Market Highlights
A catheter embolization procedure involves medications, or synthetic materials (embolic agents) are inserted through a catheter into a blood vessel to prevent blood flow to the area. Factors contributing to the market growth are technological advances in the products, expansion of the target patient population base, surging number of minimally invasive surgeries, the presence of favorable reimbursement for cardiovascular surgeries. On the other hand, costlier products and the presence of stringent regulatory framework for product commercialization are anticipated to limit the market growth during the next five years.
The Global Transcatheter Embolization and Occlusion (TEO) Devices Market held a Market Value of USD 3,290.4 million in 2018 and is Projected to Grow at a CAGR of 9.9% Over the Forecast Period.
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Transcatheter embolization and occlusion (TEO) is a minimally invasive alternative to an open surgery thereby shifting the preference of patients towards minimally invasive surgeries as it offers several advantages including minor incisions & tissue damage, minimal pain & surgical scars, same day discharge from the healthcare settings, and speedy wound healing. Overall, this can cause minor complications and reduces surgery costs that are likely to foster market growth during the next nine years.
Technology is proving its efficiency in treatment while performing complex surgeries. Embolization technique has become one of the most popular modalities for treatment of various types of cancer such as kidney, breast, liver (hepatocellular carcinoma), pancreatic, among others.
The introduction of technically advanced products with enhanced efficiency to treat malformations and fibrosis is supporting the market growth. For instance, in January 2018, the Cerenovus division of Johnson & Johnson Services, Inc. introduced the Galaxy G3 Mini embolic coil to remove clots from brain post ischemic strokes.