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Published on : Nov 08, 2016

Transcatheter embolization and occlusion is a method of cutting off the blood supply of an abnormal growth in blood vessels. In transcatheter embolization, an embolic agent, which can be a synthetic substance or medication, is placed in the affected blood vessel through a catheter. The technique is used in the treatment of peripheral vascular disease, multiple cancers, and some neurological and urological conditions. According to Transparency Market Research (TMR), the global transcatheter embolization and occlusion devices market was valued at US$2.4 bn in 2015 and is expected to rise to a valuation of US$4.8 bn by the end of 2024 at a robust CAGR of 7.9% between 2016 and 2024.

Peripheral Vascular Disease to Remain Leading Revenue Generator

Of the key applications of transcatheter embolization and occlusion devices, peripheral vascular disease accounted for a dominant share in the global market in 2015. The segment is likely to remain the leading revenue generator in the global transcatheter embolization and occlusion market in the coming years. Cancer is another key application segment of the global transcatheter embolization and occlusion devices market and is expected to exhibit the highest CAGR of all application segments of the global market in the 2016-2024 forecast period.

By product type, embolization coils are the dominant segment of the global transcatheter embolization and occlusion market. Despite the rising demand for advanced alternatives such as flow diverting devices and embolization particles, the embolization coils segment is likely to remain the leading contributor to the global transcatheter embolization and occlusion devices market and is expected to account for around 40% of the global market by the end of 2024.

Rising Demand for Medical Tourism to Drive Asia Pacific Market

Geographically, North America is the leading market for transcatheter embolization and occlusion devices market and is expected to hold a share of more than 30% in the global market by the end of 2024. However, Asia Pacific is likely to play a prominent role in the development of the global transcatheter embolization and occlusion market in the coming years due to the steady growth of the medical tourism sector.