Europe 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 Europe micro coils market is expected to grow from US$ 175.96 million in 2021 to US$ 248.96 million by 2028; it is estimated to grow at a CAGR of 5.1% from 2021 to 2028. Surging prevalence of cardiac aneurysm is expected to escalate the market growth. Cardiovascular diseases (CVDs) are likely to remain the major cause of morbidity and mortality across the region. Heart failure, stroke, rheumatic heart disease, aortic aneurysm, and peripheral artery disease are among the most common CVDs. Unhealthy diet adoption, tobacco consumption, sedentary lifestyle, and alcoholism are the major factors leading to rise in incidence of CVDs across the region. According to the World Health Organization (WHO), CVDs are number one cause of death across the region. The cardiac aneurysm is majorly caused due to the blockages in the aortic artery. The blockages can also be seen in chest or the abdomen. The prevalence of the cardiac aneurysm is growing across the region. In Europe, according to the British Heart Foundation, every year 5,000 deaths in the UK are caused due to ruptured aortic aneurysms. Likewise, the similar trend is observed in the other countries also. Such high prevalence of CVDs across the region prominently boosts the number of heart procedures. The factor ultimately drives the growth of the Europe micro coils market.
In case of COVID-19, Europe is highly affected specially Spain. The COVID-19 pandemic has shown a significant negative impact on the global as well as on European health economies. Health services in European region is highly prioritized to serve for patients affected by COVID-19. The routine health care services have remained suspended. Therefore, it has affected the Micro Coil related market and its dependable revenue generation in the region. Europe has long been within an area of dynamic development in the field of surgical procedures. In the recent times, these changes have been even more significant and rapid. The countries in the Europe has developed a strong line of actions to handle the COVID-19 situations which has a positive impact on the healthcare system, there has been rise of the COVID-19 cases in the recent times owing to the various COVID19 strains. For instance, in March 2020, the European Medicines Agency established a managing committee to deal with the impact of COVID-19 on the supply chain of medicines and devices. Furthermore, once the COVID-19 pandemic subsides there may be constraints in the capacities and financial resources of hospitals and other healthcare providers to perform elective surgeries procedures that had been deferred due to COVID-19, which could have an adverse effect on demand for micro coil based medical device products and is likely to hamper the growth of the market .European countries have undergone second phase of lockdown as they have experienced second wave of COVID-19 infection. Countries such as the UK, Belgium, Germany, Switzerland, France, Italy, and Spain are highly affected. Therefore, the lockdown has widely affected the flow of businesses across the region and outside the region. Various conferences related to industry are being conducted through webinars. Hence, it is expected that negative impact on the market is likely to continues in the following few years.
The platinum segment led the Europe micro coils market based on material in 2020.The embolization coils are generally made up of the metal platinum and its alloy. Platinum in the coil offers substantial thrombogenicity to the coil. In addition, platinum coils are relatively soft, and they adapt the shape of aneurysm very easily. Also, the metal provides features that can make varieties of different diameters, lengths and others features to perform functions accordingly. The general properties of the platinum such as anti-inflammation, ductility, biocompatibility, electrical conductivity, corrosion, heat resistance and others are very useful for the development of medical devices. Platinum are generally used to make catheters, cardiac implants, neuromodulation devices and cancer medication other than the embolization coils. Thus, owing to the above-mentioned factors the market for the platinum-based embolization coils are likely to propel in the forecast period.
The overall Europe 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 Europe micro coils market. The process also serves the purpose of obtaining overview and forecast for the Europe 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 Europe 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 Europe micro coils market.
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