According to healthcare research industry report, "Embolotherapy Market by Product (Embolic Agents (Microspheres, Liquid Embolic Agents, Coil), Microcatheters), Indication (Oncology, Vascular, Aneurysm, Urology, Nephrology), Procedure (TACE, TARE), End-user (Hospital, Clinics, ASC) - Global Forecast to 2026", is valued at USD 3.4 billion in 2021 and is expected to reach USD 5.0 billion by 2026, at a CAGR of 8.0% during the forecast period. The growth of the embolotherapy market is mainly attributed to factors such as the growth in the target patient population, rising preference for minimally invasive procedures, technological advancements in embolotherapy devices, and favorable reimbursement scenario.
The microspheres subsegment of embolic agent products commanded the largest share of the embolotherapy market in 2020 and the trend is expected to continue by 2026. Market growth is driven by the surge in the prevalence of hepatocellular carcinoma (microspheres are widely used to treat this disease), coupled with favorable reimbursement criteria in developed economies. Moreover, new product launches and approvals are further supporting the growth of the segment.
The embolotherapy market is segmented into oncology (liver cancer, kidney cancer, lung cancer, breast cancer, and other cancers), peripheral vascular diseases, urology, and nephrology (benign prostatic hyperplasia, uterine fibroids, and other urology & nephrology applications), neurology (brain aneurysm and cerebral arteriovenous malformations), and gastrointestinal disorders (GIT).
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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.
The availability of effective conventional first-level therapies for the treatment of liver cancer, uterine fibroids, hemorrhagic stroke, and other hemorrhagic conditions is a key restraint to market growth. For instance, therapies such as surgery, chemotherapy, and radiation therapy are preferred options in cancer treatment due to the high awareness among individuals about traditional cancer treatments.