(EMAILWIRE.COM, February 06, 2019 ) According to the new market research report "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", published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints/challenges, and opportunities in North America, Europe, Asia-Pacific, and the Rest of the world (RoW).

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The report studies the global occlusion devices market over the forecast period of 2018 to 2023. The market is projected to reach USD 3.55 Billion by 2023 from USD 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.

The growth witnessed by occlusion devices is mainly driven by the growing target patient population, continuous product launches by major manufacturers, increasing availability of medical reimbursements for occlusion devices across developed countries, and rising adoption of minimally invasive surgical procedures across major countries.

This report broadly segments the occlusion devices market into product, application, end user, and region. On the basis of product, the global market is segmented into occlusion removal devices (balloon occlusion devices, stent retrievers, coil retrievers, and suction and aspiration devices), embolization devices (embolic coils and liquid embolic agents), tubal occlusion devices, and support catheters (microcatheters and guidewires). In 2018, the occlusion removal devices segment is expected to account for the largest share of the market. This can be attributed to the increasing research activity to validate the clinical efficacy of novel occlusion removal devices (such as stent retrievers, coil retrievers, and balloon occlusion devices) and growing patient preference for minimally invasive surgeries.

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Based on application, the market is categorized into neurology, cardiology, peripheral vascular diseases, urology, oncology, and gynecology. The neurology applications segment accounted for the largest share of the market in 2017. The increasing number of target neurosurgical procedures across major countries, growing research in the field of interventional neurology, strengthening research capabilities of major product manufacturers, and favorable reimbursement scenario for neurovascular surgeries across developed countries are the key factors supporting the growth of the occlusion devices market for neurology applications.

Based on end user, the market is segmented into three categories, namely, hospitals, diagnostic centers, and surgical centers; ambulatory care centers; and research laboratories & academic institutes. In 2018, the hospitals, diagnostic centers, and surgical centers segment is expected to account for the largest share of the market due to the growing adoption of minimally invasive surgical procedures, increasing purchasing power of major end users across developed countries, and the availability of reimbursements for target procedures in the US and major European countries.

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This report covers the market across four major regions, namely, North America, Europe, Asia Pacific, and RoW. North America is expected to command the largest share of the market in 2018. The large share of North America in the global occlusion devices market is attributed to the increasing availability of medical reimbursements for cardiovascular procedures, increasing patient preference for minimally invasive surgical procedures (including occlusion treatment), and strong market presence of key OEMs (that replicates into the easy availability of occlusion devices).

Factors such as stringent regulatory framework for product commercialization, procedural limitations associated with CTO treatment, and dearth of skilled surgeons for minimally invasive surgeries are expected to restrain the growth of the market during the forecast period.
The major players in the market are Boston Scientific (US), Medtronic (Ireland), Terumo (Japan), Stryker Corporation (US), and Penumbra (US).