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Tumor Embolization Devices Global Market Report 2021: COVID 19 Growth And Change to 2030

Tumor Embolization Devices Global Market Report 2021: COVID 19 Growth And Change to 2030

  • May 2021
  • 175 pages
  • ID: 6071082
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the tumor embolization devices market are Boston Scientific Corporation, Medtronic plc, Terumo Corporation, Sirtex Medical Ltd, Merit Medical, Cook Meidical LLC, BTG Plc, Angiodynamics, and Siemens Healthineers.

The global tumor embolization devices market is expected to grow from $1.362 billion in 2020 to $1.506 billion in 2021 at a compound annual growth rate (CAGR) of 10.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.164 billion in 2025 at a CAGR of 9%.

The tumor embolization devices market consists of sales of tumor embolization devices and related services by entities (organizations, sole traders and partnerships) that manufacture tumor embolization devices.Tumor embolization devices are minimally invasive devices used in the treatment of tumors.

These devices are used either to shut down the supply of blood to the tumor or to deliver tumor-killing therapy directly to the tumor. Only goods and services traded between entities or sold to end consumers are included.

In July 2019, Varian Medical Systems announced its decision to acquire Boston Scientific’s portfolio of microsphere and bland embolic bead products for treating arteriovenous malformations and hypervascular tumors for $90 million.Boston Scientific portfolio’s acquisition is expected to strengthen Varian’s product portfolio and market reach.

Boston Scientific Corporation is a US-based company involved in the development, manufacture, and marketing of medical devices used in interventional medical specialties.

The tumor embolization devices market covered in this report is segmented by type into radioembolic agents; non-radioactive embolic agents and by application into cancer tumors; noncancerous tumors.

Companies in the tumor embolization devices market are increasingly investing in technological advances to provide more efficient devices to the consumers.The advances include the emergence of biocompatible, biodegradable, drug-eluting microspheres that provide effective embolization.

Bioresorbable microspheres block the blood vessels causing tumors without long-term blockage of the healthy tissue blood vessels. In 2019, QXMédical announced its decision to license bioresorbable embolic technology from the University of Minnesota, to be used in tumor embolization devices for cancer and tumor treatment.

The rise in the number of cancer cases across the globe is likely to contribute to the growth of the tumor embolization devices market during the forecast period. According to the American Cancer Society, there were about 1.8 million new cases and 606,880 cancer deaths in 2019 in the USA. The four most common types of cancers worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all the new cancer cases. Therefore, the rise in cancer incidence rate globally is anticipated to boost the demand for the tumor embolization market over the forthcoming years.

Regulatory changes are likely to lead to increased costs relating to new product development and service offerings to clients.These changes are related to advanced therapies and advanced therapy medicinal products.

These regulations include changes to equipment approval procedures and other aspects.For instance, the United States Food and Drug Administration is requesting more clinical data to support claims, therefore increasing the time to process 510(k)s by over 55% over the last decade.

The potential loss of revenue due to delays in product release and additional costs incurred due to stringent approval processes puts a strain on investments relating to new product development, thereby affecting the growth of the tumor embolization devices market.

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