Neuro Coil Market Size, Trends, Analysis, Growth - Forecasts To 2026
Global Neuro Coil Market Insights
The global neuro coil market is estimated to witness a moderate CAGR during the forecast period. Neuro coils are generally used for the treatment of brain aneurysm. Neuro coils are used to prevent blood flow in aneurysm. The coiling is performed for treatment of ruptured and unruptured aneurysms. The major factors causing brain aneurysm are heavy alchol consumption, drug abuse, certain blood infection, smoking, blood pressure and low estrogen level among other factors.
Major factors driving the growth in the neuro coil market include increasing investments by government organizations in the healthcare industry, high incidence of brain aneurysms, rapidly ageing population and increasing number of stroke patients among others. Moreover, favorable medical reimbursements policies, growing awareness about health in developing countries, technological advancements in medical field are expected to have a significant positive impact on market growth. Complications involved in the treatment, strong competition among the neuro coil manufacturers and limited availability of skilled neurosurgeons are some factors likely to hinder growth in the market during the forecast period.
Neuro Coil Market: By Type
The global neuro coil market can be segmented on the basis of type into guglielmi detachable coils (GDC) and matrix coils. The GDC type neuro coil consists of a soft platinum coil which is attached to a stainless steel delivery wire. The GDC coil provides the interventionalist the ability to insert a coil into blood vessel and assess its position. GDC coils are easily detachable compared to matrix coil system. The detachable GDC coil segment is expected to dominate the market during the forecast period.
Neuro Coil Market: By Metal Type
The global neuro coil market can be segmented on the basis of metal type into nitinol, platinum, nickel, iridium, and tungsten. Metals used in construction of coils and are usually developed as alloys to reach optimal strength. Metal alloys are efficient and safe for patients. The platinum segment is expected to grow at a significant CAGR rate during the forecast period. The relative strength of platinum metal is 92%. This property of platinum metal is expected to fuel the market growth during the forecast period.
Neuro Coil Market: By Structure
The global neuro coil market can be segmented on the basis of structure into primary (1°), secondary (2°), and tertiary (3°). The coil is created by undergoing a series of transformations from a primary to secondary to tertiary structure. The primary structure is the “stock” wire, which is fabricated in linear form. The secondary (2°) structure has important implication for both stiffness and packing attenuation. To meet the market demand, manufacturers are focusing on second structure coils than primary and tertiary. The secondary (2°) segment is expected to grow at the significant CAGR during the forecast period.
Neuro Coil Market: By End-Use
The global neuro coil market can be segmented on the basis of end-use into hospitals, stroke center, and ambulatory surgical center. The hospital segment held the largest market share in end-use industry. Increasing number of hospitals and adoption of new technologies, government policies are expected to fuel the market growth during the forecast period.
Neuro Coil Market: Regional Insights
North America is expected to hold the largest market in terms of revenue in the global neuro coil market. North America was followed by Europe and expected to grow significantly over the forecast period. Growing awareness about health and increasing number of hospitals are expected to fuel the market in these regions. Asia Pacific is expected to grow at a rapid pace with a high CAGR during the forecast period due to growing healthcare industry, rapid expansion of population and increasing favorable medical reimbursements policies.
Neuro Coil Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Neuro Coil Market: End-User Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or likely to purchase neuro coil such as El Camino hospital, Fortis Memorial Research Institute, Cleveland Clinic, and Anadolu Medical Center among others.
Neuro Coil Market: Share & Competitor Analysis
Some key players operating in the Neuro Coil market are Kaneka Corporation, MicroVention TERUMO, Caribou Technologies, Stryker, Cirtec Medical, Shannon Microcoil, Mentice, Medtronic, Achieva Medical, and Invivo, a Philips company among others
Please note: This is not an exhaustive list of companies profiled in the report.
In March, 2018, BALT USA, LLC announced that it has received 510(k) clearance for the Optima Coil System and completion of first clinical cases in the United States.
In September, 2017, Medtronic has expanding its embolization product portfolio with the launch of the Concerto 3D detachable coil system.
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The global Neuro Coil market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Neuro Coil market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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