Middle East and Africa 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 MEA micro coils market is expected to grow from US$ 24.75 million in 2021 to US$ 31.90 million by 2028; it is estimated to grow at a CAGR of 3.7% from 2021 to 2028.
Burgeoning number of product approvals and launches is expected to surge the market growth. Extended functionalities and technologies incorporated in new devices are expected to rise in demand for micro coils across the region. In December 2020, Terumo Corporation announced a launch of WEB Embolization System. According to the company, WEB is the first intrasaccular flow disruptor device available in the market. The device is specially designed for the treatment of brain aneurysm. Moreover, in December 2019, Kaneka Corporation launched an advanced micro coil for embolization of brain aneurysms. According to the company, the coils archive highest level of flexibility in the world. Such product introductions are estimated to offer a lucrative opportunity for MEA market growth. Some of the market players are focusing on conducting awareness programs to spread information about benefits of micro coils. Such programs are also expected to offer a favorable environment for the product demand, which will eventually drive the MEA market growth.
In case of COVID-19, MEA is highly affected especially Saudi Arabia. Countries in Middle East have also widely affected the socio-economic condition by the COVID-19 pandemic. However, the countries have wisely reacted to the COVID-19 pandemic to avoid the spread of infection. Similar to other regions, lockdown and social distancing were imposed, which has impaired these trends hindering access to work, regular income, payments, fairs, schools, and healthcare. Therefore, it is expected the countries have undergone huge losses and are still trying to recover them. The lockdown has widely affected the non-emergency medical services in the region, which has somehow affected the medical devices sector. Countries like Saudi Arabia and the UAE are emerging as healthcare destinations in the regions. However, they are dependent on the countries for the resources. In South Africa, government agencies like South African Health Products Regulatory Authority has put in place a series of initiatives aimed at minimizing the potential negative impact of the pandemic on the availability of medicines and medical devices in South Africa. Further, the availability of the vaccines and other healthcare facilities in the developing countries in the region is expected to provide scope for the market players in micro coil market for few years.
The hospitals segment led the MEA micro coils market based on end user in 2020. The hospital is a complex organization and an institute that provides health to people through complicated but specialized scientific equipment and team of trained staff educated in the problems of modern medical science. They are all coordinated together for the common goal of restoring and maintain good health. Hospitals serves a significant role by providing extensive range of medical services to the patient population suffering from wide variety of diseases. The growth of segment is majorly attributed to the increasing number of hospitals with advanced facilities, rising focus on offering superior patient experience, and preference of patients to opt for hospitals in order to get treatment for critical health conditions. Further, in hospitals the technology is used for the treatment of angioplasty that depends on the therapeutic approaches. Various types of tests are performed in hospitals for the testing of artery blocking. For instance, Hospitals utilizes the technological advancement for treatment of cardiac aneurysm, neurology aneurysm, oncology tumors and other treatment procedures. The need for the cardiovascular aneurysm and neurology aneurysm treatments have become the major factor for the growth of the micro coils market in the hospitals segment for the forecast period.
The overall MEA 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 MEA micro coils market. The process also serves the purpose of obtaining overview and forecast for the MEA 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 experts 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 MEA micro coils market. Boston Scientific Corporation, Cook Medical LLC, Johnson and Johnson Medical Devices (Depuy Synthes), KANEKA CORPORATION, Medtronic, Stryker Corporation, and Terumo Corporation are among a few players operating in the MEA micro coils market.
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