According to Emergen Research, the global occlusion devices market size was USD 3.07 Billion in 2020 and is expected to reach USD 4.62 Billion in 2028 and register a revenue CAGR of 5.2% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Occlusion Devices Market, By Product Type (Occlusion Removal Devices, Embolization Devices, Support Devices), By Application (Neurology, Cardiology, Urology, Oncology, Gynecology, Peripheral Vascular Diseases, Others), By End-use (Hospitals & Clinics, Diagnostic Centers, Surgical Centers, Ambulatory Care Centers, Research Laboratories & Academic Institutes), and By Region, Forecast to 2028”
According to Emergen Research, the global occlusion devices market size was USD 3.07 Billion in 2020 and is expected to reach USD 4.62 Billion in 2028 and register a revenue CAGR of 5.2% during the forecast period, 2021-2028.
Market Dynamics:
Rapid revenue growth of the global occlusion devices market is attributed to factors such as rise in geriatric population worldwide, growing prevalence of chronic and acute diseases such as cardiovascular, oncological, neurological, and urological diseases, growing use of occlusion devices in surgical treatments, and increasing preference for minimally invasive surgeries. Occlusion devices are surgical devices used in treatment of chronically infected wounds. These devices are clinically tested and find use in various surgical procedures for the treatment of severe health disorders. Commonly used occlusion devices include balloon occlusion devices, stent retrievers, liquid embolic agents, microcatheters, suction & aspiration devices, and guidewires. Revenue growth of the global market is further boosted by factors such as rise in R&D activities for more advanced occlusion devices, rising incidences of traumatic injuries, and technological advancements in surgical equipment, and increasing availability of highly skilled surgeons, particularly in developed and developing countries.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Occlusion Removal Devices Segment Accounted for Largest Revenue Share in 2020:
Based on product type, the global occlusion devices market is primarily segmented into occlusion removal devices, embolization devices, and support devices. The occlusion removal devices segment, which is further segmented into balloon occlusion devices, stent retrievers, coil retrievers, and suction & aspiration devices, accounted for the largest revenue share in the global market in 2020. Key factors driving revenue growth of this segment are growing prevalence of chronic and acute diseases, increasing volumes of surgical procedures, and growing use of occlusion removable devices, including stent retrievers, suction & aspiration devices, and coil retrievers, in minimally invasive surgeries.
Neurology Segment to Account for Fastest Revenue Growth Rate:
In terms of application, the global occlusion devices market is segmented into neurology, cardiology, urology, oncology, gynecology, peripheral vascular diseases, and others. The neurology segment is expected to dominate other segments in terms of fastest revenue growth rate in the global market over the forecast period. Increasing cases of sports injuries and fatal road accidents, rising incidences of neurological disorders, increasing volumes of neurosurgical procedures, and presence of skilled neurosurgeons in most developed and developing countries around the world are major factors driving this segment’s revenue growth.
North America Accounted for Largest Revenue Share in 2020:
Among the regional markets, the North America occlusion devices market held the largest revenue share in the global market in 2020, owing to factors such as increasing prevalence of chronic and acute diseases, growing number of major and minor surgeries, rising demand for advanced surgical equipment, and technological advances in occlusion devices. Other factors driving revenue growth of the regional market are rise in government investments in the healthcare sector and presence of major industry players including Abbott Laboratories, Cardinal Health, Boston Scientific Corporation, and Johnson & Johnson in this region.
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Major Companies in the Global Occlusion Devices Market Include:
- Abbott Laboratories
- Braun Melsungen AG
- Boston Scientific Corporation
- Cardinal Health
- Edwards Lifesciences Corporation
- Johnson & Johnson
- Medtronic Plc
- Merit Medical Systems
- Penumbra, Inc.
- Stryker Corporation
- Terumo Corporation
- Vascular Concepts
For the purpose of this report, Emergen Research has segmented the global occlusion devices market based on product type, application, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Occlusion Removal Devices
- Balloon Occlusion Devices
- Stent Retrievers
- Coil Retrievers
- Suction & Aspiration Devices
- Embolization Devices
- Embolic Coils
- Liquid Embolic Agents
- Tubal Occlusion Devices
- Support Devices
- Microcatheters
- Guidewires
Application Outlook (Revenue, USD Billion; 2018-2028)
- Neurology
- Cardiology
- Urology
- Oncology
- Gynecology
- Peripheral Vascular Diseases
- Others
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals & Clinics
- Diagnostic Centers
- Surgical Centers
- Ambulatory Care Centers
- Research Laboratories & Academic Institutes
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Region Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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