Rise in global geriatric population, increasing prevalence of chronic and acute diseases including cardiovascular, neurological, and urological disorders, and growing demand for minimally invasive surgical procedures are among the major factors expected to drive market revenue growth.
Rise in global geriatric population, increasing prevalence of chronic and acute diseases including cardiovascular, neurological, and urological disorders, and growing demand for minimally invasive surgical procedures are among the major factors expected to drive market revenue growth
New York, December 16, 2021 – Reports and Data 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”
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According to the latest report by Reports and Data, 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.
Drivers, Restraints, and Opportunities:
Key factors providing impetus to revenue growth of the global occlusion devices market are increasing prevalence of chronic and acute diseases including cardiovascular, neurological, urological, and oncological diseases, extensive use of occlusion devices in surgical treatment of such disorders, rise in geriatric population across the globe, and rising demand for minimally invasive surgical procedures. Other major factors contributing to the global occlusion devices market revenue growth are continuous technological advancements in various surgical devices (including occlusion devices), growing availability of technological advanced hospitals and surgical centers, as well as highly skilled surgeons in most developed and developing countries around the world, and increasing incidences of traumatic physical injuries, and improved medical reimbursement policies.
Occlusion devices are surgical devices used in different surgical procedures for effective treatment of severe health conditions and disorders. Occlusion devices generally consist of balloon occlusion devices, liquid embolic agents, stent retrievers, suction & aspiration devices, microcatheters, and guidewires, among numerous others. These devices are clinically tested and are used to treat chronically infected wounds that tend to resist antibiotics. Furthermore, increasing applications of occlusion devices in cardiology, neurology, oncology, urology, and other medical specialties, and rise in research & development activities for more advanced and efficient occlusion devices are expected to drive the global market revenue growth in near future.
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
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Occlusion Removal Devices Segment Accounted for Significant Revenue Growth in 2020:
Based on product type, the global occlusion devices market is mainly segmented into occlusion removal devices, embolization devices, and support devices. The occlusion removal devices (balloon occlusion devices, stent retrievers, coil retrievers, and suction & aspiration devices) segment dominated other segments in terms of revenue share in the global market in 2020. Increasing prevalence of chronic diseases, rising volumes of surgeries, and growing use of occlusion removable devices such as suction & aspiration devices, stent retrievers, and coil retrievers in minimally invasive surgical procedures are key factors driving revenue growth of this segment.
Neurology Application Segment to Lead in Terms of Fastest Revenue CAGR:
Based on application, the global occlusion devices market is segmented into neurology, cardiology, urology, oncology, gynecology, peripheral vascular diseases, and others. The neurology segment is projected to register the fastest revenue CAGR in the global market over the forecast period. This segment’s revenue growth is mainly attributed to factors such as increasing incidences of fatal accidents and sports injuries, growing geriatric population worldwide, rising prevalence of neurological disorders, and increasing number of neurosurgical procedures.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America occlusion devices market accounted for the largest revenue share in the global market in 2020. Factors boosting the regional market revenue growth are rising prevalence of chronic and acute diseases, increasing volumes of major and minor surgeries, rapid adoption of advanced surgical devices and equipment, and technological advancements in occlusion devices. Increasing government investments in healthcare infrastructure development and presence of leading market players in this region, such as Abbott Laboratories, Boston Scientific Corporation, Cardinal Health, and Johnson & Johnson, further drive the North America market revenue growth.
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
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Market Segmentation:
For the purpose of this report, Reports and Data 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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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- 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
- Israel
- Rest of Middle East & Africa
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