Researchers and key players are concentrating on the development of innovative embolization products for the treatment of chronic disorders such as tumors, bleeding, and others, which is projected to fuel growth in the worldwide embolization market throughout the forecast period.
For example, MicroVention, Inc., a Terumo subsidiary and worldwide neurovascular firm gained FDA clearance in January 2021 for its PMA Supplement for the WEB 17 System, a novel addition to the WEB Aneurysm Embolization System for the treatment of intracranial broad neck bifurcation aneurysms. The WEB 17 System is built with the most recent MicroBraid technology and includes a lower-profile delivery system that is compatible with the VIA 17 microcatheter as well as additional device configurations.
Furthermore, Fluidx Medical Technology, a U.S.-based embolic device manufacturer, will launch its revolutionary GPX Embolic Device in November 2020. It is a novel embolic that combines the advantages of existing embolic such as coils, particles, and liquids with easier preparation, administration, accuracy, and control, resulting in long-lasting occlusions.
The worldwide embolization market is predicted to be worth US$ 1,433.6 million in 2020, with a CAGR of 8.1 percent during the forecast period (2020-2027).
The rising prevalence of chronic illnesses such as cancer, cardiovascular disease, neurovascular disease, and others is likely to propel the worldwide embolization market throughout the forecast period.
For example, according to World Health Organization figures published in March 2021, cancer is the second biggest cause of mortality worldwide, accounting for over 10 million deaths each year, and accounting for almost one in every six deaths. Furthermore, according to the same source, cancer claimed the lives of an estimated 9.6 million people worldwide in 2018.