and overall health, making it an attractive option within personalized oncology care. Embolotherapy precisely targets tumors by blocking their blood supply, effectively delivering treatment directly to the tumor site. This localized approach minimizes damage to healthy tissues, reducing side effects commonly associated with systemic therapies. The global incidence of cancer continues to rise. As the number of cancer cases increases, so does the need for effective and innovative treatment options, such as embolotherapy.

Segmental Insights

Product Insights

Based on the product, the embolic agent segment holds the largest market share, primarily driven by the increasing prevalence of hepatocellular carcinoma, for which microspheres are widely used in treatment. Additionally, favourable reimbursement criteria in developed economies and the introduction of new products further contribute to the growth of this segment.

End User Insights

Based on the end-user, the market is divided into hospitals, clinics, and ambulatory surgery centers (ASCs), and other end users. The majority of embolotherapy devices are utilized in hospitals. This segment pertains to the market for embolotherapy devices used in large hospitals, small clinics, and critical care units. The primary factors expected to drive the demand for embolization devices in hospitals include the increasing usage of minimally invasive surgical procedures (such as vascular, urological, and neurological), the growing purchasing power of major healthcare providers in developed countries (resulting from healthcare provider consolidation), and the expanded availability of reimbursements for target procedures in the US and major European countries.

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Regional Insights

North America possesses the largest market for embolotherapy, and this dominance is projected to persist in the coming years. Several key factors contribute to the growth of the North American market, including the increasing prevalence of conditions necessitating embolization procedures, the well-established healthcare system in the region, and the continuous development of advanced embolic agents by companies operating within the area. The region's increasing focus on the development of advanced embolic agents and the widespread occurrence of incidents that require the adoption of embolization processes. Furthermore, the well-established healthcare system in this region is a key factor that is projected to drive the growth of the embolotherapy market. In addition, the Asia-Pacific region is expected to witness the fastest growth in the embolotherapy market during the forecast period. This can be attributed to the increasing population of patients, the emphasis by government authorities on healthcare expenditure, and the rapid incidence of cancer among individuals. Moreover, the presence of key players focusing on technological advancements is contributing to the growth of the embolotherapy market in this region.

Recent Developments

• In June 2022, Stryker announced the inauguration of its new research and development facility, Stryker's Global Technology Centre (SGTC), located at the International Tech Park. Spanning an impressive 150,000 square feet, this facility aims to expedite innovation both in India and worldwide, further reinforcing the company's commitment to enhancing healthcare.
• In September 2021, Abbott revealed that the U.S. Food and Drug Administration (FDA) granted approval for the Portico with FlexNav™ Transcatheter Aortic Valve Replacement (TAVR) system. This ground-breaking approval allows for the treatment of individuals with symptomatic, severe aortic stenosis who are at a high or extreme risk for open-heart surgery. Abbott's comprehensive portfolio of structural heart solutions boasts industry-leading advancements, including minimally invasive therapies for repairing or replacing damaged heart valves or closing cardiac openings.
• In October 2022, Bio sense Webster, Inc., a division of Johnson & Johnson MedTech, celebrated the European launch of the HELIOSTAR Balloon Ablation Catheter. This extraordinary radiofrequency balloon ablation catheter marks a significant milestone in the field. With its indication for catheter-based cardiac electrophysiological mapping of the atria and compatibility with a multi-channel RF generator, the HELIOSTAR Balloon Ablation Catheter demonstrates remarkable potential for cardiac ablation procedures.

Key Market Players

• Medtronic, PLC
• Microport Scientific
• Boston Scientific Corporation
• Stryker
• Terumo Corporation
• Penumbra, Inc.
• Sirtex (CDH)
• Johnson & Johnson
• Abbott Laboratories
• Balt Group

Report Scope:

In this report, the Global Embolotherapy Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

            ·         Embolotherapy Market, By Product:

o   Embolic Agents

§  Microspheres

§  Liquid Embolic Agents

§  Coil

o   Microcatheters

            ·         Embolotherapy Market, By Indication:

o   Oncology

o   Vascular

o   Aneurysm

o   Urology

o   Nephrology

            ·         Embolotherapy Market, By Procedure:

o   TACE

o   TARE

            ·         Embolotherapy Market, By End User:

o   Hospital

o   Clinics

o   Ambulatory Surgery Centres

            ·         Embolotherapy Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Kuwait

§  Turkey

§  Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Embolotherapy Market.

Available Customizations:

Global Embolotherapy market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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