Tumor Embolization Devices Global Market Report 2023

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Feb 17, 2023, 13:00 ET

NEW YORK, Feb. 17, 2023 /PRNewswire/ -- Major players in the tumor embolization devices market are Boston Scientific Corporation, Medtronic plc, Terumo Corporation, Sirtex Medical Ltd, Merit Medical, Cook Medical LLC, BTG Plc, Angiodynamics, and Siemens Healthineers.

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The global tumor embolization devices market is expected to grow from $1.29 billion in 2021 to $1.44 billion in 2022 at a compound annual growth rate (CAGR) of 11.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The tumor embolization devices market is expected to grow to $2.27 billion in 2026 at a CAGR of 11.9%.

The tumor embolization devices market consists of sales of radioembolic agents and non-radioactive embolic agents.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Tumor embolization devices are minimally invasive devices used in the treatment of tumors. These devices are used either to shut down the supply of blood to the tumor or to deliver tumor-killing therapy directly to the tumor.

North America was the largest region in the tumor embolization devices market in 2022.Asia Pacific was the second largest region in the tumor embolization devices market.

The regions covered in the tumor embolization devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main types of tumor embolization devices are radioembolic agents and non-radioactive embolic agents.Non-radioactive embolic agents involve gelatin foam, tris-acryl gelatin microspheres, and polyvinyl alcohol (PVA) used in the treatment of tumors.

The applications involved are cancer tumors and noncancerous tumors that are used by various end-users such as hospitals, cancer treatment centers, intensive care units, and surgical centers.

The rise in the number of cancer cases across the globe is likely to contribute to the growth of the tumor embolization devices market during the forecast period. According to the American Cancer Society, there were about 1.9 million new cases and 608,570 cancer deaths in 2021 in the USA. The four most common types of cancers worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all new cancer cases. Therefore, the rise in cancer incidence rate globally is anticipated to boost the demand for the tumor embolization market over the forthcoming years.

Regulatory changes are likely to lead to increased costs relating to new product development and service offerings to clients.These changes are related to advanced therapies and advanced therapy medicinal products.

These regulations include changes to equipment approval procedures and other aspects.For instance, the United States Food and Drug Administration is requesting more clinical data to support claims, therefore increasing the time to process 510(k)s by over 55% over the last decade.

The potential loss of revenue due to delays in product release and additional costs incurred due to stringent approval processes puts a strain on investments relating to new product development, thereby affecting the growth of the tumor embolization devices market.

Companies in the tumor embolization devices market are increasingly investing in technological advances to provide more efficient devices to consumers.The advances include the emergence of biocompatible, biodegradable, drug-eluting microspheres that provide effective embolization.

Bioresorbable microspheres block the blood vessels causing tumors without long-term blockage of the healthy tissue blood vessels. In May 2021, Emboline received an investment of $55 m to develop and launch embolic protection catheters from Matrix Capital Management.

In Boston Scientific, a US-based medical device manufacturer, acquired Obsidio Inc for an undisclosed amount.The acquisition would help Boston Scientific to expand its interventional oncology and embolization portfolio.

Obsidio is a US-based developer of Embolization gel.

The countries covered in the tumor embolization devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The tumor embolization devices market research report is one of a series of new reports that provides tumor embolization devices market statistics, including tumor embolization devices industry global market size, regional shares, competitors with a tumor embolization devices market share, detailed tumor embolization devices market segments, market trends and opportunities, and any further data you may need to thrive in the tumor embolization devices industry. This tumor embolization devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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