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.
Market Size
The global Occlusion Devices market size is projected to reach USD 3.55 Billion by 2023 from USD 2.74 Billion in 2018, at a CAGR of 5.3%.
Boston Scientific (US), Medtronic (Ireland), Terumo (Japan), Stryker Corporation (US), Penumbra (US), Abbott (US), Cardinal Health (US), B. Braun (Germany), Asahi Intecc (Japan), C.R. Bard (US), Cook Group (US), Angiodynamics (US), and Acrostak (US) are some key players in this market. These companies are focusing on increasing their presence in the high-growth markets through both organic as well as inorganic growth strategies such as product launches, acquisitions, and expansions.
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“Boston Scientific (US) held a significant position in the occlusion devices market in 2017”
The company has a strong geographic presence across the US, Canada, France, Singapore, Costa Rica, Ireland, the Netherlands, Japan, China, and Turkey. The company mainly focuses on product launches and strategic collaborations to strengthen the minimally invasive product portfolio as well as to expand its customer base in the occlusion devices market. For instance, in November 2015, the company commercialized its Angiojet Zelante DVT thrombectomy catheter. Furthermore, in March 2016, Boston Scientific collaborated with Mayo Clinic (US) to develop interventional medical devices including occlusion devices.
“Medtronic (Ireland) was one of the leading players in the occlusion devices market in 2017”
The company has a strong foothold in the occlusion devices market with a significant product portfolio. To strengthen its current position and to gain a larger share in the occlusion devices market, the company aggressively focuses on inorganic business growth strategies such as market expansions and strategic acquisitions. The company established its cross-disciplinary clinical training and R&D center-Chengdu Innovation Center (Singapore); a training and research facility-Covidien Center of Innovation Brazil (CCI) (Brazil); and an R&D, training, and education center-Covidien Center of Innovation Korea (CCI Korea) (South Korea) to strengthen its R&D capabilities in emerging markets. Also, the company commercialized its Total across Crossing Support Catheter and Apollo Onyx Delivery Catheter in order to strengthen its presence in the occlusion devices market.
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