The transcatheter embolization and occlusion (TEO) devices market has witnessed strong growth in the past few years due to the rising focus on innovation, resulting in higher product approvals and product launches globally. The market is also characterized by significant research and development leading to several technological innovations.
In terms of revenue, the global TEO devices market was valued at US$2.4 bn in 2015 and is projected to reach US$4.8 bn by 2024 at a CAGR of 7.9% therein. In terms of volume, the global market is anticipated to register a CAGR of 8.1% from 2016 to 2024.
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Increasing Preference for Minimally Invasive Procedures Benefits Market
Primarily driving the TEO devices market is increasing demand for minimally invasive surgeries, rising incidence of cancer, technological advancements, and changing lifestyle leading to a rise in peripheral vascular diseases.
“Embolization refers to minimally invasive surgery that indicates significant advancements in medical technologies,” says the lead author of the report. Minimally invasive procedures are increasingly being adopted due to advantages of less post-operative pain, shorter hospital stay, reduced blood loss, and faster recovery.
Rising prevalence of cancer, which is presently one of the leading causes of morbidity and mortality worldwide is fuelling the demand for chemoembolization and radioembolization. As per statistics of American Cancer Society, in 2015, more than 1,658,370 new cancer cases were detected and 589, 430 cancer deaths reported in the U.S. alone. As a result, the demand for transcatheter embolization and occlusion deices is on the rise.
Increasing Government Support for Cancer Diagnosis Stokes Demand in Developing Countries
Apart from this, government support for cancer diagnosis and cancer treatment and emergence of new manufacturers that operate locally are some of the factors stoking the growth of transcatheter embolization and occlusion devices market in developing countries such as of Asia Pacific. This, along with economic development is boosting investments from market players to expand their distribution networks. Surging number of neurovascular diseases and cancer in several countries of Asia Pacific is likely to fuel the TEO devices market in the region.
On the other hand, proving to be a roadblock to the growth of TEO devices market are frequent product recalls, long hauls and stringent regulations for product approval, lack of skilled personnel to handle TEO devices, and lack of favorable reimbursement policies in developing economies.