Platinum Segment to Hold Larger Peripheral Embolization Coils Market Share During 2023-2031
According to our latest study on "Peripheral Embolization Coils Market Forecast to 2031 - Global Analysis - Type, Material and Application," the market was valued at US$ 433.06 million in 2023 and is expected to reach US$ 613.96 million by 2031. The rise in the prevalence of aortic aneurysms and the increase in the incidence of cancer are the key factors contributing to the growing peripheral embolization coils market size. However, complications arising during or after embolization are hampering the market growth.
The peripheral embolization coils market is expected to grow owing to factors such as the increasing prevalence of medical conditions such as peripheral arterial disease, aneurysms, and other vascular diseases. Additionally, the growing aging population and increasing risk factors like obesity and diabetes is also likely to increase the demand for peripheral embolization coils. Moreover, Peripheral embolization is a minimally invasive procedure that results in reduced recovery time, less pain, and low complication risks. Technological advancements in coil, such as coil material, design, and delivery catheters, have led to the production of efficient embolization procedures. Furthermore, growing awareness among the patient population as well as the physicians about the treatments for vascular diseases has contributed to the growth of the market. Government support and reimbursement scenarios can further stimulate the growth of the market.
The Asia Pacific peripheral embolization coil market is segmented into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific. Market growth in this region is ascribed to the continuously advancing healthcare infrastructure and the significant incidence of abdominal aortic aneurysms, acute gastrointestinal bleeding (AGIB), and tumors in different European countries. According to an article published in BMC Public Health in April 2022, the disease burden of aortic aneurysms in China increased dramatically from 1990 to 2020, with greater mortality rates among men, elderly populations, and residents of western provinces. Varicose veins, a common condition, affect 30% of the Indian population, particularly women. Conditions can develop over time, resulting in complications such as bleeding, clotting, and ulceration that impact the quality of life of patients. Patients with varicose veins are highly susceptible to developing deep vein thrombosis because venous stasis and damage often result in superficial phlebitis, which can spread through perforating arteries and enter the deep venous system.
According to the National Cancer Centre of Japan, the country recorded more than 1million new tumor cases and 380,400 tumor-related deaths in 2022. Colorectal, stomach, lung, and prostate tumors are the most frequent cancers in Japan, accounting for over ~45% of all cancer cases. Prostate cancer diagnoses in Japan have increased 1.8 times in the last decade. A vast number of people are being diagnosed with cancer caused by a variety of possible risk factors, most notably population aging, and the cases of prostate cancer, in particular, are surging at a rapid pace.
AGIB is a common emergency condition with high morbidity and death rates. It is divided into upper gastrointestinal bleeding (UGIB) and lower gastrointestinal bleeding (LGIB), which determine the course of patient evaluation and treatment. According to the Queensland Government, in Australia, UGIB affects 50-150 individuals per 100,000 people per year, with a 6-8% fatality rate.
The same source also states that there is no data is available on LGIB cases in Australia. According to an article published by NIH, in 2023, traumatic injuries ranked third among the leading causes of death in South Korea, accounting for 9.2% of the total mortality. Trauma is more common in younger people, and the cases reported in men are twice those in women. South Korea has a higher preventable in-hospital trauma fatality rate than other developed countries, which ranges from 5% to 10%.
Based on material, the peripheral embolization coils market is divided into segmented platinum, platinum and hydrogel, and platinum tungsten alloy. The platinum segment held largest market share in 2023.
Platinum coils are deposited into the aneurysm to block the flow of blood to the aneurysm, thereby preventing its rupture. These coils are visible via X-ray detection as they are extremely radio-opaque. They are adjustable and flexible enough to fit the shape of the aneurysm. However, higher cost than coils made from other materials is the major drawback of platinum coils. The most frequently used platinum-based peripheral embolization coil profiles are 0.035-, 0.038-, and 0.018-inch microcoils. They are offered in the length range of 1-300 mm and the diameters range of 1-27 mm in linear, helical, spiral, or other complicated 3D structures. Platinum coils with synthetic fibers are used to embolize selective vascular supply to arteriovenous malformations. The growth of the peripheral embolization coils market for the platinum segment is attributed to the thrombogenicity, softness, and flexibility of coils in surgical procedures, among other advantages of platinum-based microcoil systems.
ZYLOX-TONBRIDGE MEDICAL TECHNOLOGY CO LTD, Balt, Boston Scientific Corp, Wallaby Medical, Medtronic Plc, Penumbra, Inc., Cook Medical, Spartan Micro Inc., Terumo Corp, NeuroSafe Medical Co. Ltd. are a few key companies profiled in the peripheral embolization coils market report.
Companies operating in the peripheral embolization coils market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the peripheral embolization coils market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall peripheral embolization coils market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.
A few of the significant developments by key market players are listed below.
- In August 2022, MicroPort Neurotech Limited, a pioneering Chinese company in the field of neurovascular interventional treatment, announced that it had received marketing approval issued by the Ministry of Health, Labour and Welfare Japan for its independently developed Numen Coil Embolization System, marking the first approved product in Japan for MicroPort NeuroTech.
- In December 2021, Wallaby Medical partnered with Japan Lifeline Co. Ltd., a publicly-listed medical device manufacturer and distributor with 48 sales offices across Japan, to bring Wallaby's Japan PMDA-approved Avenir Coil System to the Japanese market. Avenir is used in the intravascular embolization of intracranial aneurysms and other neurovascular malformations (such as arteriovenous malformations and arteriovenous fistulas), as well as arterial and venous embolization of peripheral blood vessels.
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