Global Embolization Particles Market: Introduction
Embolization is a minimally invasive procedure that blocks blood flow to a particular area of the body, leading to effective shrinkage of an aneurysm or a tumor. The procedure is also used to treat various types of hemorrhages, cancerous tumors, as well as management of malignant hypertension caused due to renal failure. Carried out by interventional radiologist, the procedure is considered an alternative to open surgery. The procedure involves introduction of emboli for selectively occluding blood vessels. Embolization procedures are carried out by interventional radiologists.
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Key Drivers of Global Embolization Particles Market
Increase in Incidence of Cancer
According to Cancer Research UK, 363,484 new cases of cancer were reported in the U.K. in 2014–2016. More than half of the new cases were breast, prostate, lung, or bowel cancers. Moreover, 85-89 years was the peak rate of cancer cases during 2014-2016. Breast, prostate, lung, and bowel cancers together accounted for over half (53%) of all the new cancer cases in the U.K. in 2016. Thyroid and liver cancers have shown the fastest increase in incidence in both males and females in the last decade in the U.K. Incidence of kidney cancer, melanoma skin cancer, and head & neck cancers has also increased in females in the last decade in the country.
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Rise in Prevalence of Lymphoma & Myeloma Cancers
Multiple myeloma is the third most common form of hematological malignancy after non-Hodgkin’s lymphoma and leukemia and is characterized by uncontrolled proliferation of a clone of plasma cells within the bone marrow. According to the Leukemia & Lymphoma Society (LLS), around 176,200 people in the U.S. are expected to be diagnosed with leukemia, lymphoma, or myeloma in 2019. New cases of leukemia, lymphoma, and myeloma are anticipated to account for 10% of the estimated 1,762,450 new cancer cases diagnosed in the U.S. in 2019. An estimated 1,399,180 people in the U.S. are either living with, or are in remission from leukemia, lymphoma, or myeloma.
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North America to Account for Major Share of Global Embolization Particles Market
North America is projected to account for major share of the global embolization particles market during the forecast period. This is attributed to the presence of major players in the region. Most of the key players operating in North America have made a series of strategic acquisitions, which have contributed to the increase in their market share. Rise in cancer prevalence is a key factor contributing to the growth of the market in the region. According to the American Cancer Society, over 1,658,370 new cancer cases were diagnosed and 589,430 cancer deaths reported in the U.S. in 2015. Well-established reimbursement policies by private and public organizations is a major factor boosting the adoption of these devices in the region.
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Key Players Operating in Global Embolization Particles Market
The global embolization particles market is highly consolidated owing to the presence of small number of key players. Leading players operating in the global embolization particles market are:
- Abbott Laboratories
- Boston Scientific Corporation
- BTG plc
- Cook Medical, Inc.
- Edwards Lifesciences
- Johnson & Johnson
- Pfizer, Inc.
- Sirtex Medical Limited
- St. Jude Medical, Inc.
- Terumo Corporation
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