According to a new report published by Acumen Research and Consulting titled “Embolization Coil Market (Deployment: Detachable, Pushable; Application: Neurology, Oncology, Urology, Peripheral Vascular Disease) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2012-2023”, the global market for embolization coil is projected to grow and reach $1.0 billion by 2023 at a significant rate of 4.7% from 2016 to 2023. Paradigm shift from clipping to coiling and gradually towards non-coiling techniques have opened doors of opportunities in global embolization coil market. Rising demand for minimally invasive surgery is the major factor driving global market growth. Among the other factors responsible for the growth of this market include minimally invasive alternative offered by this procedure over traditional treatment, growing patient awareness, and introduction of newer technology resulting in higher success rate.
Embolization coil offers minimally invasive procedure and best alternative to treat aneurysms. Preference from patients and physicians for minimally invasive treatment procedures is expected to drive the demand for embolization coil. Endovascular coiling is a minimally invasive alternative to surgical clipping that decreases the procedure duration, complication and recovery time. Embolization particle procedures offer a minimally invasive alternative to hysterectomies, myomectomies and tumor and vascular anomaly excisions. Endovascular cerebral aneurysm repair accounts for the main parts of the hemorrhagic stroke, therefore market would be mainly credited to embolic coils, aneurysm stents and flow diverting devices, remodelling balloons and other associated access devices as well as tiny fragment of the liquid embolics market.
Detachable embolization coil to lead the market growth
The global embolization coil market is segmented based on deployment type and applications. Based on deployment type, the embolization coil market is segmented into detachable and pushable embolization coils. Among these segments, pushable coils led the market and accounted for more than 50% share in 2015; however, owing to higher precision and better safety offered by detachable coils, this segment is expected to surpass pushable coils segment over the forecast years. The disadvantages associated with the deployment of pushable coils such as the possibility of being stuck during sharp curves of the blood vessels, difficulty in mobility once deployed, and possibility of getting jammed in catheters are few of the challenges slowing their adoption rate.
North America dominated the market space owing to higher expenditure on healthcare and availability of technologically advanced treatment facilities
North America led the global embolization coil market in 2015 and accounted for the share of over 42% followed by Asia-Pacific. This is mainly attributed by the availability of advanced healthcare facilities in the U.S. and Canada and higher expenditure on healthcare in the region. North America is expected to maintain its leading share in the global embolization coil market throughout the forecast period. Asia-Pacific is expected to be the fastest growing market for embolization coil, registering a CAGR of around 5% during the forecast period from 2016 to 2023.
Among the major players operating in this market, few profiled in the report include Terumo Corporation, Boston Scientific, Stryker, Medtronic, Sirtex, and Cook Medical.
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