The Micro coil 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% from 2021 to 2028.
Micro coil or Embolization coils are the minimally invasive devices to diagnose 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 and patients are transferred to Intensive Care for monitoring and further care. These micro coils are made of soft platinum metal, Platinum Tungsten Alloy, and Platinum & Hydrogel and are shaped like a spring.
The scope of the micro coil market includes procedure micro coil type, material, applications, end user and region. The market for Micro coil is analyzed based on regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the Micro coil market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world.
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Micro Coil Market: Strategic Insights
Market Size Value in US$ 836.30 Million in 2021 Market Size Value by US$ 1,151.53 Million by 2028 Growth rate CAGR of 4.7% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Micro Coil Market: Strategic Insights
| Market Size Value in | US$ 836.30 Million in 2021 |
| Market Size Value by | US$ 1,151.53 Million by 2028 |
| Growth rate | CAGR of 4.7% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Lucrative Regions for Micro coil Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights
Rising Prevalence of Cardiac Aneurysm
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 rise in incidence of CVDs across the world. According to the 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 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 the blockages in the aortic artery. The blockages can also be 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 to 10 per 100,000 people in the US.
Micro coil Type -Based Insights
Based on micro coil type, the micro coil market is segmented into detachable coils and pushable coils. The pushable coils segment held a larger share of the market in 2021 and is anticipated to register a higher CAGR in the market during the forecast period. Growth of this segment is attributed to increasing adoption of pushable micro coil systems in surgical procedures.
Micro coil Material -Based Insights
Based on micro coil material, the micro coil market is segmented into platinum, platinum tungsten alloy, and platinum & hydrogel. The platinum segment held the largest share of the market in 2021 and is anticipated to register the highest CAGR in the market during the forecast period. Growth of this segment is attributed to advantages offered by platinum micro coil systems such as thrombogenicity to the coil, softness, and flexibility in surgical procedures.
Global Micro coil Market, by Application – 2021 & 2028
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Application-Based Insights
Based on application, the micro coil market is segmented into oncology, urology, and others. The others segment held the largest share of the market in 2021 and is anticipated to register the highest CAGR in the market during the forecast period.
End User – Based Insights
Based on end user, the micro coil market is segmented into hospitals, ambulatory surgical centers, and others. The hospitals segment held the largest share of the market in 2021 and is estimated to register the highest CAGR in the market during the forecast period.
COVID-19 pandemic has become the most significant challenge across the world. This challenge will be frightening especially in developing countries across the world as it will lead to reducing imports due to disruptions in global trade. The COVID-19 pandemic affected the pharmaceutical, medical device, R & D, and other businesses across the globe. Micro coil 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 to manage the medical devices used for inhouse patients and COVID-19 patients. To deal with the situation, the market players focus their business operations towards increasing the production capacities.
Product launches and expansion strategy are commonly adopted by companies to expand their footprint worldwide and meet the growing demand. These strategies are commonly adopted by the market players to expand its product portfolio.
The market players operating in the Micro coil Market adopted the strategy of product innovation to cater to changing customer demand across the world, which also permits the players to maintain their brand name globally.
By Type
- Detachable Coil
- Pushable Coil
By Material
- Platinum
- Platinum Tungsten Alloy
- Platinum & Hydrogel
By Application
- Oncology
- Urology
- Other Applications
By End User
- Hospitals
- Ambulatory Surgical Centers
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of the Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
- South America (SAM)
- Brazil
- Argentina
- Rest of South America
Company Profiles
- Terumo Corporation
- Medtronic
- Boston Scientific Corporation
- Stryker Corporation
- Cook Medical LLC
- Penumbra, Inc.
- Balt USA LLC
- Johnson and Johnson Services, Inc.
- Classic Coil Company
- KANEKA CORPORATION
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Material , Application , and End User , and Geography.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The Micro coil market majorly consists of the players such as Terumo Corporation, Medtronic, Boston Scientific Corporation, Stryker Corporation, Cook Medical LLC, Penumbra, Inc., Balt USA LLC, Johnson and Johnson Services, Inc., Classic Coil Company, KANEKA CORPORATION and among others.
The factors that are driving growth of the market are significantly rising prevalence of cardiac aneurysm, surging incidence of neurovascular diseases are expected to boost the growth of the global Micro coil market.
Micro coils or Embolization coils are a minimally invasive devices to diagnose 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 to Intensive Care for monitoring and further care. The coils are made of soft platinum metal, platinum tungsten alloy, and platinum & hydrogel and are shaped like a spring.
The List of Companies - Micro Coil Market
- Terumo Corporation
- Medtronic
- Boston Scientific Corporation
- Stryker Corporation
- Cook Medical LLC
- Penumbra, Inc.
- Balt USA LLC
- Johnson and Johnson Services, Inc.
- Classic Coil Company
- KANEKA CORPORATION
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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