Tumor Embolization Devices Global Market Opportunities and Strategies to 2033

This report describes and explains the tumor embolization devices market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global tumor embolization devices market reached a value of nearly $1.4 billion in 2023, having grown at a compound annual growth rate (CAGR) of 4.49% since 2018. The market is expected to grow from $1.4 billion in 2023 to $2.1 billion in 2028 at a rate of 8.14%. The market is then expected to grow at a CAGR of 9.14% from 2028 and reach $3.3 billion in 2033.

Growth in the historic period resulted from increased research and development spending, increasing preference for outpatient procedures and growth in the number of healthcare facilities. Factors that negatively affected growth in the historic period were side effects associated with medications.

Going forward, the ageing population, increase in healthcare expenditure globally, rising prevalence of various types of cancers and increase in use of telemedicine will drive the growth. Factor that could hinder the growth of the tumor embolization devices market in the future include high cost of procedures.

The tumor embolization devices market is segmented by type into radioembolic agents and non-radioactive embolic agents. The non-radioactive embolic agents’ market was the largest segment of the tumor embolization devices market segmented by type, accounting for 76.2% or $1.1 billion of the total in 2023. Going forward, the non-radioactive embolic agents segment is expected to be the fastest growing segment in the tumor embolization devices market segmented by type, at a CAGR of 8.26% during 2023-2028.

The tumor embolization devices market is segmented by application into cancer tumors and noncancerous tumors. The cancer tumors market was the largest segment of the tumor embolization devices market segmented by application, accounting for 70.9% or $1 billion of the total in 2023. Going forward, the noncancerous tumors segment is expected to be the fastest growing segment in the tumor embolization devices market segmented by application, at a CAGR of 8.87% during 2023-2028.

The tumor embolization devices market is segmented by end user into hospitals, cancer treatment centers and ambulatory surgical centers. The hospitals market was the largest segment of the tumor embolization devices market segmented by end user, accounting for 65.2% or $928.98 million of the total in 2023. Going forward, the ambulatory surgical centers segment is expected to be the fastest growing segment in tumor embolization devices market segmented by end user, at a CAGR of 9.12% during 2023-2028.

North America was the largest region in the tumor embolization devices market, accounting for 34.8% or $495.39 million of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the tumor embolization devices market will be Asia Pacific and Western Europe where growth will be at CAGRs of 10.36% and 7.86% respectively. These will be followed by North America and South America where the markets are expected to grow at CAGRs of 7.40% and 6.69% respectively.

The global tumor embolization devices market is concentrated, with a few players operating in the market. The top ten competitors in the market made up 42.39% of the total market in 2022. Merit Medical Systems Inc. was the largest competitor with a 4.94% share of the market, followed by Siemens Healthineers AG with 4.70%, Cook Medical LLC with 4.50%, AngioDynamics Inc. with 4.45%, Boston Scientific Corporation with 4.27%, Teleflex Incorporated with 4.18%, Sirtex Medical Limited with 4.17%, Delcath Systems Inc. with 4.07%, Varian Medical Systems Inc with 3.82% and Medtronic PLC with 3.29%.

The top opportunities in the tumor embolization devices market segmented by type will arise in the non-radioactive embolic agents segment, which will gain $ 528.84 million of global annual sales by 2028. The top opportunities in the tumor embolization devices market segmented by application will arise in the cancer tumors segment, which will gain $462.4 million of global annual sales by 2028. The top opportunities in the tumor embolization devices market segmented by end user will arise in the hospitals segment, which will gain $429.13 million of global annual sales by 2028. The tumor embolization devices market size will gain the most in the USA at $153.83 million.

Market-trend-based strategies for the tumor embolization devices market include development of new systems or platforms for precise tumor embolization, strategic collaborations and acquisitions to advance tumor embolization research, development of investigational products for carcinoma treatment, clinical trials are advancing tumor embolization therapy and increasing funding to support development of innovative cancer therapeutics.

Player-adopted strategies in the tumor embolization devices market include focus on strengthening its business capabilities through new product launches and strengthening its business capabilities through strategic partnerships.

To take advantage of the opportunities, the analyst recommends the tumor embolization devices companies to focus on innovative platforms for precise tumor embolization, focus on investigational products for carcinoma treatment, focus on advancing clinical trials for tumor embolization therapy, focus on securing funding for research and development, focus on non-radioactive embolic agents segment, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on targeting end-users through people-centric marketing, target aging populations and focus on cancer treatment centers and ambulatory surgical centers segments.