Global Neuroendovascular Coil Market, By Product Type (Bare Metal Coil and Hydrogel Coated Coils), By Application (Aneurysm-Embolization, Malformation-Embolization, Ischemic Stroke-Revascularization, and Stenosis-Revascularization), By End User (Hospitals, Forensic Laboratories Stroke Center, and Ambulatory Surgical Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on research and development activities in order to get product approvals from the regulatory authorities, which is driving the global neuroendovascular coil market growth. For instance, in February 2021, Cerus Endovascular Ltd., a privately-held, commercial-stage medical device company, announced that it had received breakthrough device designation from the U.S. Food and Drug Administration (FDA) for its Contour Neurovascular System.
Global Neuroendovascular Coil Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems regarding the transportation of things from one place to another.
COVID-19 also had a negative impact on the global neuroendovascular coil market. Decreasing rates have been observed across a range of acute and critical conditions, including stroke, myocardial infarction, and various cancers. The market is expected to be negatively impacted due to the temporary postponement of various elective surgeries, as governments and authorities seek to ensure the availability of resources for COVID-19 patients. Closed manufacturing facilities due to lockdowns hade also disrupted the supply chains, and reduced recruitments for clinical trials.
Global Neuroendovascular Coil Market: Key Developments
In May 2023, Stryker, a medical technology company, announced the 510k clearance of the Target Tetra Detachable Coil, the latest addition to the market-leading target platform. The Target Tetra Detachable Coil combines a new tetrahedral shape and softness level, specifically designed to treat small aneurysms.
In August 2022, Shape Memory Medical Inc., a developer of shape memory polymer devices for peripheral and neurovascular markets, announced its 1,500th patient had been treated, marking a significant milestone for the company’s portfolio of shape memory polymer embolotherapy devices – The IMPEDE Embolization Plug Family and the TrelliX Embolic Coil.
Browse 36 Market Data Tables and 26 Figures spread through 180 Pages and in-depth TOC on “Global Neuroendovascular Coil Market”- Forecast to 2030, Global Neuroendovascular Coil Market, By Product Type (Bare Metal Coil and Hydrogel Coated Coils), By Application (Aneurysm-Embolization, Malformation-Embolization, Ischemic Stroke-Revascularization, and Stenosis-Revascularization), By End User (Hospitals, Forensic Laboratories Stroke Center, and Ambulatory Surgical Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/neuroendovascular-coil-market-1707
Key Takeaways of the Global Neuroendovascular Coil Market:
- Global neuroendovascular coil market is expected to exhibit a CAGR of 5.2% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global neuroendovascular coil market .
- Among application segment, the aneurysm-embolization segment is expected to hold a dominant position in the global neuroendovascular coil market during the forecast period due to the increasing adoption of inorganic strategies such as partnership, and this is expected to drive the growth of the global neuroendovascular coil market over the forecast period. For instance, in June 2022, Stryker, a worldwide medical technology company, announced a partnership with Carmeda AB, a Sweden-based medical device company, to combine Stryker's proven flow diverter technology with Carmeda's active heparin coating for the treatment of brain aneurysms.
- Among region, North America is expected to be the dominant region in the global neuroendovascular coil market owing to the presence of well-established healthcare facilities, increasing funding, and others. For instance, in August 2021, Fluid Biomed, a medical device start-up company in Calgary, Alberta, Canada, announced the completion of its US$ 4.7 Mnseed fund raising round and the appointment of two new directors to its board of directors. In the company's oversubscribed funding round, METIS Innovative, venture capital of Miami, Florida, and ShangBay Capital of Palo Alto, California, collaborated as co-leads. This funding will accelerate the company’s growth and the development of a novel bio-absorbable stent to treat brain aneurysms.
- Major players operating in the global neuroendovascular coil market are 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.
