Rising prevalence of cardiac aneurysm across the world and surging incidence of neurovascular diseases driving the Micrcoil Market.
According tour new market research study on “Micrcoil Market t2028 – Global Analysis and Forecast – by type, material, applications and end user,” the market is expected treach US$ 1,151.53 million by 2028 from US$ 836.30 million in 2021. The market is estimated tgrow with a CAGR of 4.7% from 2021 t2028. The report highlights trends prevailing in the market, and drivers and hindrances pertaining tthe market growth.
Factors such as rising prevalence of cardiac aneurysm across the world and surging incidence of neurovascular diseases are expected tboost the growth of the global Micrcoil market. However, the market is likely tget impacted by the high cost of micrcoils for embolization procedures during the forecast period.
Micrcoil or Embolization coils are the minimally invasive devices tdiagnose 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, patients are transferred tIntensive Care for monitoring and further care. These micrcoils are made of soft platinum metal, Platinum Tungsten Alloy, and Platinum & Hydrogel and are shaped like a spring.
Cardiovascular diseases (CVDs) are likely tremain 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, tobaccconsumption, sedentary lifestyle, and alcoholism are the major factors leading trise in incidence of CVDs across the world. According tthe 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 tCVDs in the US. Moreover, according tthe 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 tthe blockages in the aortic artery. The blockages can alsbe 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 t10 per 100,000 people in the US.
COVID-19 pandemic has become the most significant challenge across the world. This challenge will be frightening especially in developing countries across the globe as it will lead treducing imports due tdisruptions in global trade. The COVID-19 pandemic affected the pharmaceutical, medical device, R&D, and other businesses across the globe. Micrcoil 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 tmanage the medical devices used for inhouse patients and COVID-19 patients. Tdeal with the situation, the market players focus their business operations towards increasing the production capacities.
TerumCorporation; 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 leading companies operating in the Micrcoil market.
The Report Segments Global MicrCoil Market as follows:
- Detachable coil
- Pushable Coil
Platinum Tungsten Alloy
Platinum & Hydrogel
- Other Applications
By End User
- Ambulatory Surgical Centers
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- North America
- Rest of the Europe
- Asia Pacific(APAC)
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of Middle East and Africa
- South America (SAM)
- Rest of South America