Key Trends And Drivers In The Tumor Embolization Devices Market 2023
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The global tumor embolization devices market has experienced a noteworthy upswing, escalating from $1.44 billion in 2022 to $1.61 billion in 2023, boasting a robust compound annual growth rate (CAGR) of 11.7%. Looking ahead, the trajectory remains upward, with an anticipated market size of $2.5 billion in 2027, driven by a consistent CAGR of 11.6%.
Unveiling the Catalyst: The Rising Tide of Cancer Cases
- Global Cancer Incidence: A key contributor to the burgeoning tumor embolization devices market is the surge in cancer cases worldwide. In 2021, the USA alone witnessed 1.9 million new cancer cases and 608,570 cancer-related deaths, according to the American Cancer Society.
- Top Four Common Cancers: The four most prevalent types of cancers globally—lung, prostate, bowel, and female breast cancer—account for a substantial 43% of all new cancer cases. This surge in cancer incidence globally is expected to fuel the demand for tumor embolization devices in the coming years.
Industry Titans: Major Players Shaping the Landscape
In this dynamic market, key players play a pivotal role in steering the industry’s growth. Some of the major entities in the tumor embolization devices market include:
- Boston Scientific Corporation
- Medtronic PLC.
- Terumo Corporation
- Sirtex Medical Ltd.
- Merit Medical
- Cook Medical LLC.
- BTG PLC.
- Siemens Healthineers
Innovating for Efficiency: Technological Advances in Focus
- Investment in Technological Innovations: Companies in the tumor embolization devices market are actively investing in technological advancements to enhance device efficiency and meet consumer needs.
- Emergence of Biocompatible, Biodegradable Microspheres: A notable advancement in the field is the emergence of biocompatible, biodegradable, drug-eluting microspheres, offering effective embolization.
- Bioresorbable Microspheres: These microspheres block blood vessels causing tumors without long-term blockage of healthy tissue blood vessels, providing a more targeted and efficient approach.
- Emboline’s Strategic Investment: In May 2021, Emboline secured a substantial investment of $55 million to develop and launch embolic protection catheters. This strategic move is indicative of the industry’s commitment to advancing technology for improved patient outcomes.
Market Segmentation: A Comprehensive Insight
The tumor embolization devices market is intricately segmented across various dimensions, reflecting its diverse applications and end-user preferences. The segmentation includes:
- By Type
- Radioembolic Agents
- Non-radioactive Embolic Agents
- By Application
- Cancer Tumors
- Noncancerous Tumors
- By End User
- Cancer Treatment Centers
- Intensive Care Units
- Surgical Centers
Geographical Landscape: North America Takes the Lead
- North America’s Dominance: In 2022, North America emerged as the largest region in the tumor embolization devices market, underscoring the region’s pivotal role in steering the industry’s growth.
- Asia-Pacific’s Growing Presence: Following closely, Asia-Pacific secured the second-largest share in the global tumor embolization devices market, showcasing the expanding footprint of the industry in this region.
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The Table Of Content For The Tumor Embolization Devices Market Include:
1. Tumor Embolization Devices Market Executive Summary
2. Tumor Embolization Devices Market Segments
3. Tumor Embolization Devices Market Size And Tumor Embolization Devices Market Growth Rate
4. Key Tumor Embolization Devices Market Trends
5. Major Tumor Embolization Devices Market Drivers
25. Key Mergers And Acquisitions In The Tumor Embolization Devices Market
26. Top Tumor Embolization Devices Companies
27. Tumor Embolization Devices Market Opportunities And Strategies
28. Tumor Embolization Devices Market, Conclusions And Recommendations
The Tumor Embolization Devices Market Global Market Report 2023 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the tumor embolization devices market.
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