Occlusion Devices Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Occlusion Devices Market Analysis
The occlusion devices market is expected to register a CAGR of 7.5% during the forecast period.
The COVID-19 pandemic had ramifications on various surgical procedures. Due to the lockdown restrictions, a delay in diagnosis and treatments was observed in patients with various lifestyle-related and chronic diseases as a result of a reduction in hospital visits, which impacted the market studied. For instance, according to the research study published in August 2020, the COVID-19 pandemic negatively impacted interventional radiology services in Canada, especially for elective cases. As per the study, about 49.3% of the respondents reported that there was an overall decline in interventional radiology services in the country. Thus, this data indicates that surgical procedures declined due to the pandemic scenario, which, in turn, affected the occlusion devices market. However, due to the vaccinations and declining cases of COVID-19, the market studied has bounced back to its full potential.
The major factors for the growth of the market include the higher acceptance rate of minimally invasive surgeries (MIS) over traditional surgeries, the increasing prevalence of lifestyle-related and chronic diseases, and technological advancements in the area. For instance, according to the WHO fact sheet of 2021, non-communicable diseases (NCDs), also known as chronic diseases, are responsible for the death of about 41 million people each year, which was about 71% of the total deaths recorded all over the world in 2021. As per the same source, every year, over 15 million people aged between 30-69 die due to NCDs across the world. Therefore, the demand for treatment procedures is increasing owing to the high burden of mortality due to NCDs. Thus, the market studied is expected to grow over the forecast period.
The rising adoption of MIS is expected to drive the overall growth of the market. MIS cause less post-operative pain. Besides, there are minimal cuts or stitches involved, the hospital stay is relatively shorter, and this technology is proving its efficiency in treatment while performing complex surgeries.
However, the high cost of the products and the requirement for skilled professionals are hampering the growth of the market.
Occlusion Devices Market Trends
This section covers the major market trends shaping the Occlusion Devices Market according to our research experts:
Neurology Segment is Expected to Witness a Lucrative Growth
The rising prevalence of brain aneurysms and the launch of new technologically advanced products are expected to drive the overall growth of the market. According to 2021 estimates by the Brain Aneurysm Foundation, approximately 30,000 people in the United States suffer a brain aneurysm rupture each year.
Factors contributing to the formation of a brain aneurysm are injury/trauma to blood vessels, smoking, hypertension, and genetic predisposition. The treatment of brain aneurysms includes medical therapy, surgical clipping or endovascular therapy, or coiling without or with adjunctive devices. For instance, as per the WHO's key facts of August 2021, an estimated 1.28 billion adults aged 30-79 years worldwide were living with hypertension, most (two-thirds) living in low- and middle-income countries, which is driving the segmental growth.
The same source stated that women, particularly those over the age of 55, have a higher risk of brain aneurysm rupture than men. This risk is expected to increase in the future as the geriatric population increases. As per the UN data published in 2020, the global population aged 60 years or above is anticipated to increase from 13.2% in 2020 to 21.3% by 2050. This is expected to raise the incidence of aneurysms. Hence, the rising incidence is expected to help the market's growth.
North America is Expected to Hold Largest Market Share over the Forecast Period
North America is expected to be the largest occlusion devices market owing to the rising adoption of minimally invasive surgeries and better healthcare infrastructure. Furthermore, the rising approval of new occlusion devices is expected to boost the overall growth of the market. One of the market players, Abbott Laboratories, received approval from FDA for the Amplatzer Piccolo Occluder in November 2020, which is the world's first medical device that can be implanted in babies using a minimally invasive procedure to treat patent ductus arteriosus.
The increasing cases of cardiovascular diseases are also generating demand for the product, which is fuelling the market's growth. For instance, as per the CDC's data published in September 2021, heart disease was the leading cause of death in the United States. About 18.2 million adults of age 20 years and older had coronary artery disease, and about 360,900 people died in 2019 due to coronary heart disease. Thus, due to the high mortality rate caused by cardiovascular diseases in the country, the number of surgeries is expected to increase, which, in turn, is likely to boost the adoption of occlusion devices, thereby contributing to the market's growth.
In addition, cancer is also one of the most prevalent chronic diseases in the country, which is further expected to augment the growth of the market over the years. For instance, according to the GLOBOCAN 2020 Report, 101,809 cases of colon cancer, 44,780 cases of rectum cancer, and 26,259 cases of stomach cancer were reported in the United States in 2020. This is expected to drive the demand for interventional procedures in the country. Thus, owing to the factors mentioned above, the market is expected to witness high growth over the forecast period.
Occlusion Devices Industry Overview
The occlusion devices market is consolidated owing to the presence of a few major market players. Some of the market players are Abbott Laboratories, Boston Scientific Corporation, BTG International Ltd, Edwards Lifesciences Corporation, Johnson & Johnson, Medtronic PLC, Merit Medical Systems, Penumbra Inc., Stryker Corporation, Penumbra Inc., and Terumo Corporation.
Occlusion Devices Market Leaders
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Abbott Laboratories
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Boston Scientific Corporation
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BTG International Ltd
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Edwards Lifesciences Corporation
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Medtronic plc
*Disclaimer: Major Players sorted in no particular order
Occlusion Devices Market News
- June 2022: A fourth-generation flow diverter with Shield Technology, PipelineTM Vantage, was launched by India Medtronic Private Limited, a fully owned subsidiary of Medtronic PLC, for the endovascular treatment of brain aneurysms. The novel flow diverter called Pipeline Vantage with Shield Technology has improved design features for both the delivery system and the implant.
- March 2022: The US FDA approved Artio Medical Inc.'s Solus Gold Embolization Device, a next-generation treatment for peripheral vascular occlusion. Artio Medical Inc. is a medical device business creating cutting-edge solutions for the peripheral vascular, neurovascular, and cardiology industries.
Occlusion Devices Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
-
4.2 Market Drivers
- 4.2.1 Rising Adoption of Minimally Invasive Surgeries
- 4.2.2 Increasing Geriatric Population and Rising Burden of Chronic Diseases
- 4.2.3 Technological Advancements
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4.3 Market Restraints
- 4.3.1 High Cost of the Products
- 4.3.2 Requirement of Skilled Professionals
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
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5.1 By Product
- 5.1.1 Occlusion Removal Devices
- 5.1.1.1 Coil Retrievers
- 5.1.1.2 Stent Retrievers
- 5.1.1.3 Other Occlusion Removal Devices
- 5.1.2 Embolization Devices
- 5.1.3 Support Devices
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5.2 By Application
- 5.2.1 Peripheral Vascular Disease
- 5.2.2 Neurology
- 5.2.3 Oncology
- 5.2.4 Urology
- 5.2.5 Other Applications
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5.3 By End User
- 5.3.1 Hospitals
- 5.3.2 Ambulatory Surgical Centers
- 5.3.3 Other End Users
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5.4 Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.1.3 Mexico
- 5.4.2 Europe
- 5.4.2.1 Germany
- 5.4.2.2 United Kingdom
- 5.4.2.3 France
- 5.4.2.4 Italy
- 5.4.2.5 Spain
- 5.4.2.6 Rest of Europe
- 5.4.3 Asia-Pacific
- 5.4.3.1 China
- 5.4.3.2 Japan
- 5.4.3.3 India
- 5.4.3.4 Australia
- 5.4.3.5 South Korea
- 5.4.3.6 Rest of Asia-Pacific
- 5.4.4 Middle East and Africa
- 5.4.4.1 GCC
- 5.4.4.2 South Africa
- 5.4.4.3 Rest of Middle East and Africa
- 5.4.5 South America
- 5.4.5.1 Brazil
- 5.4.5.2 Argentina
- 5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Abbott Laboratories
- 6.1.2 Boston Scientific Corporation
- 6.1.3 BTG International Ltd
- 6.1.4 Edwards Lifesciences Corporation
- 6.1.5 Johnson & Johnson
- 6.1.6 Medtronic PLC
- 6.1.7 Merit Medical Systems
- 6.1.8 Penumbra Inc.
- 6.1.9 Stryker Corporation
- 6.1.10 Terumo Corporation
- 6.1.11 Lepu Medical Technology
- 6.1.12 LeMaitre Vascular Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityOcclusion Devices Industry Segmentation
As per the scope of this report, occlusion devices are used to create occlusion in the vessels in order to stop the blood flow.
The occlusion devices market is segmented by product (occlusion removal devices (coil retrievers, stent retrievers, and other occlusion removal devices), embolization devices, and support devices), application (peripheral vascular disease, neurology, oncology, urology, and other applications), end user (hospitals, ambulatory surgical centers, and other end users), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
| By Product | Occlusion Removal Devices | Coil Retrievers |
| Stent Retrievers | ||
| Other Occlusion Removal Devices | ||
| By Product | Embolization Devices | |
| Support Devices | ||
| By Application | Peripheral Vascular Disease | |
| Neurology | ||
| Oncology | ||
| Urology | ||
| Other Applications | ||
| By End User | Hospitals | |
| Ambulatory Surgical Centers | ||
| Other End Users | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Occlusion Devices Market Research FAQs
What is the current Occlusion Devices Market size?
The Occlusion Devices Market is projected to register a CAGR of 7.5% during the forecast period (2024-2029)
Who are the key players in Occlusion Devices Market?
Abbott Laboratories, Boston Scientific Corporation, BTG International Ltd, Edwards Lifesciences Corporation and Medtronic plc are the major companies operating in the Occlusion Devices Market.
Which is the fastest growing region in Occlusion Devices Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Occlusion Devices Market?
In 2024, the North America accounts for the largest market share in Occlusion Devices Market.
What years does this Occlusion Devices Market cover?
The report covers the Occlusion Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Occlusion Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Occlusion Devices Industry Report
Statistics for the 2024 Occlusion Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Occlusion Devices analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
