Asia Pacific Micro Coils Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Detachable Coils and Pushable Coils), Material (Platinum, Platinum Tungsten Alloy, and Platinum and Hydrogel), Application (Oncology, Urology, and Others), and End User (Hospitals, Ambulatory Surgical Centers, and Others)
The APAC micro coils market is expected to grow from US$ 110.06 million in 2021 to US$ 160.29 million by 2028; it is estimated to grow at a CAGR of 5.5% from 2021 to 2028. Burgeoning demand for minimally invasive procedures is expected to escalate the market growth. A minimally invasive medical procedure is generally carried out by inserting a small device or an implant in human body through an incision or anatomical opening. These procedures are being performed widely during the recent years. Since these incisions are tiny, a patient recovers at a faster rate comparatively, with minimum discomfort. A few benefits of a minimally invasive procedure are a few small cuts; less trauma to the muscles, nerves, and tissues; less bleeding and scarring; less tissue injury; less trauma to organs; less pain; less hospital stay; and faster oral intake. In addition, rising awareness about these procedures and the availability of reimbursement for it are likely to foster the demand for minimally invasive procedure. Thus, the APAC micro coils market is likely to grow at a significant rate during the forecast period.
In case of COVID-19, APAC is highly affected specially India. Countries in APAC are expecting to witness huge challenge due to growing COVID-19. Considering the economic operations and geographic condition, the outbreak of disease has affected on medical tourism, manufacturer of medical equipment, accessories and other due to problems posed by shortage of healthcare infrastructure in APAC low-income countries. After the first case in December 2019, in Wuhan, China, the coronavirus has spread to at least 180 countries and regions. To prevent the spread of disease, restrictive measures have been taken in countries such as India, South Korea, Singapore, Malaysia, and by the Philippines. According to WHO, due to the rapidly changing risk of COVID-19 affected countries and constantly controlling outbreak trends, any additional health measures are likely to significantly interfere with international travel and trade. Countries such as Japan and Australia are conducting virtual international conferences to anticipate the impact of COVID-19 on medical devices related industry in the APAC. China is specifically facing issues with the pandemic, leading to disruption of the supply chain, projected losses in revenue, marketing, and sales within all industries, especially the medical device industry, as well as the concerns of health within the production units and other public places. However, the countries such as India is conducting vaccination drive for the age group wise including the people within age group of 18 to 44, and 45 years and above. The country has also initiated testing of vaccine of the children which is expected to have and positive impact on the market.
The others segment led the APAC micro coils market based on application in 2020. The others application segment prominently includes interventional radiology, gynecology, cardiology, neurology, and peripheral & vascular applications. The interventional radiology is referred as various techniques which are dependent on the use of radiological image guidance such as ultrasound, computed tomography, magnetic resonance imaging and others. Among the several intervention radiology procedures, most of the techniques are minimally invasive. In such cases, micro coils play a major role for intervention and diagnostics. The micro coils are also used for treatment of hemorrhage. The application of the embolization coils in gynecology is used to stop extensive bleed at the time of caesarean section in women. Increasing prevalence of cardiac as well as brain disorders are also likely to have positive impact on the growth of the other segment. Such factors are likely to offer favorable environment for embolization, which will ultimately drive the growth of micro coils during the forecast period.
The overall APAC micro coils market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the APAC micro coils market. The process also serves the purpose of obtaining overview and forecast for the APAC micro coils market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC micro coils market. Boston Scientific Corporation; Cook Medical LLC; Johnson and Johnson Medical Devices (Depuy Synthes); KANEKA CORPORATION; Medtronic; Penumbra, Inc.; Stryker Corporation; and Terumo Corporation are among a few players operating in the APAC micro coils market.
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