ID: MRFR/MED/4478-HCR | February 2021 | Region: Global | 100 pages
Occlusion in medical term means the blockage or closing of a blood vessel or hollow organ. There are different occlusion devices used to treat different cardiovascular defects, neurological defects, retinal defects, and others.
The global occlusion devices market is mainly driven by the high prevalence of heart-related diseases and huge demand for diagnosis and treatment methods. Additionally, the increasing availability of diagnostic services for various chronic diseases also fuels the growth of the market. Moreover, favorable reimbursement policies are likely to boost the market growth.
Many private and government insurance organizations are present in developed countries. Over 50 private insurance companies are present in the U.S. The policies cover more than 75% of the cost of the devices and treatment. For instance, under the Medicare Plan in the U.S., if the average cost of the occlusion device is approximately USD 8,000, then USD 6,000 is reimbursed. Additionally, in developed countries such as the U.K., Canada, Germany, and others, similar reimbursement policies are available. On the other hand, alternative treatment methods for chronic diseases and the limited adoption rate may hamper the market growth during the forecast period.
Global occlusion devices market is expected to grow at a CAGR of 6.1% during the forecast period.
FIGURE 1: Global Occlusion Devices Market, by Region, 2016 (%)
Source: Centers for Disease Control and Prevention, World Health Organization, population reference bureau, Statistics Canada, StatsCan, Centers for Medicare & Medicaid Services, U.S. Census Bureau, Organization for Economic Co-operation and Development, Expert Interview, Market Research Future Analysis, Annual report, White paper, Company Presentation
The global occlusion devices market is segmented on the basis of product, application, and end-user.
On the basis of product, the market is segmented into embolization devices, occlusion removal devices, and support devices. The embolization devices market is sub-segmented into liquid embolic agents and tubal occlusion devices. Occlusion removal devices are sub-segmented into balloon occlusion devices, stent retrievers, coil retrievers, and suction and aspiration devices. The support devices market is sub-segmented into microcatheters and guidewires.
On the basis of application, the market is segmented into neurology, cardiology, peripheral vascular diseases, urology, oncology, gynecology, and others.
On the basis of end-user, the market is segmented into hospitals and clinics, diagnostic centers, surgical centers, ambulatory care centers, and others.
Source: World Health Organization, Centers for Disease Control and Prevention, European Society of Clinical Microbiology and Infectious Diseases, U.S. National Library of Medicine, National Organization for Rare Disorders, The American Autoimmune Related Diseases Association, The International Society for Human and Animal Mycology, Expert Interview Market Research Future Analysis, Annual report, White paper, Company Presentation
Regional Analysis of the Global Occlusion Devices Market
The American occlusion devices market is segmented into two regions, namely, North America and South America. North America, being the largest market, is mainly driven by the increasing patient population suffering from chronic diseases, growing investment in healthcare, and increasing geriatric population. Furthermore, the U.S. is the largest market in North America owing to the presence of a large number of market players manufacturing occlusion devices and increasing awareness about risk factors for chronic diseases. Canada is expected to be the fastest growing market which is driven by the overall increasing demand for medical devices with progress in occlusion devices. South America is expected to be the fastest growing market due to technologically advanced devices for diagnosis and increasing demand for treatment options of chronic and rare diseases.
The European occlusion devices market exhibits a positive growth with an increasing emphasis on the diagnosis of chronic diseases and other related diseases. Moreover, Germany and the U.K. are the major contributors to the growth of the market. Additionally, the increasing expenditure in healthcare by major countries in Europe also accelerates the growth of the market.
Asia Pacific is expected to be the fastest growing market whose growth is attributed to the increasing burden of chronic diseases and increasing focus on early diagnosis and treatment of heart diseases. Furthermore, other factors contributing to the growth of the market are lifestyle changes, the influence of western culture among adults, and addiction to smoking. Additionally, the increasing environmental pollution and exposure to harmful chemicals also attribute to the growth of the market.
The Middle Eastern and African market for occlusion devices exhibits a steady rise with an increase in the number of healthcare facilities providing treatment of chronic conditions and the flourishing growth of the medical device sector, especially the devices used in treatment methods. In the African region, the awareness about chronic diseases is increasing, thus fueling the growth of the market.
Key Players in the Global Occlusion Devices Market
Some of the key players in this market are Abbott Laboratories (U.S.), Acrostak, Angiodynamics, Asahi Intecc, Avinger, Cardinal Health, Cook Group, Edwards Lifesciences, Penumbra, Stryker Corporation, Terumo Corporation, B. Braun Melsungen AG (Germany), Terumo Corporation (Japan), Medtronic plc (Ireland), MicroPort Scientific Corporation (China), Meril Life Sciences Pvt. Ltd. (India), Vascular Concepts (India), and Translumina GmbH (Germany), Boston Scientific Corporation (U.S.), Biosensors International Group, Ltd. (Singapore), Kyoto Medical Planning Co. Ltd. (Japan), Elixir Medical Corporation (U.S.), and others.
Frequently Asked Questions (FAQ) :
Global occlusion devices market is expected to expand at 6.1% CAGR from 2017 to 2023.
High prevalence of heart diseases and huge demand for its diagnosis are primary drivers of the global occlusion devices market.
Alternative treatment methods is the major factor expected to impede the global occlusion devices market growth.
APAC can showcase a robust CAGR in the global occlusion devices market till 2023 due to increasing focus on early detection of heart diseases.
Kyoto Medical Planning Co. Ltd., Translumina GmbH, Elixir Medical Corporation, Abbott Laboratories, Acrostak, Terumo Corporation, Stryker Corporation, Penumbra, Asahi Intecc, Edwards Lifesciences, Biosensors International Group, Ltd., Medtronic plc, Vascular Concepts, B. Braun Melsungen AG, Terumo Corporation, Cardinal Health, Avinger, MicroPort Scientific Corporation, Meril Life Sciences Pvt. Ltd., Boston Scientific Corporation, Cook Group, and Angiodynamics are prominent players of the global occlusion devices market.