Micro Coil Market to Grow at a CAGR of 4.7% to reach US$ 1,151.53 Mn Million from 2021 to 2028

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.

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 and 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.  

The scope of the micro coil market includes procedure micro coil type, material, applications, end user and region. The market for Micro coil is analyzed based on regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the Micro coil market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world.

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Micro Coil Market: Strategic Insights

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Market Insights

Rising Prevalence of Cardiac Aneurysm

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.

Micro coil Type -Based Insights                         

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 a higher 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.

Micro coil Material -Based Insights                     

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 and 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.

Application-Based Insights

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 and is anticipated to register the highest CAGR in the market during the forecast period.  

End User – Based Insights

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.

COVID-19 pandemic has become the most significant challenge across the world. This challenge will be frightening especially in developing countries across the world 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.   

Product launches and expansion strategy are commonly adopted by companies to expand their footprint worldwide and meet the growing demand. These strategies are commonly adopted by the market players to expand its product portfolio.

The market players operating in the Micro coil Market adopted the strategy of product innovation to cater to changing customer demand across the world, which also permits the players to maintain their brand name globally.

Micro Coil Market Regional Insights

The regional trends and factors influencing the Micro Coil Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Micro Coil Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Micro Coil Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Micro Coil Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Micro Coil Market are:

1. Terumo Corporation
2. Medtronic
3. Boston Scientific Corporation
4. Stryker Corporation
5. Cook Medical LLC

Disclaimer: The companies listed above are not ranked in any particular order.

By Type

• Detachable Coil
• Pushable Coil

By Material

• Platinum
• Platinum Tungsten Alloy
• Platinum & Hydrogel

By Application     

• Oncology
• Urology
• Other Applications

By End User

• Hospitals
• Ambulatory Surgical Centers
• Others

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • UK
  • Spain
  • Rest of the Europe
• Asia Pacific (APAC)
  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
• South America (SAM)
  • Brazil
  • Argentina
  • Rest of South America

Company Profiles

• Terumo Corporation                             
• Medtronic     
• Boston Scientific Corporation                  
• Stryker Corporation                             
• Cook Medical LLC                                  
• Penumbra, Inc.                                   
• Balt USA LLC                                       
• Johnson and Johnson Services, Inc.   
• Classic Coil Company                            
• KANEKA CORPORATION