Asia Pacific Micro Coils Market Drivers and Forecasts by 2028

The APAC micro coils market is expected to grow from US$ 110.06 million in 2021 to US$ 160.29 million by 2028; it is estimated to grow at a CAGR of 5.5% from 2021 to 2028.

China, India, Japan, Australia, and South Korea are major economies in APAC. Growth in the number of product approvals and launches is expected to surge the market growth. Extended functionalities and technologies incorporated in new devices are expected to rise in demand for micro coils across the region. In December 2020, Terumo Corporation announced a launch of WEB Embolization System in Japan. According to the company, WEB is the first intrasaccular flow disruptor device available in the Japan market. The device is specially designed for the treatment of brain aneurysm. Moreover, in December 2019, Kaneka Corporation launched an advanced micro coil for embolization of brain aneurysms. According to the company, the coils archive highest level of flexibility. Such product introductions are estimated to offer a lucrative opportunity for market growth.  Some of the market players are focusing on conducting awareness programs to spread information about benefits of micro coils. For instance, in December 2020, Microport conducted a launch event for its NUMEN micro coil in Hebei and Guangzhou. The program was conducted to launch the product as well as to share the latest academic insights of the product with the medical device community. Such programs are also expected to offer a favorable environment for the product demand, which will eventually drive the APAC market growth.

In case of COVID-19, APAC is highly affected specially India. Countries in APAC are expecting to witness huge challenge due to growing COVID-19. Considering the economic operations and geographic condition, the outbreak of disease has affected on medical tourism, manufacturer of medical equipment, accessories and other due to problems posed by shortage of healthcare infrastructure in APAC low-income countries. After the first case in December 2019, in Wuhan, China, the coronavirus has spread to at least 180 countries and regions. To prevent the spread of disease, restrictive measures have been taken in countries such as India, South Korea, Singapore, Malaysia, and by the Philippines. According to WHO, due to the rapidly changing risk of COVID-19 affected countries and constantly controlling outbreak trends, any additional health measures are likely to significantly interfere with international travel and trade. Countries such as Japan and Australia are conducting virtual international conferences to anticipate the impact of COVID-19 on medical devices related industry in the APAC. China is specifically facing issues with the pandemic, leading to disruption of the supply chain, projected losses in revenue, marketing, and sales within all industries, especially the medical device industry, as well as the concerns of health within the production units and other public places. However, the countries such as India is conducting vaccination drive for the age group wise including the people within age group of 18 to 44, and 45 years and above. The country has also initiated testing of vaccine of the children which is expected to have and positive impact on the market.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC micro coils market. The APAC micro coils market is expected to grow at a good CAGR during the forecast period.

APAC Micro Coils Market Segmentation      

APAC Micro Coils Market – By Type

• Detachable Coils
• Pushable Coils

APAC Micro Coils Market – By Material

• Platinum
• Platinum Tungsten Alloy
• Platinum & Hydrogel

APAC Micro Coils Market – By Application

• Oncology
• Urology
• Others

APAC Micro Coils Market – By End User

• Hospitals
• Ambulatory Surgical Centers  
• Others

APAC Micro Coils Market, by Country

• China
• Japan  
• India
• South Korea
• Australia
• Rest of APAC    

APAC Micro Coils Market -Companies Mentioned

• Boston Scientific Corporation
• Cook Medical LLC
• Johnson and Johnson Medical Devices (Depuy Synthes)
• KANEKA CORPORATION
• Medtronic
• Penumbra, Inc.
• Stryker Corporation
• Terumo Corporation      

Asia Pacific Micro Coils Report Scope