Micro Coils Market ($836.30 million by 2028) Growth Forecast at 4.7% CAGR During 2021 to 2028 COVID Impact and Global Analysis by TheInsightPartners.com

NEW YORK, Sept. 16, 2021 /PRNewswire/ --According to new research study on "Micro Coils Market to 2028 – Global Analysis and Forecast – by Type, Material, Application, and End user" the micro coils 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% during 2021–2028. The growth of the market is attributed to the rising prevalence of cardiac aneurysm and growing number of surgeries of neurovascular diseases. However, the issues related to the high cost of embolization coils hinder the growth of the market.

In 2020, North America dominated the micro coils market. The market growth in the region is attributed to the rising incidence of brain aneurysm in the US and Canada. According to the Unruptured Brain Aneurysm Foundation's recent data, approx. 6.5 million people in the US have unrupted brain aneurysm. Also, the annual rate of rupture is nearly 8–10 per 100,000 people, which means that approx. 30,000 people in the country suffer from a brain aneurysm rupture. The market growth in Canada and Mexico is attributed to the presence of international market players, the increase in the adoption of advanced technologies, and the existence of supportive government regulations.

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The micro coils market in Asia Pacific is anticipated to grow at the fastest rate in the coming years due to the increasing prevalence of neurological diseases and the growing number of companies focusing on countries in the region for their geographic expansion.

Based on type, the micro coils market is bifurcated into detachable coils and pushable coils. The pushable coils segment accounted for more than 60.73% of the market share in 2020. In terms of material, the micro coils market is segmented into platinum, platinum tungsten alloy, and platinum & hydrogel. The platinum segment held the largest share of the market in 2020 as its properties such as anti-inflammation, ductility, biocompatibility, electrical conductivity, and corrosion and heat resistance are very useful in the development of medical devices. In terms of application, the urology segment accounted for the largest share in the micro coils market in 2020. In terms of end user, the hospitals segment accounted for the largest share in the market in 2020.

Rising Prevalence of Cardiac Aneurysm Fuels Micro Coils Market Growth

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 a rise in the incidence of CVDs across the world. According to the World Health Organization (WHO), CVDs are the number one cause of death across the world. Also, in 2020, the Centers for Disease Control and Prevention (CDC) estimated that, on 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 blockages in the aortic artery. The blockages can also be seen in the chest or the abdomen. The prevalence of 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 every 6 to 10 per 100,000 people in the US. Moreover, according to the same study, 20.0% of the cases with thoracic aortic aneurysm are genetic. In addition, around 2 million people are diagnosed with an abdominal aortic aneurysm in the US each year. The study also highlights that a ruptured abdominal aortic aneurysm is the 15th leading cause of death in the US. Similarly, In Europe, according to the British Heart Foundation, every year 5,000 deaths in the UK are caused due to ruptured aortic aneurysms. Likewise, a similar trend is observed in the other region across the world. Such a high prevalence of CVDs across the world prominently boosts the number of heart procedures. According to a study published by the Society of Thoracic Surgeons (STS) in 2020, there is a massive increase in the number of TAVR procedures across the US. The factor ultimately drives the growth of the micro coils market.

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Micro Coils Market: Segmental Overview

In terms of type, the pushable coils segment is anticipated to register the highest CAGR during the forecast period. The pushable embolization coils are used for the arterial and venous embolization in the peripheral vasculature. Generally, the coils are available in the combination of a platinum coil and an expandable hydrogel polymer. The companies have various products for the pushable embolization coils. For instance, Cook Medical offers series such as Retracta, Tornado, Nester, MReye, and Hilal embolization coils. The cost of the pushable coils is less than the detachable coils. In terms of materials, the platinum segment accounted for more than 57.62% share of the global micro coils market in 2020. In terms of application, the micro coils market for the urology segment is anticipated to grow at a steady pace during the forecast period. In terms of end user, the hospitals segment accounted for the largest market share in 2020.

The COVID-19 outbreak has disturbed various trades and businesses across the world. According to the Society of Thoracic Surgeons, the number of cardiovascular surgeries in the US fell by more than half during the first wave of the outbreak, with the biggest drops observed in New England and mid-Atlantic. The exorbitant number of COVID-19 cases have resulted in the cancellation of doctor's appointment, a decrease in demand for elective neurosurgery, disruption in the supply chain due to the long period of lockdown. For instance, Medtronic plc, a company that generates the majority of its sales and profits from the US, suffered a decrease in revenue of 1% in the fiscal year 2020 compared to the fiscal year 2019 in the neurovascular category.

Micro Coils Market: Competition Landscape and Key Developments

Terumo Corporation; Medtronic; Boston Scientific Corporation; Stryker Corporation; Cook Medical LLC; Penumbra, Inc.; Balt USA LLC; Johnson and Johnson Services, Inc.; Classic Coil Company, and KANEKA CORPORATION are among the key companies operating in the micro coils market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities

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In April 2020, Kaneka Corporation received approval from the US Food and Drug Administration for a new micro coil i-ED Coil, which is used in the treatment of embolization of brain aneurysms. Kaneka also plans to expand the sales area to Europe and Asia and is aiming for 9 million US$  in sales of i-ED Coil by 2023.

In March 2019, Stryker received premarket approval for Neuroform Atlas Stent System from US FDA. Neuroform Atlas Stent System consists of Target XL Detachable Coil for the treatment of wide-neck intracranial aneurysms.

In March 2018, Balt USA received 510(k) clearance for the Optima Coil System from US FDA. The Optima Coil System consists of a state-of-the-art coil, a novel pusher, and an instantaneous thermal detachment system. The clearance of the Optima Coil System marks the first Balt USA product that has been developed and cleared for use in the US.

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