Tumor Embolization Devices Global Market Report 2022

Tumor Embolization Devices Global Market Report 2022

  • May 2022 •
  • 200 pages •
  • Report ID: 6280914 •
  • Format: PDF
Major players in the tumor embolization devices market are Boston Scientific Corporation, Medtronic plc, Terumo Corporation, Sirtex Medical Ltd, Merit Medical, Cook Meidical LLC, BTG Plc, Angiodynamics, and Siemens Healthineers.

The global tumor embolization devices market is expected to grow from $1.29 billion in 2021 to $1.44 billion in 2022 at a compound annual growth rate (CAGR) of 11.7%. The market is expected to grow to $2.27 billion in 2026 at a compound annual growth rate (CAGR) of 11.9%.

The tumor embolization devices market consists of sales of tumor embolization devices and related services by entities (organizations, sole traders, and partnerships) that manufacture tumor embolization devices.Tumor embolization devices are minimally invasive devices used in the treatment of tumors.

These devices are used either to shut down the supply of blood to the tumor or to deliver tumor-killing therapy directly to the tumor.

The main types of tumor embolization devices are radioembolic agents and non-radioactive embolic agents.Non-radioactive embolic agents involve gelatin foam, tris-acryl gelatin microspheres, and polyvinyl alcohol (PVA) used in the treatment of tumors.

The applications involved are cancer tumors and noncancerous tumors that are used by various end-users such as hospitals, cancer treatment centers, intensive care units, and surgical centers.

North America was the largest region in the tumor embolization devices market in 2021.Asia Pacific was the second largest region in the tumor embolization devices market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The rise in the number of cancer cases across the globe is likely to contribute to the growth of the tumor embolization devices market during the forecast period. According to the American Cancer Society, there were about 1.8 million new cases and 606,880 cancer deaths in 2019 in the USA. The four most common types of cancers worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all new cancer cases. Therefore, the rise in cancer incidence rate globally is anticipated to boost the demand for the tumor embolization market over the forthcoming years.

Regulatory changes are likely to lead to increased costs relating to new product development and service offerings to clients.These changes are related to advanced therapies and advanced therapy medicinal products.

These regulations include changes to equipment approval procedures and other aspects.For instance, the United States Food and Drug Administration is requesting more clinical data to support claims, therefore increasing the time to process 510(k)s by over 55% over the last decade.

The potential loss of revenue due to delays in product release and additional costs incurred due to stringent approval processes puts a strain on investments relating to new product development, thereby affecting the growth of the tumor embolization devices market.

Companies in the tumor embolization devices market are increasingly investing in technological advances to provide more efficient devices to consumers.The advances include the emergence of biocompatible, biodegradable, drug-eluting microspheres that provide effective embolization.

Bioresorbable microspheres block the blood vessels causing tumors without long-term blockage of the healthy tissue blood vessels. In 2019, QXMédical announced its decision to license bioresorbable embolic technology from the University of Minnesota, to be used in tumor embolization devices for cancer and tumor treatment.

In July 2019, Varian Medical Systems announced its decision to acquire Boston Scientific’s portfolio of microsphere and bland embolic bead products for treating arteriovenous malformations and hypervascular tumors for $90 million.Boston Scientific portfolio’s acquisition is expected to strengthen Varian’s product portfolio and market reach.

Boston Scientific Corporation is a US-based company involved in the development, manufacture, and marketing of medical devices used in interventional medical specialties.

The countries covered in the tumor embolization devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.