Several key factors are propelling the growth of this market, including the increasing prevalence of cardiovascular diseases (CVDs) and the rising adoption of minimally invasive techniques in interventional procedures. However, the market faces challenges due to a growing number of product recalls, which can hinder its expansion.
Market Trends in the Occlusion Devices Sector
Recent advancements in minimally invasive surgical (MIS) techniques, particularly in endoscopic and mitral valve surgeries, have significantly transformed arterial occlusion treatments. Minimally invasive mitral valve surgery (MIMVS) is particularly beneficial for high-risk patients who may not be suitable candidates for traditional open-heart surgeries. A retrospective study published in the Journal of Thoracic Disease (JTD) in February 2021 proposed a reproducible, effective, and safe method for performing mitral valve surgery utilizing an intra-aortic occlusion device. This research supports the use of minimally invasive mitral valve surgery as a viable alternative to conventional surgical methods. The advantages of this approach include reduced surgical trauma, enhanced pain management, and shorter ICU stays.
Moreover, innovations in materials and design are fostering research into stronger and biocompatible occlusion devices, which are expected to improve patient outcomes and minimize complications. An article in ScienceDirect from July 2021 highlighted the development of novel occlusion devices, such as biodegradable and 3D-printed options, which are emerging as next-generation alternatives to traditional Nitinol-based devices. These new devices offer benefits like biodegradability, customization, and enhanced biocompatibility, indicating a shift in trends within the occlusion devices market in the coming years.
Segmental Analysis of the Occlusion Devices Market
The occlusion devices market is categorized based on product type, application, and end user.
- By Product: The market is divided into occlusion removal devices, embolization devices, and support devices. The occlusion removal devices segment includes stent retrievers, coil retrievers, balloon occlusion devices, and suction & aspiration devices. In 2023, the occlusion removal devices segment accounted for the largest share of the market.
- By Application: The applications are segmented into neurology, cardiology, peripheral vascular diseases, urology, oncology, and gynecology. The neurology segment held the largest market share in 2023, as the implantation of occlusion devices has become a widely accepted method for occluding abnormal blood flow or thrombus within the heart, thanks to its effectiveness and minimally invasive nature. This segment is expected to exhibit the highest CAGR from 2023 to 2031.
- By End User: The market is segmented into hospitals, diagnostic centers & surgical centers, ambulatory care centers, and research laboratories & academic institutions. The hospitals segment dominated the market in 2023 and is projected to grow at the highest CAGR from 2023 to 2031. Factors such as the increasing adoption of minimally invasive surgical techniques and the availability of reimbursements for specific procedures in developed regions are driving this segment's growth.
Geographical Insights into the Occlusion Devices Market
The occlusion devices market report covers various regions, including North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). In terms of revenue, North America held the largest share of the occlusion devices market in 2023. The rising prevalence of cardiovascular diseases is a significant factor driving market growth in this region. Additionally, the increasing preference for minimally invasive surgical options, improved healthcare infrastructure, and a growing number of new occlusion device approvals are contributing to the market's expansion. For instance, in November 2020, Abbott Laboratories received FDA approval for the Amplatzer Piccolo Occluder, the first medical device designed for implantation in infants using a minimally invasive technique to treat patent ductus arteriosus. Consequently, the initiatives and contributions of key players such as Abbott, Johnson & Johnson, and MicroPort Scientific Corporation are positively impacting the growth of the occlusion devices market in North America.