South America 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 SAM micro coils market is expected to grow from US$ 37.22 million in 2021 to US$ 49.40 million by 2028; it is estimated to grow at a CAGR of 4.1% from 2021 to 2028.
Rising demand for minimally invasive procedures is expected to surge 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 SAM micro coils market is likely to grow at a significant rate during the forecast period.
In case of COVID-19, SAM is highly affected, especially Brazil. Countries in Brazil, and Argentina are among the top destinations in the world for surgical procedures owing to the relatively low cost of treatments as compared to the US. The outbreak of COVID–19 have severely impacted the flow of medical services in the region. In addition, the countries are popular for medical tourism, which is also affected by the pandemic. Brazil, Argentina, Peru, Chile, Uruguay, Colombia are affected by the second wave of corona infection. Among which Brazil has registered majority of the deaths. It is expected that the region is likely to impose second restrictions, which is expected to hamper the healthcare industry in the region. Moreover, countries are significantly dependable on the US and European countries for their medical resources. However, the evolving treatment procedures and vaccination drives for the COVID19 in the region is expected to bring some positive impact on the market in the region owing to the people are opting for their routine treatments and procedures.
The pushable coils segment led the SAM micro coils market based on type in 2020. The pushable embolization coils are used for systematic approach with the assistance of the guidewires, catheters, coils, or the other similar devices. The pushable coils are also available in several shapes and sizes. The coils are also used for the arterial and venous embolization in the peripheral vasculature. Generally, the coils are available in the combination of platinum coil and an expandable hydrogel polymer. During the procedure hydrogels coils assists in the expansion of the direction of less resistance that allows to fill space during the introduction of coils into bloodstream. The companies across region are offering pushable embolization coils. The companies have various products for the pushable embolization coils. The cost of the pushable coils are less than the detachable coils. Thus, owing to the above-mentioned factors the market for the pushable coils are likely to propel with a considerable pace during the forecast period.
The overall SAM 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 SAM micro coils market. The process also serves the purpose of obtaining overview and forecast for the SAM 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 SAM 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 SAM micro coils market.
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