Increasing incidences of peripheral vascular diseases, liver cancer, strokes, and uterine fibroids coupled with rising preference for minimally invasive procedures; increasing investments, funds, and grants by public-private organizations for research; and technological advancements in the market will fuel the market growth over the forecast period.
COVID-19 Impact on the Global Embolotherapy Market
The embolotherapy market is witnessing a loss of business, and the trend is expected to continue till December 2020. Unfavorable changes in regulations and guidelines are hampering the growth of this industry. Major regulatory authorities across the globe (such as CDC, WHO, MHRA, TGA, and EMA) have identified that cancer patients are at greater risk of COVID-19 infection than healthy adults.
The high success rate and less post-operative complication rate associated with embolotherapy procedures coupled with the rising incidences of liver cancer and hepatocellular cancer will further boost the demand for embolotherapy devices in the near future. Liver cancer is fifth-most-common cancer in men and the ninth-most-common in women.
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The Association of American Medical Colleges (US) has estimated a deficit of 41,000 general surgeons in the US by 2025 (Source: Association of American Medical Colleges US, 2017). A shortage of more than 2,300 medical oncologists is expected in the US by 2025 (Source: Journal of Global Oncology). Similarly, India is also facing an acute shortage of oncologists, radiotherapists, and surgical oncologists.
Based on product, the embolotherapy market is broadly segmented into embolization coils (detachable coils and pushable coils), embolic agents (liquid embolic agents and microspheres), detachable balloons, embolic plug systems, and support devices (microcatheters and guidewires).
The major players in the embolotherapy market are Boston Medical Corporation (US), Terumo Medical Systems (Japan), Medtronic (US), Johnson & Johnson (US), and Stryker Corporation (US). Other key players in the embolization therapy market include Sirtex Medical Limited (US), Abbott Laboratories (US).