Boston Scientific Corporation (US) and Terumo Medical Systems (Japan) are Leading Players in the Embolotherapy Market
The global embolotherapy market is valued at USD 3.4 billion in 2021 and is expected to reach USD 5.0 billion by 2026, at a CAGR of 8.0% during the forecast period. The growth of the embolotherapy market is mainly attributed to factors such as the growth in the target patient population, rising preference for minimally invasive procedures, technological advancements in embolotherapy devices, and favorable reimbursement scenario. These factors have prompted market players to improve and strengthen their current manufacturing and distribution capabilities—especially in emerging markets, which are expected to witness the highest growth. However, stringent regulatory frameworks for product commercialization and the strong market positioning of alternative treatments are expected to limit the optimal adoption of embolotherapy devices during the forecast period. An absence of skilled surgeons to conduct embolization procedures and high product costs in emerging countries are key challenges to market growth.
The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2018–2020 to expand their global presence and increase their market shares in the embolotherapy market. The key growth strategies adopted by the top players in the market include product launches and approvals, agreements, expansions, and acquisitions. Product approvals and launches were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market. In 2020, the embolotherapy market was dominated by Boston Medical Corporation (US), Terumo Medical Systems (Japan), and Medtronic (US).
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Boston Scientific Corporation (US) holds a significant share in the embolotherapy market. The company majorly focuses on growth strategies such as acquisitions and expansions to increase its market presence and product offerings. In addition, the company’s acquisition of BTG has driven its sales and increased market share in the market. This is a major factor, which will help Boston Scientific to expand its product offerings in chemoembolization, radioembolization, and ablation therapies from BTG. Boston Scientific constantly strives to gain regulatory and reimbursement approvals. As a part of its long-term growth strategy, the company invests in fast-growing markets as well as new markets by strengthening its position in the global healthcare market.
Terumo Medical Systems (Japan) is one of the key players in the embolotherapy market, owing to its robust portfolio and wide geographical presence. The company focuses on both organic and inorganic strategies to strengthen its position in the market. The company continues to view acquisitions as a major part of its growth strategy. These acquisitions are intended to augment growth, expand its business with new technologies and products, and enhance its geographical reach. The company’s strong research and development (R&D) capabilities enable it to produce innovative products that meet customers’ expectations. It invests a significant part of its total revenue in R&D activities to strengthen internal development capabilities and deliver novel products in the market.
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Embolotherapy Market by Product (Embolic Agents (Microspheres, Liquid Embolic Agents, Coil), Microcatheters), Indication (Oncology, Vascular, Aneurysm, Urology, Nephrology), Procedure (TACE, TARE), Enduser (Hospital, Clinics, ASC) - Global Forecast to 2026
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