The North America micro coils market is expected to grow from US$ 488.31 million in 2021 to US$ 660.98 million by 2028; it is estimated to grow at a CAGR of 4.4% from 2021 to 2028.
The US, Canada, and Mexico are economies in North America. Increasing prevalence of cardiac aneurysm will escalate the market in coming years. Cardiovascular diseases (CVDs) are likely to remain the major cause of morbidity and mortality across the North America. 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 region. According to the World Health Organization (WHO), CVDs are number one cause of death across the region. 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. 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. 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. Moreover, according to the same study, 20.0% of the cases with thoracic aortic aneurysm are genetic. In addition, around 2 million people are diagnosed with an abdominal aortic aneurysm in the US each year. The study also highlights that a ruptured abdominal aortic aneurysm is the 15th leading cause of death in the US. Such high prevalence of CVDs prominently boosts the number of heart procedures. According to a study published by Society of Thoracic Surgeons (STS) in 2020, there is a massive increase in the number of TAVR procedures across the US. The factor ultimately drives the growth of the North America micro coils market.In case of COVID-19, North America is highly affected specially the US. In the US, due to an increasing number of infected patients, healthcare professionals and leading organizations are distracting the flow of healthcare resources from research & development to primary care, which is slowing down the process of innovation. According to Society of Thoracic Surgeons, Cardiovascular surgery volumes in the United States fell by more than half during the COVID-19 pandemic’s first wave, with the biggest drops observed in the New England and mid-Atlantic regions. The exorbitant number of COVID cases have resulted in cancellation of doctor's appointment, decreased in demand for the elective neurosurgery, disruption in supply chain due to long period of lockdown. For instance, Medtronic plc, a company that generates the majority of its sales and profits from the U.S., has suffered a decrease in revenue of 1 percent in the fiscal year 2020 compared to the fiscal year 2019 in the neurovascular category.However, most of the countries in the North America has started vaccinating its population on a larger scale. This is expected to lower the intensity of COVID19 pandemic in the region. Owing to which the patients post vaccination are undergoing the pending medical procedures such as the surgeries, vascular treatments, and others. The healthcare systems in the region has regained its capacity since the start of the pandemic. The patient care has been improving as compares to the earlier time of the pandemic where in the line of treatments was not well defined. However, the development of the treatments and reductions in the death rate has gained confidence in the doctors and patients. Thus, it is expected to have low negative impact on the Micro Coil market in the region.
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 North America micro coils market. The North America micro coils market is expected to grow at a good CAGR during the forecast period.
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North America Micro Coils Market Segmentation
North America Micro Coils Market – By Type
- Detachable Coils
- Pushable Coils
North America Micro Coils Market – By Material
- Platinum
- Platinum Tungsten Alloy
- Platinum & Hydrogel
North America Micro Coils Market – By Application
- Oncology
- Urology
- Others
North America Micro Coils Market – By End User
- Hospitals
- Ambulatory Surgical Centers
- Others
North America Micro Coils Market, by Country
- US
- Canada
- Mexico
North America Micro Coils Market -Companies Mentioned
- Balt USA LLC
- Boston Scientific Corporation
- Classic Coil Company
- Cook Medical LLC
- Johnson and Johnson Medical Devices (Depuy Synthes)
- KANEKA CORPORATION
- Medtronic
- Penumbra, Inc.
- Stryker Corporation
- Terumo Corporation
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Material, Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada
- Balt USA LLC
- Boston Scientific Corporation
- Classic Coil Company
- Cook Medical LLC
- Johnson and Johnson Medical Devices (Depuy Synthes)
- KANEKA CORPORATION
- Medtronic
- Penumbra, Inc.
- Stryker Corporation
- Terumo Corporation
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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.
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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.
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- 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.
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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.
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