The global occlusion devices market is projected to reach USD 3.55 Billion by 2023 from 2.74 Billion in 2018, at a CAGR of 5.3%. Factors such as the growth in target patient population, technological advancements, favorable reimbursement scenario for minimally invasive surgeries, and the availability of clinical evidence for the safety and efficacy of occlusion procedures are driving the growth of the occlusion devices market. However, procedural limitations associated with CTO treatments and stringent regulatory frameworks for product commercialization are expected to limit the optimal adoption of occlusion devices during the forecast period.
Analysis of the market developments between 2015 and 2018 reveals that several growth strategies such as product launches; expansions; acquisitions; and collaborations, partnerships, and agreements were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the occlusion devices market. Among these business strategies, product launches and market expansions were the most widely adopted growth strategies by players in the market.
Boston Scientific (US) held a significant position in the occlusion devices market in 2017. The company has a strong geographic presence across the US, Canada, France, Singapore, Costa Rica, Ireland, the Netherlands, Japan, China, and Turkey. The company mainly focuses on product launches and strategic collaborations to strengthen the minimally invasive product portfolio as well as to expand its customer base in the occlusion devices market. For instance, in November 2015, the company commercialized its Angiojet Zelante DVT thrombectomy catheter. Furthermore, in March 2016, Boston Scientific collaborated with Mayo Clinic (US) to develop interventional medical devices including occlusion devices.
Medtronic (Ireland) was one of the leading players in the occlusion devices market in 2017. The company has a strong foothold in the occlusion devices market with a significant product portfolio. To strengthen its current position and to gain a larger share in the occlusion devices market, the company aggressively focuses on inorganic business growth strategies such as market expansions and strategic acquisitions. The company established its cross-disciplinary clinical training and R&D center-Chengdu Innovation Center (Singapore); a training and research facility-Covidien Center of Innovation Brazil (CCI) (Brazil); and an R&D, training, and education center-Covidien Center of Innovation Korea (CCI Korea) (South Korea) to strengthen its R&D capabilities in emerging markets. Also, the company commercialized its Total Across Crossing Support Catheter and Apollo Onyx Delivery Catheter in order to strengthen its presence in the occlusion devices market.
Occlusion Devices Market by Product (Occlusion Balloon, Stent Retriever, Suction Device, Coil Embolization, Liquid Embolics), Application (Cardiology, Neurology, Peripheral Vascular, Urology, Oncology, Gyno), End User - Global Forecast to 2023
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