NEUROENDOVASCULAR COIL MARKET ANALYSIS

Market Challenges And Opportunities

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.

Global Neuroendovascular Coil Market - Restraints

• 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 labelling of the pouches and ensure that they do not get mixed up in the process.