Neuroendovascular Coil Market Report Overview
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The global neuroendovascular coil market size was USD 967 million in 2021 and market projected to touch USD 1436.1 million by 2031, exhibiting a compound annual growth rate (CAGR) of 4.0% during the forecast period.
The procedure of neuroendovascular coiling is used to stop the flow of blood through an aneurysm. An aneurysm is a condition where blood vessels grow too much and weaken as a result. By securing the aneurysm, encouraging blood clotting around the coils, and lowering pressure on its outer wall, endovascular coiling is beneficial. A neurosurgeon or interventional neuroradiologist often does the endovascular coiling procedure while the patient is under general anaesthesia under the supervision of fluoroscopic imaging. The coil is positioned into the aneurysm permanently and left behind. Both aneurysms that have burst and those that have not are coiling. In an aneurysm, neuroendovascular coils are a safe and effective alternative to surgical clipping. Subarachnoid haemorrhage, which causes stroke, serious complications, and even death, can be avoided with the use of this neuroendovascular coiling.
After showing evidence of a subarachnoid haemorrhage, a computed tomography (CT) scan can be used to diagnose burst aneurysms. A number of additional reasons, such as the high prevalence of brain aneurysms, technical innovation, an increase in the number of stroke patients, and health awareness in emerging nations, might also have an impact on the expansion of the neuroendovascular coil market size. The risk of complications during neurovascular procedures, fierce competition among the current neuroendovascular coil manufacturers, the subsequent rise in bulk purchasing through GPOs (Group Purchasing Organizations), and government regulations for lowering overall healthcare costs are some other restraints on the market.
COVID-19 Impact: Growing R&D to Augment Market Development
The illness has spread to more than 100 nations after the COVID-19 viral epidemic in December 2019, and the World Health Organization labelled it a public health emergency in 2020. According to the World Health Organization's Coronavirus Disease (COVID-19) Weekly Epidemiological Update, as of June 22, 2021, there has been around 178,503,429 COVID-19 cases registered in the U.S., with about 3,872,457 fatalities. The coronavirus, also known as COVID-19, epidemic originated in Wuhan, China, and has since expanded over many countries and sectors. Despite the urgency, the number of patient visits to hospitals has dramatically decreased during the previous few months.
The administration of neurointerventional operations during the COVID-19 pandemic varies greatly. In order to avoid coming into touch with COVID-19 patients and healthcare workers, patients are avoiding healthcare facilities. A number of acute and serious illnesses, including as stroke, myocardial infarction, and other malignancies, have shown declining rates. The temporary deferral of a number of elective procedures is anticipated to have a detrimental effect on the market as governments and authorities work to guarantee that resources are available for COVID-19 patients. Reduced enrollment in clinical trials and shuttered production facilities as a result of lockdowns have further hampered the neuroendovascular coils market share in the industry.
Latest Trends
"Medical Technology Advances Will Drive The Market's Expansion In The Upcoming Year"
The technology behind neuroendovascular coils has advanced in terms of form, length, and bioactivity. In addition, major advancements in intracranial stent placement and delivery have been accomplished. Intracranial stents are now being used in conjunction with coil technology by surgeons to repair aneurysms and lessen recurrence-related problems. In addition, endovascular coiling is thought to be a superior surgical approach to clipping in terms of postoperative problems, successful results, and rehabilitation. In addition to this, a number of market participants are investing in the launch of technologically sophisticated items. For example, in 2018, Cerenovus, a part of the Johnson & Johnson Medical Devices Companies, introduced the Galaxy G3 Mini embolic coil, which was created with an uneven form to enable the device to fill voids in the cerebral aneurysms.
Neuroendovascular Coil Market SEGMENTATION
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- By type
Depending on neuroendovascular coil given are types: bare metal coil and hydrogel coated coils. The hydrogel coated coils type will capture the maximum market share through 2031.
- By Application
The market is divided in Aneurysm-Embolization, Embolization, Ischemic Stroke-Revascularization, Stenosis-Revascularization based on application. The neuroendovascular coil market players in cover segment like Ischemic Stroke-Revascularization and Stenosis-Revascularization will dominate the market share during 2031.
Driving Factors
"Market Growth Is Anticipated To Be Fueled By The Rising Number Of Cerebral Aneurysm Risk Factors"
The incidence of the condition is anticipated to rise due to an increase in risk factors for brain aneurysms, which will ultimately spur the neuroendovascular coils market growth to develop throughout the projected period. Smoking, according to researchers, may lead to numerous aneurysms or weak regions developing in the brain's blood veins. These weakened areas have the potential to burst and bleed, which can result in a stroke, paralysis, or even death. As one important cause driving up the prevalence of brain aneurysm in the population, the Centers for Disease Control and Prevention (CDC) reported in 2018 that an estimated 14 out of 100 Americans smoked cigarettes.
"Rise In Mortality Chronic Neurovascular Disorders Have Been Found To Boost Market Growth"
Brain aneurysms are becoming more commonplace all the time. Although brain aneurysms are common in people of all ages, people 35 and older are more vulnerable. The market for neurovascular embolization devices is anticipated to rise as cerebral aneurysms become more common. Rising Mortality Chronic have been found to boost the neuroendovascular coil market growth. The need for neurovascular embolization devices for treatment is increasing due to the serious hazards connected with intracranial aneurysms, such as neurological problems and irreversible loss of cognitive abilities. Neurovascular embolization devices are projected to become more necessary as the death rate from brain aneurysms rises.
Restraining Factors
"Neurovascular Operations And Related Products' High Procedural Costs Will Limit Market Share"
One of the main factors limiting the worldwide market for neurovascular devices is the high cost of neurovascular surgical procedures and equipment, particularly in developing nations with lax reimbursement systems. In the US, the conventional treatment for aneurysms and artery abnormalities typically costs between $45,000 and $50,000. Additionally, the total cost of ownership of these devices rises due to maintenance fees and other related indirect expenditures, which restricts their adoption. Budgetary restrictions make it more difficult for small hospitals and independent ASCs to purchase expensive and complex equipment; this problem is especially pronounced in developing nations. Only a relatively small number of patients in poorer nations can afford neurological therapy due to high prices and a weak reimbursement environment. As a result, healthcare institutions are hesitant to spend money on novel or cutting-edge technologies, which restricts neuroendovascular coil market share.
Neuroendovascular Coil Market Regional Insights
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"North America Is Expected To Be The Biggest Market Over The Forecast Period"
Due to the presence of major producers in the area, including Stryker Corporation, Penumbra, Inc., Johnson & Johnson, and Merit Medical Systems, Inc., North America led the market in 2021. For its 0.021-inch Contour Neurovascular System, compatible with smaller, commercially available 021 microcatheters for the treatment of saccular intracranial aneurysms, Cerus Endovascular Ltd. gained CE Mark clearance in April 2020. The market expansion in this area is being driven by the rising frequency of neurological illnesses and the rising demand for less invasive surgical techniques. For instance, the CDC reports that each year in the US, more than 795,000 persons get a stroke, of which 87% are ischemic strokes. A strategic agreement between NeuroVasc Technologies, Inc. and the Wego Group was established in February 2020 and comprises USD 34 million in finance to boost the company's product portfolio development and international clinical trial programme. The strategic partnership represents a significant advancement for NeuroVasc Technologies in its efforts to sell a complete neurovascular platform.
Due to factors including the increasing incidence of target diseases, Asia Pacific is anticipated to expand at the highest CAGR of 7.9% throughout the projected period. It is estimated that over 30 million individuals in India suffer from various neurological illnesses, with an average prevalence rate of 2,394 patients per 100,000 people, according to an essay written by M Gourie Devi. Additionally, factors including growing healthcare costs and the arrival of major competitors in the region are fostering market expansion. The WEB Embolization System, an intrasaccular aneurysm therapy tool, was introduced by Terumo Corporation in December 2020 (the product name in Japan is Woven EndoBridge Device). It is the first intrasaccular flow disruptor device of its sort, and it is accessible on the Japanese market. With the commercial introduction, Terumo hopes to provide patients with brain aneurysms who had trouble being treated with presently accepted methods alternative therapeutic choices.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Stryker (U.S)
- Codman (DePuy) (U.S)
- MicroVention (U.S)
- Medtronic (Ireland)
- Penumbra (U.S)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 967 Million in 2021 |
Market Size Value By |
US$ 1436.1 Million by 2031 |
Growth Rate |
CAGR of 4% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Segments Covered |
Type and Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the global neuroendovascular coil market expected to touch by 2031?
The global neuroendovascular coil market is expected to touch USD 1436.1 million by 2031.
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What CAGR is the neuroendovascular coil market expected to exhibit during 2031?
The neuroendovascular coil market is expected to exhibit a CAGR of 4.0% over 2031.
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Which are the driving factors of the neuroendovascular coil market?
Rising number of Cerebral Aneurysm Risk Factors and Rise in Mortality Chronic Neurovascular Disorders are the driving factors of the neuroendovascular coil market.
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Which are the top companies operating in the neuroendovascular coil market?
Stryker, Codman (DePuy), MicroVention, Medtronic, Penumbra are some of the top companies operating in the neuroendovascular coil market.