Occlusion Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The major factors for the growth of the occlusion devices market include the rising adoption of minimally invasive surgeries, increasing geriatric population, and rising prevalence of chronic diseases such as cancer along with technological advancements.
The rising adoption of minimally invasive surgeries is expected to drive the overall growth of the market. Minimally invasive surgeries (MIS) cause less post-operative pain. The occlusion devices are used with minimal cuts or stitches involved, the hospital stay is relatively shorter and this technology is proving its efficiency in treatment while performing complex surgeries. Furthermore, there is a rising geriatric population leading to the high prevalence of chronic diseases such as cancer, and cardiovascular diseases. According to the WHO, by 2050, the world's population aged 60 years and older is expected to reach a total of 2 billion. Thus, rising geriatric population and an increase in the adoption of minimally invasive surgeries the market is expected to boost the growth of the occlusion devices market.
Artery occlusion and bypass is a two-part procedure combining open microsurgery and endovascular coiling. The purpose of this procedure is to coil the entire diseased portion of the blood vessel and then bypass the blood flow to the specific location in the brain. The difference between this procedure and endovascular coiling is that this procedure closes down (occludes) the whole vessel rather than just putting coils in the aneurysm sac.
The rising prevalence of brain aneurysm and the launch of new technologically advanced products are expected to drive the overall growth of the market. According to 2020 estimates of the Brain Aneurysm Foundation, 6.5 million people in the United States have an unruptured brain aneurysm. Furthermore, approximately 30,000 people in the United States suffer a brain aneurysm rupture each year.
Women, particularly those over the age of 55, have a higher risk of brain aneurysm rupture than men. This risk is expected to increase in the future as the geriatric population is increasing. As per a 2017 United Nations, the global population aged 60 years or above is expected to increase from 12.7% in 2017 to 21.3% by 2050. This is expected to increase the incidence of aneurysm. Hence, increasing incidence is expected to help the market growth.
The United States is expected to be the largest occlusion devices market owing to the rising adoption of minimally invasive surgeries and the presence of better healthcare infrastructure. Furthermore, rising approval of new occlusion devices is expected to boost the overall growth of the market.
Recently, one of the market player Abbott Laboratories received approval from FDA for the Amplatzer Piccolo Occluder, which is the world's first medical device that can be implanted in babies using a minimally invasive procedure to treat patent ductus arteriosus. The advantages of minimally invasive surgeries, such as less invasiveness, the quick recovery time of patients, and the low cost of treatment, have augmented the growth of the market in the region. Thus, owing to the all above-mentioned factors the market is expected to witness high growth over the forecast period.
The market studied is a consolidated market owing to the presence of few major market players. Some of the market players are Abbott Laboratories, Boston Scientific Corporation, BTG International Ltd, Edwards Lifesciences Corporation, Johnson & Johnson, Medtronic plc, Merit Medical Systems, Penumbra, Inc., Stryker Corporation, and Terumo Corporation.