Neuroendovascular Coils Market Vendors will Find Huge Opportunities in North America During 2020-2024 | Technavio

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Technavio has announced its latest market research report titled Global Neuroendovascular Coils Market 2020-2024 (Graphic: Business Wire)

This report provides a detailed analysis of the neuroendovascular coils market by product (GDC and matrix coil) and geography (North America, Europe, Asia, and ROW). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Balt USA LLC, Braile Biomedica, Cardinal Health Inc., Cook Medical LLC, Johnson & Johnson, Kaneka Corp., Medtronic Plc, Penumbra Inc., Stryker Corp., and Terumo Corp. The increasing frequency of UIA detection is a key trend in the global neuroendovascular coils market which will lead to significant market growth. Technological advances in CTA, MRA, and digital subtraction angioscopy in clinical practices have increased the detection rates of unruptured intracranial aneurysm (UIA). This is increasing the use of neuroendovascular coils in surgical applications. All these factors are leading to a positive outlook for the neuroendovascular coils market.

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Neuroendovascular Coils Market: Segmentation by Geography

The market is segmented into four regions encompassing North America, Europe, Asia, and ROW. North America was the largest market for neuroendovascular coils in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 43% of the market’s growth will originate from North America during the forecast period. The market growth in the region is driven by factors such as the wide availability of technologically advanced coils, the presence of world-class neurosurgery hospitals, easy availability of highly skilled neurosurgeons, and high awareness rate among individuals. The US is the key market for neuroendovascular coils in North America.

Neuroendovascular Coils Market: Segmentation by Product

The neuroendovascular coils market is segmented into two segments based on the product comprising of GDC and matrix coil. The market witnessed increased demand for GDCs from end-users in 2019. GDCs are flexible and are easily available as 2D and 3D coils. Also, they can be easily repositioned and have a superior ability to control detachment tracking and visibility with fluoroscopy. In addition, factors such as the rise in the number of neuroendovascular procedures, rising older adult population, technological advances, and increasing prevalence of cerebral aneurysm are driving the demand for GDCs. These factors are creating significant growth potential in the segment.

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Neuroendovascular Coils Market: Growth Drivers

Technological advances will drive market growth. Over the years, the market has witnessed significant technological improvements in detachable coils, imaging devices, delivery catheters, and other devices such as stents. This has increased the effectiveness of cerebral aneurysm treatment worldwide. Such advances have been encouraging market vendors to develop a wide range of neuroendovascular coils with different sizes, multi-dimensions, biological inertness, complex shapes, and scratch resistance to prevent recanalization. Thus, technological advances are expected to influence the growth of the global neuroendovascular coils market during the forecast period.

Neuroendovascular Coils Market: Market overview

The neuroendovascular coils market is concentrated with the presence of a few domestic and international players. Vendors in the market are increasingly focusing on introducing new products and acquiring other players to gain a competitive edge. Balt USA LLC, Braile Biomedica, and Cardinal Health Inc. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, growing complications associated with neuroendovascular coiling will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Market Sizing Methodology

Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)

Neuroendovascular coils Market: Parent Market Overview

Technavio categorizes the global neuroendovascular coils market as a part of the global healthcare supplies market that primarily covers manufacturers of medical products, including all categories of supplies such as consumables and disposables like safety needles, syringes, and catheters. The parent, global healthcare supplies market, covers products and companies engaged in the R&D of a variety of product categories spanned across medical consumables that are used for the diagnosis and treatment of various diseases.

Growth in the global healthcare supplies market will be driven by the increasing life expectancy of individuals worldwide.

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