Occlusion devices is used for the blockage or closing of a blood vessel or hollow organ. There are various types of occlusion devices used to treat different cardiovascular defects, retinal defects, neurological defects, and others.
Increasing prevalence of heart related diseases is influencing the demand of the occlusion devices. Similarly, hypertension is common problem in worldwide which is expected to escalate the market growth further.
According to the World Health Organization (WHO), in 2014, approximately 422 million people suffered from diabetes across the globe. rising incidences of chronic diseases such as respiratory diseases and diabetes is leading to the increasing prevalence of cardiovascular diseases across the globe which in turn is fueling the market growth.
Apart from this, rise in obese & geriatric population, neurological defects, and retinal defects are likely to boost the market growth in the future.
The global occlusion devices market accounted for over USD 2,600 million in 2017 and is expected to grow at a CAGR of 5.5% during the forecast period, 2019-2026.
Globally, occlusion devices market is segmented by product, application, end users, and region.
Based on product type, the market is segmented into occlusion balloon, stent retriever, suction device, coil embolization, and liquid embolics. Occlusion removal devices segment is projected to account for the largest share of the market owing to increasing research activity to validate the clinical efficacy of novel occlusion removal devices.
On the basis of application, the market is segmented into cardiology, neurology, peripheral vascular, urology, oncology, and gynecology. Neurology applications segment holds the major share of the market owing to increasing number of target neurosurgical procedures and rising research in the field of interventional neurology.
Based on the end users, the market is segmented into hospitals, diagnostic centers, & surgical centers, ambulatory care centers and research laboratories & academic institutes. Diagnostic centers segment is expected to hold major market share due to the growing adoption of minimally invasive surgical procedures, availability of reimbursement policies for target procedures in the Europe and North America.
Geographically, the global occlusion devices market is segmented into North America, Europe, Asia Pacific, and the Latin America and the Middle East & Africa (LAMEA).
North America is expected to dominate the global occlusion devices market. This is attributed to the increasing prevalence of cardiovascular diseases in the U.S. According to the World Health Organization (WHO), approximately 15 million people suffered from coronary diseases in U.S. Increasing baby boomer population in U.S. is further supporting the market growth. Geriatric population is more susceptible to different diseases such as neurological disorders, cancers thus high geriatric population in the region is expected to boost the market growth.
Europe is expected to be the second leading region in the global occlusion devices market. In Europe rise in the number of obese population is influencing the prevalence of embolism which causes occlusion in any part of the body. Furthermore, rise in number of incidence of stroke is propelling the market growth. Apart from this, favorable reimbursement policies and advancement in occlusion devices is boosting the market.
Asia Pacific is expected to grow at the fastest growing rate during the forecast period 2019–2026. Booming medical tourism industry in emerging economies such as India, China, and Malaysia is attracting global cancer pateint for the treatment. Thus, increasing demand of occulsion devices and high adoption rate of occlusion devices in Asia Pacific is propelling the market growth.
In Latin America rising healthcare expenditure across developing countries such as Brazil, Mexico, and Argentina is supporting the market growth. Poor diets, high blood pressure, obesity and smoking are contributing to the growing burden of non-communicable diseases such as heart diseases, stroke, and diabetes in Middle East Africa which have propelled the market growth.
Some of the major players in the occlusion devices market include Acrostak, Abbott Laboratories, Asahi Intecc, Angiodynamics, Cardinal Health, Avinger, Edwards Lifesciences, Cook Group, Stryker Corporation, Penumbra, B. Braun Melsungen AG, Terumo Corporation, Medtronic Plc., Meril Life Sciences Pvt. Ltd., MicroPort Scientific Corporation, Biosensors International Group, Ltd., Boston Scientific Corporation, Elixir Medical Corporation, and Kyoto Medical Planning Co. Ltd.