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The embolization coil market is estimated to grow by USD 481.9 million at a CAGR of 5.69% between 2022 and 2027. The growth of the market depends on several factors, including increasing cases of aneurysms, availability of favorable reimbursement coverage, and high demand for detachable coils.
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The increasing incidence of aneurysms is notably driving the market growth, although factors such as complications associated with the use of embolization coils may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing incidence of aneurysms is notably driving market growth. An aneurysm is an enlargement of an artery caused due to weakness in the arterial wall of the heart, the brain, knee, intestine, and spleen. Among the various types of aneurysms, a brain aneurysm is the most common type of aneurysm affecting the population globally. Brain aneurysm, which is caused due to bulges or ballooning of blood vessels, is the most prevalent aneurysm among people aged 35-40 years.
The prevalence rate for aneurysms is more among smokers and patients with high blood pressure, high cholesterol, arterial defect, and aortic dissection conditions. Therefore, due to increasing incidences of aneurysms, disease diagnosis at an early stage and regular monitoring of patients is essential for identifying, treating, controlling, and limiting disease prevalence. Hence, the demand for therapeutic devices such as embolization coils to block the blood flow and prevent aneurysms from rupturing is expected to drive market growth.
Technological advances and innovations are the primary market trends. Technological advances in the market have paved the way for the development of 3D embolization coils, miniaturized coils, hydrocoils, and embolization coils with integrated deployment mechanisms. 3D embolization coils are in conformable 3D shape, and they provide improved precise multi-planar deployment and accelerate thrombus formation.
Miniaturized coils are used to fill the open spaces in aneurysms to provide high packing densities with lower patient retreatment rates. Hydrocoils are detachable coils with a platinum core, which provide mechanical occlusion with less reliance on thrombus formation and improved volume filling and occlusion efficacy. Embolization coils with integrated deployment mechanisms work on both pushable and detachable mechanisms, which reduces procedural costs. Thus, the advances in technology will drive the demand for embolization coils, which propels market growth.
Complications associated with the use of embolization coils is one of the major challenge impeding market growth. A few complications that are associated with the use of an embolization coil include aneurysmal perforation and rupture, parent artery occlusion, cerebral embolism, coil migration neurological deficits such as stroke and death, and puncture site hematoma.
Complications with embolization coils occur due to migration of coil, misplacement of coils, incomplete retrieval of the coil, coil stretching, limited coil length range, and non-target embolization. Complications may also arise due to malfunctioning of the embolization coil due to mechanical failures, console defects, cross-contamination, and catheter-based infection transmission caused due to reusing, reprocessing, or resterilizing of catheters. Considering all these factors, complications associated with the use of an embolization coil may hamper the market growth.
The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BALT Group - The company offers coil embolization through its Optima coil system products such as complex 18, complex 10 standards, complex 10 soft, etc.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
The market share growth of the neurology segment will be significant during the forecast period. Neurology is a branch of medicine that deals with the diagnosis and treatment of nervous system disorders such as brain tumors, stroke, peripheral neuropathy, multiple sclerosis, epilepsy, and brain aneurysms. Embolization coils are used to treat brain aneurysms and arteriovenous malformations (AVM)/fistulas. The strong prevalence of these diseases is expected to be the major driving factor for the market.
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The neurology segment was valued at USD 546.53 million in 2017 and continued to grow until 2021. The trend toward the adoption of hydrocoils and micro coils by hospitals, clinics, and ASCs, to treat various neurological disorders is fueling the market. Small, soft platinum metal embolization coils are placed into the aneurysm through the catheter to block the blood flow and prevent the aneurysm from rupturing. They are also used to fill the abnormal connections between arteries and veins with liquid embolic agents for AVM conditions.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in North America was driven by the presence of well-equipped and established healthcare infrastructure, the availability of highly skilled professionals, and the presence of extensive healthcare insurance coverage. In addition, increasing R&D expenditure of Companies, high adoption of technologically advanced products, and the availability of less invasive treatments are contributing to the market growth in North America. The growing trend toward medical tourism due to low treatment costs, availability of highly skilled surgeons, and the availability of high-quality services also aids in driving the growth of the market in the region.
The embolization coil market, integral to embolization techniques in interventional radiology, addresses a spectrum of conditions like severe hemoptysis (SH), ischemic heart disease (IHD), and various cardiovascular diseases. Research studies, including those published in the Cureus Journal of Medical Science, highlight the efficacy of bronchial artery embolization (BAE) and other minimally invasive procedures. Key players continuously innovate, introducing novel products endorsed by regulatory bodies like the FDA and Japan's Pharmaceutical and Medical Devices Agency.
Neurological impairments, clot formation, and coil retrieval issues pose challenges, necessitating skilled medical specialists, neurosurgeons, and meticulous patient monitoring. Government programs and healthcare systems support peripheral embolization devices, targeting aortic aneurysms, cerebral aneurysms, and aortic dissection diseases. Despite complications like thromboembolic events and vasospasm, the market witnesses steady revenue growth spurred by ongoing research and development activities aiming to enhance treatment efficacy and patient outcomes.
The market growth and forecasting report covers market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Embolization Coil Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.69% |
Market growth 2023-2027 |
USD 481.9 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.38 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 36% |
Key countries |
US, Canada, Denmark, China, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Achieva Medical, BALT Group, Boston Scientific Corp., Braile Biomedica, Cardinal Health Inc., Cook Medical LLC, Grand Pharmaceutical Group Ltd., Johnson and Johnson, Kaneka Corp., Lepu Medical Technology Beijing Co. Ltd., Medtronic Plc, Merit Medical Systems Inc., MicroPort Scientific Corp., Penumbra Inc., phenox GmbH, Shape Memory Medical Inc., Sirtex Medical Pty Ltd., Stryker Corp., and Terumo Medical Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market research report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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