The global occlusion devices market is projected to reach USD 3.55 billion by 2023 from 2.74 million in 2018, at a CAGR of 5.3%. Factors such as the growth in target patient population, technological advancements, favorable reimbursement scenario for minimally invasive surgeries, and the availability of clinical evidence for the safety and efficacy of occlusion procedures are driving the growth of the occlusion devices market.
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On the basis of product, the occlusion devices market is segmented into occlusion removal devices (balloon occlusion devices, stent retrievers, coil retrievers, and suction and aspiration devices), embolization devices (embolic coils and liquid embolic agents), tubal occlusion devices, and support catheters (microcatheters and guidewires). The occlusion removal devices segment is expected to account for the largest share of the global occlusion devices market in 2018. The dominant market position of this segment is attributed to factors such as the increasing research to validate the clinical efficacy of novel occlusion removal devices, rising adoption of minimally invasive surgeries, growing burden of vascular diseases, ongoing technological advancements, and increasing public-private investments for product development and commercialization.
Based on application, the global occlusion devices market is segmented into neurology, cardiology, peripheral vascular diseases, urology, oncology, and gynecology. The cardiology segment is expected to account for the highest growth rate of the occlusion devices market in 2018. The high CAGR of this segment is attributed to the significant availability of occlusion devices across major healthcare markets, increasing prevalence of target diseases, and increasing number of cath-labs across emerging countries.
On the basis of end user, the hospitals, diagnostic centers, and surgical centers segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the growing adoption of minimally invasive surgical procedures (including vascular, urological, and gynecological occlusion), increasing purchasing power of major end users across developed countries (owing to the consolidation of healthcare providers), and the availability of reimbursements for target procedures in the US and major European countries.
In 2018, the Asia Pacific region is expected to emerge as the new revenue-generating segment for prominent market players. The highest CAGR for the APAC occlusion devices market can be attributed to the factors such as the increasing number of surgical and diagnostic procedures performed in the region (coupled with the growing burden of target diseases) and modernization and expansion of healthcare infrastructure across key APAC countries.
