Embolization Coils Market
Number of pages: 100 | Report Format: PDF | Published date: April 03, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 1.30 billion |
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Revenue Forecast in 2031 |
US$ 1.86 billion |
|
CAGR |
4.1% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, Application, Material, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global embolization coils market was valued at US$ 1.30 billion in 2022 and is expected to register a revenue CAGR of 4.1% to reach US$ 1.86 billion by 2031.
Embolization Coils Market Fundamentals
Embolization coils are tiny, spring-like devices made of metal (usually platinum) used in a medical procedure called embolization. Embolization is a minimally invasive procedure to treat a variety of medical conditions, including aneurysms, arteriovenous malformations (AVMs), and tumors. During these procedures, the embolization coils are inserted into a blood vessel and guided to the site of the problem using a catheter. Once in place, the coils are released, and they expand, filling the space inside the blood vessel and forming a clot. The clot stops the flow of blood to the problem area, effectively treating the condition. Embolization coils come in a variety of shapes and sizes, allowing them to be used in different types of blood vessels and to treat a variety of medical conditions.
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Embolization Coils Market Dynamics
The rising prevalence of vascular diseases such as aneurysms and peripheral artery disease is increasing globally, driving demand for treatments such as embolization. According to the Centers for Disease Control and Prevention (CDC), approximately 6.5 million people aged 40 and older in the U.S. have peripheral artery disease. Patients and healthcare providers are increasingly seeking minimally invasive procedures that can be performed on an outpatient basis, with shorter recovery times and fewer complications than traditional surgical approaches, increasing the demand for embolization coils. Developing novel and innovative embolization coils featuring enhanced designs and materials, including platinum, micro coils, and hydrogel coils, has improved patient outcomes and increased safety and efficacy.
Incorporating advanced imaging technologies, such as MRI and CT scans, has enhanced the accuracy and precision of interventional radiology procedures, enabling more effective targeting of aneurysms and other vascular lesions. As healthcare spending grows and minimally invasive procedures become more prevalent in emerging economies, there is an expected rise in demand for interventional radiology devices, specifically embolization coils. Improved reimbursement policies for interventional radiology procedures, including embolization coils, have expanded patient and healthcare provider accessibility. Moreover, the revenue growth of the embolization coils market is propelled by the increasing demand for bioactive and biodegradable coils that can be absorbed by the body over time, thereby reducing the risk of long-term complications.
The market revenue of embolization coils is largely driven by the rising use of embolization techniques to treat various medical problems, including cancer, neurovascular diseases, and peripheral vascular diseases. Furthermore, new, superior products have been created due to technological developments in embolization coil materials and designs, fueling market revenue growth.
North America is the largest market for embolization coils, followed by Europe and Asia Pacific. Asia Pacific is expected to experience the highest revenue growth rate, driven by increasing healthcare spending, a growing aging population, and rising awareness of minimally invasive treatment options.
The global embolization coils market is highly competitive, with several established players such as Boston Scientific Corporation, Medtronic plc, Terumo Corporation, and Stryker Corporation, among others, dominating the market in terms of revenue share. These companies invest in research and development to develop innovative products and expand their market presence.
However, the high cost related to embolization coils is restricting the revenue growth of the embolization coils market. The lack of skilled healthcare professionals who can perform embolization coils procedures is also hindering the embolization coils market revenue growth.
Embolization Coils Market Ecosystem
The global embolization coils market is analyzed from four perspectives: type, application, material, and region.
Embolization Coils Market by Type
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Based on the types, the global embolization coils market is segmented into detachable and pushable coils.
The detachable coil segment dominates the global embolization coils market with the largest revenue share. Detachable coils are flexible and can be used in a variety of procedures. They can be used for both simple and complex aneurysms and can be placed in different positions depending on the location of the aneurysm. Detachable coils are designed to be safe and minimize the risk of complications. The detachable nature of the coil allows for repositioning or retrieval if necessary, reducing the risk of complications such as rupture or thrombosis. They provide a high degree of occlusion and can be used for embolization and recanalization procedures. Detachable coils are the result of ongoing innovation and development in interventional radiology. Manufacturers continue to improve the design and function of these devices to make them safer and more effective for patients.
Embolization Coils Market by Application
Based on the application, the global embolization coils market is segmented into neurology, cardiology, urology, oncology, peripheral vascular disease, and others.
The neurology segment accounted for the highest revenue share of the embolization coils market. There is a high prevalence of neurological disorders, such as cerebral aneurysms and arteriovenous malformations, which require embolization coils for treatment. This creates a high demand for these devices in the neurology segment. The treatment of neurological disorders requires specialized expertise and experience in interventional neuroradiology. Neurointerventionalists are highly trained in using embolization coils and other devices in these procedures, making them more likely to use them. Significant technological advances have been made in designing and developing embolization coils for treating neurological disorders. These coils are more advanced and specialized, leading to greater success rates and improved patient outcomes. Reimbursement policies in many countries also favor the use of embolization coils in the neurology segment, further driving demand for these devices.
The cardiology segment accounts for a considerable revenue share of the embolization coil market due to the high prevalence of cardiovascular diseases, such as arterial aneurysms and arteriovenous malformations, which require embolization coils for treatment. According to the WHO, cardiovascular diseases are the leading cause of death globally, which case around 17.9 million death each year globally. These disorders are typically treated by cardiologists or vascular surgeons who are highly skilled in using these devices. Additionally, significant technological advances in the design and development of embolization coils, specifically for treating cardiovascular disorders, have led to greater success rates and improved patient outcomes.
Embolization Coils Market by Material
Based on the materials, the global embolization coils market is segmented into platinum, platinum & hydrogel, platinum tungsten alloy, and others.
The platinum segment dominated the embolization coils market with the largest revenue share. Platinum is biocompatible and does not cause an adverse reaction when used in the human body. This makes it a safer and more reliable option for embolization coil construction. Platinum is a flexible metal easily shaped into coils, making it an ideal material for producing embolization coils. It can be shaped and formed into various sizes and shapes to meet the specific needs of different procedures. Platinum is radiopaque, which can be easily visualized using imaging technology such as X-rays. This makes it easier for interventional radiologists to guide and place the coils accurately during the procedure. Platinum is a highly durable metal that can withstand the physical stresses and strains of the embolization process. This ensures the longevity of the coils and reduces the need for repeat procedures.
The platinum tungsten alloy segment is expected to rise with a lucrative revenue growth rate during the forecast period due to its superior mechanical properties and radiopacity compared to other materials. The platinum tungsten alloy offers a high degree of flexibility and kink resistance, which allows it to be shaped and maneuvered more easily during the procedure. It also has a higher tensile strength, making it more resistant to breakage and ensuring the coil's longevity. Additionally, the radiopacity of the platinum tungsten alloy is higher than pure platinum, which allows for better visualization during the procedure and more precise placement of the coil. These properties have made platinum tungsten alloy coils an attractive option for interventional radiologists. This has increased demand for this material in the embolization coils market. Manufacturers are also investing in developing new and advanced platinum tungsten alloy coils, further driving revenue growth in this segment.
Embolization Coils Market by Region
Based on region, the global embolization coils market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global embolization coils market with the largest revenue share in 2022. There is a high prevalence of neurological disorders, such as cerebral aneurysms and arteriovenous malformations in the region, requiring embolization coils for treatment. North America has a well-established healthcare infrastructure, with advanced medical facilities and highly trained interventional radiologists skilled in using embolization coils. This makes it easier for patients to access the necessary treatments and for physicians to perform the procedures effectively. Additionally, North America has a favorable reimbursement environment, where government and private insurance policies cover a significant portion of the costs of embolization procedures, making them more accessible to patients. Several key players in the embolization coils market are based in North America, contributing to the region's dominance in market revenue.
Competitive Landscape of Embolization Coils Market
The prominent players operating in the global embolization coils market are:
Strategic Developments in Embolization Coils Market
The expected size of the global embolization coils market in 2031 is US$ 1.86 billion.
The prominent players operating in the global embolization coils market are Boston Scientific Corporation, Medtronic plc, Terumo Corporation, Stryker Corporation, and Cook Medical LLC.
In 2022 the global embolization coils market is expected to be valued at US$ 1.30 billion.
The detachable coil segment dominates the global embolization coils market.
Based on region, North America has the largest market revenue share, followed by Europe and Asia Pacific are the fastest-growing regional market for embolization coils.
*Insights on financial performance are subject to the availability of information in the public domain