According to new research study on "Micro Coils Market to 2028 – Global Analysis and Forecast – by Type, Material, Application, and End user" the micro coils 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% during 2021–2028. The growth of the market is attributed to the rising prevalence of cardiac aneurysm and growing number of surgeries of neurovascular diseases. However, the issues related to the high cost of embolization coils hinder the growth of the market.
In 2020, North America dominated the micro coils market. The market growth in the region is attributed to the rising incidence of brain aneurysm in the US and Canada. According to the Unruptured Brain Aneurysm Foundation's recent data, approx. 6.5 million people in the US have unrupted brain aneurysm. Also, the annual rate of rupture is nearly 8–10 per 100,000 people, which means that approx. 30,000 people in the country suffer from a brain aneurysm rupture. The market growth in Canada and Mexico is attributed to the presence of international market players, the increase in the adoption of advanced technologies, and the existence of supportive government regulations.
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The micro coils market in Asia Pacific is anticipated to grow at the fastest rate in the coming years due to the increasing prevalence of neurological diseases and the growing number of companies focusing on countries in the region for their geographic expansion.
Based on type, the micro coils market is bifurcated into detachable coils and pushable coils. The pushable coils segment accounted for more than 60.73% of the market share in 2020. In terms of material, the micro coils market is segmented into platinum, platinum tungsten alloy, and platinum & hydrogel. The platinum segment held the largest share of the market in 2020 as its properties such as anti-inflammation, ductility, biocompatibility, electrical conductivity, and corrosion and heat resistance are very useful in the development of medical devices. In terms of application, the urology segment accounted for the largest share in the micro coils market in 2020. In terms of end user, the hospitals segment accounted for the largest share in the market in 2020.
Rising Prevalence of Cardiac Aneurysm Fuels Micro Coils Market Growth
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 a rise in the incidence of CVDs across the world. According to the World Health Organization (WHO), CVDs are the number one cause of death across the world. Also, in 2020, the Centers for Disease Control and Prevention (CDC) estimated that, on 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 blockages in the aortic artery. The blockages can also be seen in the chest or the abdomen. The prevalence of 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 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. Similarly, In Europe, according to the British Heart F...
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