New York , Oct. 26, 2023 (GLOBE NEWSWIRE) -- The global embolization coils market size is estimated to attain at 6% CAGR from 2023 to 2035. The market is expected to garner a revenue of USD 3 billion by the end of 2035, up from a revenue of USD 2 billion in the year 2022. Growing cases of cancer are the major factor that is driving the market growth of embolization coils. Embolization coils are used in the procedure called embolization which is used to treat conditions caused by or related to cancer. In some cancerous tumors, especially liver and kidney tumors, there is an abundance supply of blood and enabling the nutrient enrichment to the tumor. Embolization coils are used to block the supply of blood to these tumors. This whole process is called embolization and it is in various cancer treatments.
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Embolization Coils Market: Key Takeaways
- Market in North America region to propel the highest growth
- The Neurology segment to garner the highest growth
- Market in Europe region to grow at the highest rate
Growing Preference for Minimally Invasive Surgical Procedures is to Boost the Growth of the Embolization Coils Market
Embolization coils are majorly used in minimally invasive procedures to treat various medical conditions. These coils are utilized to block or occupy blood vessels. For instance, in the treatment of an Aneurysm, the coils are inserted into the aneurysm through a catheter and help induce clotting, reducing the risk of rupture. Over the 16-year period, total average residency case volumes for the procedures analyzed increased from 270 to 368 (36%), with MIS accounting for a growing share of these cases. The use of embolized coils in minimally invasive surgeries aids the reduction of the need for surgical procedures, improves the patient’s treatment course, and boosts the healing process leading to faster recovery.
Embolization Coils Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Expenditure by People on Healthcare is to Elevate the Growth of the Market in the North American region
The embolization coils market with the growing healthcare spending, the region has a better capacity to invest in advanced medical technologies and procedures, which can lead to the identification of medical conditions that may benefit of medical conditions that may benefit from embolization procedures. In 2021, healthcare spending in the United States has increased by 2.7 percent to USD 4.3 trillion, or USD 12,914 per person. Health spending accounted for 18.3 percent of the nation's Gross Domestic Product. Furthermore, the increasing prevalence of cancer in the region is also expected to drive market growth.
Surge in Number of Surgical Procedures is to Boost Market Growth in Europe
Every year, over six million new cases of cardiovascular diseases are diagnosed in the European Union, and more than 11 million in Europe as a whole. The main CVD risk factors remain smoking, alcohol intake, and mean blood cholesterol levels. The rising cases of CVD increase the use of embolized coils in specific situations, some people with cardiovascular disease develop vascular malformations, such as arteriovenous malformations in the cardiovascular systems. Embolized coils can be applied to block the abnormal vessels associated with these malformations and thus help manage the overall condition. In addition to this, the rising cases of surgical procedures are also expected to boost the market growth of embolization coils in the region.
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Embolization Coils Segmentation by Material
- Platinum
- Platinum & Hydrogel
- Platinum Tungsten Alloy
Embolization Coils Segmentation by Application
- Neurology
- Cardiology
- Urology
- Oncology
- Peripheral Vascular Diseases
On the basis of application, embolization coils are majorly used in the neurology department. The growth of the segment is majorly attributed to rising cases of neurological disorders. The number of deaths from neurological disorders has increased by over 40% in the last 30 years. Moreover, one in every three people suffers from a neurological condition at some stage in their lives. Moreover, the regulatory bodies addressing human health have released a Global Action plan that has the ability to immediately help more than 400 neurological diseases. This enhances the public health outcomes for a wide range of illnesses of the central and peripheral nervous systems linked to the brain.
Embolization Coils Segmentation by Type
- Detachable Coil
- Pushable Coil
Embolization Coils Segmentation by End User
- Cardiac Center
- Hospitals
- Ambulatory Center
On the basis of end users, the hospital segment is expected to gain a notable share of the market over the forecasted period. A rise in the number of hospital admissions and heavy investment to establish new hospitals are the few factors that are expected to drive the growth of the segment. Over 34 million hospital admissions are expected in the United States in 2021. Moreover, the admissions rose to around 37 million every year.
A few of the well-known market leaders in the global embolization coils market that are profiled by Research Nester are Boston Scientific Corporation, DePuy Synthes, Medtronic, ST. Jude Medical, Sirtex, Cook Medical, Cordis Corporation, Johnson & Johnson Services, Inc., and Shape Memory Medical, Inc.
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Recent Developments in the Embolization Coils Market
- Stryker Corporation has announced it received approval for the Neuroform Atlas Stent System from the U.S. Food and Drug Administration. Neuroform Atlas Stent System is used for the posterior part of the brain and especially for circulation. The stent system makes the treatment more feasible in the long term.
- Boston Scientific Corporation has announced the launch of the EMbold Soft and Packaging detachable coil system. These coils are made up of nitinol in order to eliminate the risk of kinking and can be efficiently applied in embolization operations. However, these coils are to be used under a lot of precautions, such as delivery wire cannot be rotated by more than 360 degrees.
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