Oncology Segment to Dominate Asia Pacific Embolization Agents Market during 2019–2028

According to a new market research study on “Asia Pacific Embolization Agents Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product, Application, and End User,” is expected to reach US$ 1,022.36 million by 2028 from US$ 585.86 million in 2021. The market is estimated to grow at a CAGR of 8.3% from 2021 to 2028. Technological advancements in embolization products and procedures is the major factor driving the growth of the Asia Pacific embolization agents market. However, high cost of embolization agents may hinder the growth of Asia Pacific embolization agents market. The report provides trends prevailing in the Asia Pacific embolization agents market along with the drivers and restraints pertaining to the market growth.

The COVID-19 pandemic has led to a decline in cardiac procedures in Asia Pacific countries. For instance, the number of cardiac surgeries performed between April and July at the All-India Institute of Medical Sciences (AIIMS) dropped by 89.5%. Similarly, Australia has also recorded a reduction in cardiac surgeries. The study reported in Heart, Lung & Circulation showed that from March to June 2020, 136 adults underwent cardiac surgery, representing a 21% drop in operative caseload in Australia. The Further, outbreak has severely affected the medical tourism industry in Asia Pacific and imposed supply chain disruptions; moreover, low-income countries face additional challenges due to underdeveloped healthcare infrastructures in developing countries, restrictions imposed on suppliers by hospitals, decreasing in demand for cardiovascular surgical instruments, etc. Restrictive measures have been put forth in South Korea, Malaysia, Singapore, the Philippines, and India to prevent disease transmission, which are impacting supply chains and medical device availability in these countries. They have also affected disposable incomes and resulted in unemployment. Furthermore, business strategies such as acquisitions, mergers, and partnerships are adversely affected by the imposition of complete lockdown. However, surge in the pace of vaccination drives and availability of government reimbursement policies for various cardiovascular procedures are expected to normalize the situation in Asia Pacific and will gradually boost the demand for embolization products in the coming years.

The embolization agents market is segmented into product, application, end user, and country. Based on product, the market is segmented into coils, beads/particles, plugs, detachable balloons, glue, sponge, liquid embolics, sclerosants, precipitating agents, others. The beads/particles segment held the largest share of the market in 2020. Based on coils the market is divided into detachable coils and pushable coils. The pushable coils segment held the largest share of the market in 2020. Based on beads/particles the market is divided into spherical and non-spherical. The pushable non-spherical segment held the largest share of the market in 2020. Based on application, the market is segmented into neurology, oncology, cardiology, peripheral vascular diseases, and others. In 2020, the oncology segment is likely to hold the largest share of the market. The embolization agents market by end user, is segmented into hospitals, ambulatory surgical centers, cardiac centers, and others. The hospitals segment held the largest share of the market in 2020. Based on country the market is divided into China, Japan, India, Australia, South Korea, and rest of Asia Pacific. In 2020, China is likely to hold the largest share of the market.

Abbott; Boston Scientific Corporation; Cook Medical LLC; DePuy Synthes; KANEKA CORPORATION; Medtronic; Merit Medical Systems Inc; Penumbra, Inc.; Stryker Corporation; and Terumo Corporation are among the leading companies in the Asia Pacific embolization agents market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, After releasing their innovative coil for embolization of brain aneurysms (product name: i-ED CoilTM) in the Japanese market in year 2019, Kaneka Corporation began selling it in the United States in September of last year. The Food and Drug Administration (FDA) in the United States granted approval in April 2020, and Kaneka Pharma America LLC has been selling the product since September. Kaneka intends to expand its sales territory to Europe and Asia, with a goal of 10 billion yen in i-ED CoilTM sales by 2023.

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