Micro Coil Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Detachable Coils, and Pushable Coils), Material (Platinum, Platinum Tungsten Alloy, and Platinum & Hydrogel), Application (Oncology, Urology, and Others), and End User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography.
The Micro coil Market was valued at US$ 836.30 million in 2021 and is projected to reach US$ 1,151.53 million by 2028; it is expected to grow at a CAGR of 4.7% from 2021 to 2028.
The growth of the Micro coil market is mainly attributed to factors such as rising prevalence of cardiac aneurysm, and surging incidence of neurovascular diseases. However, the market is likely to get impacted by the high cost of embolization or micro coils during the forecast period.
Micro coil or Embolization coils are the minimally invasive devices to diagnose and treat a patient from within a blood vessel. The process is done using continual X-ray visualization and high-speed radiographic filming techniques. After the procedure, the catheters are removed, patients are transferred to Intensive Care for monitoring and further care. These micro coils are made of soft platinum metal, Platinum Tungsten Alloy, and Platinum & Hydrogel and are shaped like a spring.
Cardiovascular diseases (CVDs) are likely to remain the major cause of morbidity and mortality across the world. 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 world. According to the World Health Organization (WHO), CVDs are number one cause of death across the world. Also, in 2020, the Centers of Disease Control and Prevention (CDC) estimated that, on an average, one death after every 36 seconds is recorded due to CVDs in the US. Moreover, according to the same study, the country reports an estimated 850,000 cases of heart attack each year. Further, as per the American Heart Association (AHA) 2019 statistics, 121.5 million adults in the US, which is around half of the US adult population, suffer from CVDs.
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 world. For instance, as per the recent study published by the Society for Vascular Surgery (SVS) in 2020, thoracic aortic aneurysms occur in every 6 to 10 per 100,000 people in the US.
COVID-19 pandemic has become the most significant challenge across the world. This challenge will be frightening especially in developing countries across the globe as it will lead to reducing imports due to disruptions in global trade. The COVID-19 pandemic affected the pharmaceutical, medical device, R & D, and other businesses across the globe. Micro coil devices are critical care medical devices in several surgical procedures. As the rise of the pandemic crisis was uncertain, there is shortage in supply of various surgical devices and consumables. It has been difficult for the hospital to manage the medical devices used for inhouse patients and COVID-19 patients. To deal with the situation, the market players focus their business operations towards increasing the production capacities.
Based on micro coil type, the micro coil market is segmented into detachable coils and pushable coils. The pushable coils segment held a larger share of the market in 2021 and is anticipated to register the highest CAGR in the market during the forecast period. Growth of this segment is attributed to increasing adoption of pushable micro coil systems in surgical procedures.
Global micro coil market, based on micro coil material, the micro coil market is segmented into platinum, platinum tungsten alloy, and platinum & hydrogel. The platinum segment held the largest share of the market in 2021, also, the same segment is anticipated to register the highest CAGR in the market during the forecast period. Growth of this segment is attributed to advantages offered by platinum micro coil systems such as thrombogenicity to the coil, softness, and flexibility in surgical procedures.
Global micro coil market, based on application, the micro coil market is segmented into, oncology, urology, and others. The others segment held the largest share of the market in 2021, also, the same segment is anticipated to register the highest CAGR in the market during the forecast period.
Global micro coil market, based on end user, the micro coil market is segmented into hospitals, ambulatory surgical centers, and others. The hospitals segment held the largest share of the market in 2021 and is estimated to register the highest CAGR in the market during the forecast period.
The Centers for Disease Control and Prevention, European Union, National Health Service, The Food and Drug Administration, World Health Organization, and American Heart Association are some of the major primary and secondary sources referred for preparing this report.
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