The embolization coils market size is expected to reach US$ 1,591.61 million by 2028, it is registering at a CAGR of 4.3% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Detachable Coil to Lead Embolization Coils Market During 2022–2028
The report highlights the key factors driving the embolization coils market and prominent players with their developments in the global embolization coils market. Key factors driving the market are rise in the prevalence of cardiac aneurysms, increase in the incidence of cancer cases, rise in patient preference for minimally invasive procedures, and surge in the incidence of hypertension, obesity, smoking, and alcoholism. However, the high cost of embolization coils and numerous product recalls are expected to restrict the market growth during the forecast period.
Embolization coils are used to treat brain and cardiac aneurysms and other blood-related conditions. This is used as an alternative to surgical embolization to cut the blood supply to the tumor. It is used to treat various types of diseases, such as liver cancer, kidney cancer, aortic artery disorders, neuroendocrine tumors, and peripheral vascular diseases. The cost of overall healthcare is surging significantly in North America. The US health system incurred a direct cost of US$ 5.3 billion in 2020. The healthcare system contributed US$ 60 billion in addition to the overall annual costs of the country in 2020. Over 40% of the population in North America canceled their appointments in 2020, and 13% of them reported that they needed care but did not schedule or receive care. The COVID-19 pandemic altered economic conditions and social behaviors in North American countries. Containment measures enacted by governments to mitigate the disease spread changed the pattern of healthcare service delivery in the US. According to the Department of Emergency Medicine, in many cities across the country, emergency department (ED) visits decreased by ~40% in 2020. Moreover, outpatient appointments and elective treatments were postponed or replaced by telemedicine practices.
In November 2021, Pfizer Inc. announced the investigational COVID-19 oral antiviral candidate, PAXLOVID. Based on an interim analysis of the Phase 2/3 Evaluation of Protease Inhibition for COVID-19 in High-Risk Patients (EPIC-HR), a randomized, double-blind study of non-hospitalized adult COVID-19 patients who were at a high risk of progressing to severe illness, the PAXLOVID vaccine reportedly reduced hospitalization and death. There were supply constraints related to vaccine production in the initial months of 2021. However, setting up new plants and promoting technological shifts are the strategies that support the production of booster doses in the US and Canada, along with their administration plans.
Based on type, the global embolization coils market is segmented into detachable coil and pushable coil. In 2021, the detachable coil segment accounted for a larger market share. Moreover, the same segment is anticipated to register a higher CAGR in the market from 2022 to 2028. The major driving factor for the detachable coil segment is the growing incidence of cardiac aneurysms.
Terumo Corporation; Medtronic plc; Boston Scientific Corporation; Stryker Corporation; Johnson & Johnson; Cook Medical; Penumbra, Inc.; Kaneka Corporation; Shape Memory Medical INC.; and Microport Scientific Corporation are among the leading companies operating in the global embolization coils market. In August 2022, Boston Scientific Corporation BSX announced the acquisition of Obsidio, Inc. It is a privately held company and the renowned developer of the FDA-authorized Gel Embolic Material (GEM) technology.
Global Embolization Coils Market, by Geography, 2022 (%)
Embolization Coils Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Detachable Coil and Pushable Coil), Material (Platinum, Platinum & Hydrogel, and Platinum Tungsten Alloy), Application (Neurology, Cardiology, Urology, Oncology, Peripheral Vascular Disease, and Other), and End User (Hospital, Cardio Center, Ambulatory Center, and Other)
Embolization Coils Market Size & Share | Industry Growth 2028
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The report segments the global embolization coils market as follows:
Based on type, the global embolization coils market is bifurcated into detachable coil and pushable coil. In terms of material, the market is segmented into platinum, platinum & hydrogel, and platinum tungsten alloy. Based on application, the global embolization coils market is segmented into neurology, cardiology, urology, oncology, peripheral vascular disease, and others. Based on end user, the market is segmented into hospital, cardiac center, ambulatory center, and others. Based on geography, the global embolization coils market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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