Neurology to Lead Embolization Coils Market During 2022-2028
According to our latest study, titled "Embolization Coils Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Material, Application, End User, and Geography," the market is expected to reach US$ 1,591.60 million by 2028 from US$ 1,191.78 million in 2021. It is estimated to grow at a CAGR of 4.3% during 2022-2028. The report highlights the key factors driving the global embolization coils market and prominent players with their developments in the embolization coils market.
The growth of the global embolization coils market is primarily attributed to the rise in 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 generally used to treat brain aneurysms and arteriovenous malformations (AVMs) in the field of neurology. An AVM is a tangle of blood vessels connecting arteries and veins that causes disruption in blood flow and oxygen circulation, resulting in the lack of oxygen for surrounding tissues. The abnormally tangled blood vessels that make up the AVM can also weaken and rupture. If an AVM ruptures in the brain, it can result in brain bleeding (hemorrhage), stroke, or brain damage. The cerebral aneurysm is also known as intracranial aneurysm or brain aneurysm. This is a bulging, weakened area on the wall of an artery in the brain, which further results in an abnormal widening like a balloon or a bleb shape. Embolization of brain aneurysms and AVM uses imaging-guided techniques to place small and soft metal coils into an aneurysm to block blood flow and prevent the aneurysm's rupture. Various embolization agents such as coils and liquid embolic agents are used in embolization procedures.
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 and cancer cases.
Based on material, the global embolization coils market is segmented into platinum, platinum & hydrogel, and platinum tungsten alloys. In 2021, the platinum segment held the largest share of the global market. Moreover, the same segment is anticipated to register the highest CAGR in the market from 2022 to 2028.
Based on application, the global embolization coils market is categorized into neurology, cardiology, urology, oncology, peripheral vascular disease, and others. In 2021, the neurology segment accounted for the largest share of the global market. Moreover, the same segment is anticipated to register the highest CAGR in the market from 2022 to 2028.
Based on end user, the global embolization coils market is segmented into hospital, cardiac center, ambulatory center, and other. In 2021, the hospitals segment accounted for the largest share of the global embolization coils market.
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 key players operating in the global embolization coils market. In December 2019, Kaneka Corporation developed a new coil for embolization of brain aneurysms (product name: i-ED Coil), and from November, it began sales in Japan. It is currently under review by the US Food and Drug Administration (FDA), and once approved, it is scheduled to begin selling in the US. Kaneka is aiming for global sales of JPY 10 billion by 2023.
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 global embolization coils market is segmented into hospital, cardiac center, ambulatory centers, and other. Based on geography, the 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)
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com