Occlusion Devices Market Growth, Analysis, and Forecast by 2031

The occlusion devices market forecast can help stakeholders in this marketplace outline their growth strategies. The market is projected to grow from US$ 8.90 billion in 2023 to US$ 31.71 billion by 2031; it is estimated to record a CAGR of 17.2% during 2023–2031.

Occlusion devices are specialized tools or implants used to block abnormal blood vessels or structural defects in the heart. The occlusion device is designed with an expandable tubular body that consists of a frame with multiple interconnected parts. This frame expands inside a blood vessel and collpses for the delivery or retrieval of the device. In addition, the device features a hydrophilic polyurethane hydrogel layer attached to the interconnected components of the tubular expandable body. The polyurethane hydrogel layer expands when the device comes in contact with an aqueous environment. The report includes growth prospects owing to the current occlusion devices market trends and their foreseeable impact during the forecast period.

Growth Drivers:

A significant increase in the availability of a large number of cardiovascular diseases (CVDs) drives the growth of the occlusion devices market size. CVDs, including coronary artery disease

,

Restraints:

The increasing number of product recalls in the occlusion devices market has raised concerns among healthcare providers and patients. These recalls can result due to factors such as design flaws, manufacturing defects, or inadequate safety standards. Consequently, trust in certain brands and products may diminish, leading to a potential decline in demand for aortic valve replacement devices. Patients and medical professionals may become more cautious while considering these devices, subsequently opting for alternatives or delaying procedures.

A few product recalls by the key players in the occlusion devices market are mentioned below:

• In June 2023, Baxter Healthcare Corporation recalled the SIGMA Spectrum Infusion Pumps with Master Drug Library and Spectrum IQ Infusion Systems with Dose IQ Safety Software. The recall was due to repeat upstream occlusion false alarms, which can interrupt or delay therapy and contribute to clinician fatigue, causing serious adverse health consequences, especially for people receiving life-sustaining medications.
• In July 2021, W. L. Gore & Associates, Inc. initiated a voluntary product recall of GORE Molding and Occlusion Balloon Catheters intended for the temporary occlusion of aortic vessels or for assisting the expansion of endovascular prostheses. The company identified a change in manufacturing equipment as the source of the device failure.

You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities

Occlusion Devices Market: Strategic Insights

Report Segmentation and Scope:

The “Global Occlusion Devices Market Analysis to 2031” is a specialized and in-depth study focusing on the global market dynamics to help identify the key driving factors, future trends, and lucrative opportunities in the market, which would, in turn, aid in identifying major revenue pockets. The report aims to provide an overview of the market with detailed market segmentation by product, application, and end user. The scope of the occlusion devices market report entails North America, Europe, Asia Pacific, Middle East & Africa, and South & Central.

By product, the market is segmented into occlusion removal devices, embolization devices, and support devices. The occlusion removal devices segment is further categorized into stent retrievers, coil retrievers, balloon occlusion devices, and suction and aspiration devices. The support devices segment is further bifurcated into microcatheters and guidewires. The occlusion removal devices segment held the largest occlusion devices market share in 2023. The support devices segment is anticipated to register the highest CAGR during the forecast period. 

The market, by application, is categorized into neurology, cardiology, peripheral vascular diseases, urology, oncology, and gynecology. The cardiology segment held the largest share of the occlusion devices market in 2023. It is anticipated to register the highest CAGR during the forecast period.

The market, by end user, is categorized into hospitals, diagnostic centers and surgical centers, ambulatory care centers, and research laboratories and academic institutes. The hospitals segment held the largest share of the occlusion devices market in 2023, and it is anticipated to register the highest CAGR during the forecast period.

Regional Analysis:

In terms of revenue, North America held the largest occlusion devices market share in 2023. The surging prevalence and incidence of cardiovascular diseases is a major factor fueling the growth of the market. The growing preference for minimally invasive surgeries, availability of better healthcare infrastructure, and the rising number of new occlusion device approvals are the factors bolstering the overall growth of the market. In November 2020, Abbott Laboratories received FDA approval for its Amplatzer Piccolo Occluder, which is the world's first medical device that can be implanted in babies using a minimally invasive procedure to treat patent ductus arteriosus. Therefore, contributions and market initiatives of the key players such as Abbott, Johnson & Johnson, and MicroPort Scientific Corporation are positively influencing the occlusion devices market growth in North America.

The regional trends and factors influencing the Occlusion Devices Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Occlusion Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Occlusion Devices Market Report Scope

Occlusion Devices Market Players Density: Understanding Its Impact on Business Dynamics

The Occlusion Devices Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Industry Developments and Future Opportunities:

A few of the strategic developments by leading players operating in the occlusion devices market, as per company press releases, are listed below:

• In February 2024, BIOTRONIK and Interventional Medical Device Solutions (IMDS) partnered to launch an innovative Micro Rx catheter. It is a rapid exchange microcatheter designed to enhance guidewire support during percutaneous coronary interventions (PCI). This advanced device is exclusively distributed by BIOTRONIK and manufactured by IMDS.

In September 2023, MicroPort Endovastec announced the successful implantation of the Reewarm PTX Drug Coated Balloon (DCB) Catheter by a team of doctors at Paulo Sacramento Hospital in Sao Paulo, Brazil. This shows the product’s continued proliferation in international markets. This device is intended to treat stenosis or occlusion in the femoral-popliteal artery for percutaneous transluminal angioplasty (PTA) in the peripheral vessels.

Competitive Landscape and Key Companies:

Abbott; Boston Scientific Corporation; LeMaitre Vascular, Inc; Edwards Lifesciences Corporation; Medtronic; MicroPort Scientific Corporation; Johnson & Johnson; Terumo Group; Stryker Corporation; and Tokai Medical Products are among the prominent companies profiled in the occlusion devices market report. These companies focus on developing new technologies, upgrading existing products, and expanding their geographic presence to meet the growing consumer demand worldwide.