NEUROENDOVASCULAR COIL MARKET ANALYSIS

Global neuroendovascular coil market is estimated to be valued at US$ 962.7 Mn in 2023 and is expected to exhibit a CAGR of 5.2%  during the forecast period (2023-2030).

Analysts’ Views on the Global Neuroendovascular Coil Market:

The increasing prevalence of neurovascular conditions such as stroke, cerebral aneurysms, and other factors are expected to dive the growth of the global neuroendovascular coil market over the forecast period. For instance, in 2020, according to data published by the American Heart Association, intracerebral hemorrhage (ICH) stroke is the most common type of stroke, accounting for 10%-15% of the estimated 795,000 strokes each year in the U.S. Whereas, around 18.9 Mn people around the world had an intracerebral hemorrhage in 2020.

Figure 1. Global Neuroendovascular Coil Market Share (%), By Product Type, 2023

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Global Neuroendovascular Coil Market - Drivers

• Increasing technological advancements: Market growth is expected to get driven by technological advancements. Detachable coils, imaging tools, delivery catheters, and other devices like stents have all undergone considerable technological advancements in the recent years. This has improved the cerebral aneurysm treatment efficacy. These developments have stimulated manufacturers to create a wide variety of neuroendovascular coils with various diameters, multiple dimensions, biological inertness, complicated forms, and scratch resistance to inhibit recanalization. In consideration of this, technological advancements are anticipated to have an impact on the growth of the global neuroendovascular coil market over the anticipated period.
• Increasing adoption of growth strategies: Market players are focusing on inorganic growth strategies such as agreements to expand the sales of their products, and this is expected to boost the growth of the global neuroendovascular coil market over forecast period. For instance, in July 2021, Kaneka Corporation, a Japan-based worldwide chemical manufacturing company, announced a sales agreement with Asahi Intecc USA, Inc., a medical technology manufacturer, to further increase the sales of its novel brain aneurysm embolization coil (product name: i-ED COIL) in the U.S. market.

Figure 2. Global Neuroendovascular Coil Market Share (%), By Region, 2023

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Global Neuroendovascular Coil Market - Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global neuroendovascular coil market over the forecast period. The North America neuroendovascular coil market is expected to witness significant growth in the near future, due to the increasing prevalence of brain disorders such as brain aneurysms, which will increase the demand for neuroendovascular devices and coils. For instance, in January 2021, according to data published by the Centers for Disease Control and Prevention (CDC), around 800,000 people suffer from a stroke in the U.S. annually, with more than 75% occurring in people aged 65 years and above.

Global Neuroendovascular Coil Market - Impact of Coronavirus (COVID-19) Pandemic

• Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization (WHO) declared it a public health emergency on January 30, 2020.
• COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, faced problems regarding transportation of products from one place to another.
• The COVID-19 pandemic also had a negative impact on the global neuroendovascular coil market owing to the decreased number of surgeries during the pandemic. For instance, in December 2020, according to an article published by the National Center for Biotechnology Information the weekly rate of surgical procedures did not decrease significantly during the first week of the COVID period (March 11, 2020–March 31, 2020), when compared to the equivalent period in 2019. However, it decreased by 78% by the second week and 83% by the third week, as compared to the equivalent period in 2019. This study was carried out in Ontario, Canada by utilizing the health administrative data sets of all hospital-based scheduled and urgent surgical procedures.

Global Neuroendovascular Coil Market Segmentation:

Global neuroendovascular coil market is segmented into product type, application, end user, and region.

• By product type, the market is segmented into bare metal coil and hydrogel coated coils. Out of which, the bare metal coil segment is expected to hold a dominant position in the global neuroendovascular coil market during the forecast period, due to the increasing usage of the coil.
• By application, the market is segmented into aneurysm-embolization, malformation-embolization, ischemic stroke-revascularization, and stenosis-revascularization. Out of which, the aneurysm-embolization segment is expected to hold a dominant position in the global neuroendovascular coil market during the forecast period, due to technological advancement of the devices.
• By end user, the market is segmented into hospitals, forensic laboratories, stroke center, and ambulatory surgical centers. Out of which, the hospitals segment is expected to hold a dominant position in the global neuroendovascular coils market over the forecast period, due to the rising number of patient admissions.
• Among all the segmentation, the application segment is expected to have high potential in the global neuroendovascular coil market over the forecast period and this is attributed to the increasing incidences of  ischemic strokes. For instance, according to the Centers for Disease Control and Prevention statistics, about 87% of all strokes are ischemic strokes, in which blood flow to the brain is blocked.

Global Neuroendovascular Coil Market - Cross Sectional Analysis:

Among application segment, aneurysm-embolization segment is expected to dominate the market. The diseases which do not initially present with physical symptoms are neurological abnormalities that require interventional therapy. This has been a key factor in why these conditions are so crucial. This has led to the need for a well-thought plan for the prompt and accurate identification of the diseases. Thus, increasing government initiatives is anticipated to fuel the market expansion in Europe region. For instance, in October 2019, The Ukrainian Ministry of Health (MoH) launched the national stroke plan in order to make changes, guarantee investments, and achieve technical excellence.

Global Neuroendovascular Coil Market: Key Developments

• In May 2021, the Ukrainian Ministry of Health (MoH) signed a Stroke Action Plan for Europe to combat stroke, which was endorsed by European Stroke Organisation (ESO).
• In October 2020, MicroPort Scientific Corporation, a leading medical device company, announced that it had received the registration certificates issued by China’s National Medical Products Administration (NMPA) for its proprietary NUMEN Coil Embolization System and NUMEN FR Coil Detachment System for the treatment of cerebral aneurysms (also known as brain aneurysms) through minimally invasive neurovascular intervention.

Global Neuroendovascular Coil Market: Key Trends

• Introduction of neuroendovascular coil devices in the market: The introduction of neuroendovascular coil devices in the market is expected to drive the growth of the global neuroendovascular coil market over the forecast period. For instance, in June 2021, GCE Healthcare, a medical manufacturing company, launched Meditec high-pressure regulator, a brand new innovative design for blending extensive manufacturing expertize with professional medical knowledge.

Global Neuroendovascular Coil Market: Restraint

• Increasing product recalls: The increasing number of product recalls by regulatory authorities is expected to hamper the growth of the global neuroendovascular coil market over the forecast period. For instance, in January 2022, Balt USA, LLC, a manufacturer of neurovascular devices, initiated a class 2 device recall of Optima Coil System, a neurovascular embolization device, due to label/pouch mix-up and erroneous shelf carton label or pouch label as a result of insufficient manufacturing line clearance. Due to this labelling error, the wrong coil size got accidentally chosen for surgery, which led to complications such as vessel damage, which is the inability to use the device in treating aneurysm, or even its rupture.
• Counterbalance: To overcome this problem in product recall, proper care needs to be taken during labeling of the pouches and ensure that they do not get mixed up in the process.

Global Neuroendovascular Coil Market - Key Players

The major players operating in the global neuroendovascular coil market include Stryker, Codman (DePuy), MicroVention, Medtronic Plc., Penumbra Inc., Cardinal Health, Johnson & Johnson, Boston Scientific, Cook Medical Inc., Terumo Corporation, Braile Biomedica, Kaneka Corporation, and Balt USA LLC.

Definition: A minimally invasive endovascular procedure called neuroendovascular coiling is used to stop blood flow in a blood vessel in the brain. A bulging in a blood vessel wall known as an aneurysm, which can burst due to increased pressure and flow into the brain, must be treated immediately.