Embolization Coils Market: Overview
The embolization coils market is estimated to grow at a rapid rate during the forecast period of 2019-2027. The paradigm shift from clipping to coiling will prove to be a prominent growth contributing factor for the embolization coils market. The rising awareness among a large chunk of the individuals regarding embolization coils will also prove to be a game-changer.
• Government initiatives are playing a vital role in the growth of the embolization coils market. The government bodies of numerous countries are taking up initiatives and policies to ramp up the healthcare infrastructure. This, in turn, will have a major impact on the growth of the embolization coils market.
• Neurosurgeons and other healthcare professionals are being made aware about the value of peripheral embolization devices. The rise in the demand for embolization devices equals to an increase in the number of embolization coils. This aspect will add extra stars of growth to the embolization coils market.
• Research and development activities are vital for increasing the revenues of the players in the embolization coils market. The players invest extensively in these activities for new discoveries that further lead to an increase in the revenues, eventually contributing to the growth cycle of the embolization coils market.
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Embolization Coils Market Introduction
Aneurysm can be defined as a sac or bulge that develops in the artery owing to weaker vessel wall. An aneurysm in the brain could include the surrounding nerves and brain tissue, which results in neck pain, upper back pain, nausea, vomiting, nerve paralysis, and headache. Arteriovenous malformation is an abnormal connection between the arteries and veins which prevents circulation of oxygenated blood throughout the brain.
Embolization coils or coil embolization is a minimally invasive process employed for the treatment of aneurysm aiding in reducing the bleeding and closing off the sac. This is an endovascular procedure, wherein a steerable catheter is inserted into the blood stream and guided to the brain. Tiny coils, mesh stents, and glue are employed to promote clotting and closing off the aneurysm.
Embolization Coils Market- Competitive Landscape
Significant product launches and strategic acquisitions are the strategies employed by the market players to increase presence in the global embolization coils market. In 2018, BALT USA, LLC received the U.S. FDA 510 (k) clearance for its Optima Coil System.
In 2015, Medtronic acquired Covidien and enhanced its portfolio of embolization products with the addition of embolization coils, liquid embolics, and accessories. Similarly, Abbott acquired St. Jude Medical in 2016 that enabled it to strengthen its market position in the medical devices market.
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Medtronic plc
Established in 1949, Medtronic plc, is one of the leading medical device equipment manufacturer, engaged in the development, manufacturing, distribution and marketing of devices for medical therapies across four business segments, including minimally invasive therapies group, restorative therapies group, cardiac and vascular group, and diabetes group.
Cook Medical
Cook Medical, incorporated in 1963, is engaged in the designing, manufacturing, and distribution of minimally invasive medical devices for the therapeutic and diagnostic procedures. It offers its products through two business divisions, including Vascular and MedSurg.
Stryker Corporation
Established in 1941, Stryker Corporation is a medical technology company engaged in the development of medical devices htorugh three business segemnts, including Neurotechnology & Spine, MedSurg, and Orthopaedics. MedSurg segment is engaged in the development of surgical navigation systems, surgical equipment, patient handling, and endoscopic and communication systems, among others.
Embolization Coils- Market Dynamics
Technological advances easing the process of performing coil embolization
Technological advances, including the development of 3D embolization coils, embolization coils with integrated deployment mechanism, hydrocoil, and miniatured coil, contribute to the growth of the market. The embolization coils with integrated deployment mechanism reduce the procedural costs. In addition, the development of single click mechanical detachment handle technology would ease the process of placement of detachable coils contributing to the growth of the market.
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Rise in the success rate of coil embolization
Research studies have indicated that the long-term success rate of coiling in brain aneurysms is over 85%. Increase in success rates of endovascular coiling for the treatment of aneurysms has resulted in a paradigm shift from clipping to coiling. Availability of coils in a range of shapes and sizes enabling the optimum product selection for the embolization procedure and low cost makes coiling the preferred mode of embolization procedure.
Complications associated with embolization coils affecting patient health
Complications associated with the embolization coils are projected to hamper the growth of the global market. These complications include coil migration and occlusion of a non-target vessel. Coil migration results in stroke, pulmonary embolism, or myocardial infarction. Other complications of coil embolization include vessel rupture, perforation, and vessel dissection.
Shortage of skilled professionals
Shortage of skilled professionals, including interventional neurologists and interventional oncologists, is anticipated to hamper the growth of the market. The Government of New Zealand has listed interventional neurology in the long term shortage list.
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