(EMAILWIRE.COM, September 28, 2021 ) According to a 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", 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.

Based on product, the occlusion removal devices segment is estimated to have the largest share of the market in 2018.

On the basis of product, the occlusion devices 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). The occlusion removal devices segment is expected to account for the largest share of the global occlusion devices market in 2018. Factors such as the increasing research to validate the clinical efficacy of novel occlusion removal devices, the rising adoption of minimally invasive surgeries, the growing burden of vascular diseases, ongoing technological advancements, and increasing public-private investments for product development and commercialization are driving the growth of this segment.

Based on application, the neurology segment is expected to account for the largest share of this market in 2018.

On the basis of application, the occlusion devices market is categorized into neurology, cardiology, peripheral vascular diseases, urology, oncology, and gynecology. Neurology applications are expected to account for the largest share of the occlusion devices market in 2018. 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 hospitals, diagnostic centers, and surgical centers segment is expected to witness the highest growth during the forecast period.

Based on end user, the market is segmented into hospitals, diagnostic centers, and surgical centers; ambulatory care centers; and research laboratories & academic institutes. The hospitals, diagnostic centers, and surgical centers segment is expected to register the highest CAGR during the forecast period. This is attributed to the ongoing technological advancements in the field of minimally invasive or image-guided medical procedures and growing availability of healthcare reimbursements across major countries for minimally invasive medical procedures that covers occlusion devices.

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North America is expected to dominate the occlusion devices market in 2018.

Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. 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, and strong market presence of key OEMs (that replicates into the easy availability of occlusion devices).

Major players operating in the market include Boston Scientific (US), Medtronic (Ireland), Terumo (Japan), Stryker Corporation (US), and Penumbra (US). Other prominent players present in this market are Abbott (US), Cardinal Health (US), B. Braun (Germany), Asahi Intecc (Japan), C.R. Bard (US), Cook Group (US), Angiodynamics (US), and Acrostak (US).