Neuroendovascular Coil Market Global Forecast to 2026
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Neuroendovascular Coil Market Drivers
Introduction of novel neuroendovascular coils into the market is expected to be a major driver for growth of the global neuroendovascular coil market. For instance, in 2017, Three Rivers Medical, Inc. received CE marking for its latest Rio Embolization Coil System. Rio Embolization Coil System is designed for endovascular embolization of intracranial aneurysms and other neurovascular abnormalities such as arteriovenous fistulae and arteriovenous malformations. In January 2018, Cerenovus, which is a part of the Johnson & Johnson launched its latest Galaxy G3 mini coil, a next generation embolic coil that can be used for the endovascular treatment of cerebral aneurysms and hemorrhagic stroke. In 2017, Cerenovus received 510 (k) clearance for Galaxy G3 mini coil from the U.S. Food and Drug Administration (FDA). In 2017, Medtronic Plc. launched its latest Concerto 3-D Detachable Coil System at the Cardiovascular and Interventional Radiological Society of Europe (CIRSE) Meeting.
Strategic mergers and acquisitions by key players in the neuroendovascular coil market is also expected to boost growth of the global neuroendovascular coil market over the forecast period. For instance, in 2015, Medtronic Plc. acquired Medina Medical for US$ 150 million to widen its product portfolio with Medina Medical’s neuroendovascular coil. Furthermore, the increasing prevalence of brain aneurysms is also expected to increase the demand for neuroendovascular coils for its treatment. For instance, according to the data published by Brain Aneurysms Foundation in 2017, around 6 million people or one in every 50 people in the U.S. are suffering from brain aneurysm and around 30,000 people in the U.S suffers from brain aneurysm annually.
Neuroendovascular Coil Market Restraint
The launch of alternatives to neuroendovascular coil such as stents, liquid agents, and flow diversion devices are expected to hinder growth of the global neuroendovascular coil market over the forecast period. For instance, in 2017, Stryker Corporation received the U.S. Food and Drug Administration approval for its latest Neuroform Atlas Stent System for the treatment of wide neck aneurysms.
Neuroendovascular Coil Market Regional Analysis
North America is expected to hold a dominant position in the global neuroendovascular coil market over the forecast period, owing to the presence of key players in the region and rapid product launches by them. For instance, Medtronic Plc., Stryker Corporation, and Johnson and Johnson are the U.S.-based key players and in 2015, Codman Neuro, which is a part of DePuy Synthes Companies of Johnson & Johnson, launched a latest platform of embolic coils indicated for the treatment of brain aneurysms. Furthermore, Asia Pacific is expected to show a significant growth in the near future due to increasing approval of novel neuroendovascular coils in the region. For instance, in 2012, Penumbra, Inc. received Shonin approval by the Japanese Ministry of Health, Labor, and Welfare for its new Penumbra Coil 400. Penumbra Coil 400 is a novel endovascular coiling technology indicated for the treatment of intracranial aneurysms. Such approvals are expected to drive growth of the neuroendovascular coil market in Asia Pacific.
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Neuroendovascular Coil Market Key Players
The major players operating in the neuroendovascular coil market include Medtronic Plc., Three Rivers Medical, Inc., Stryker Corporation, Johnson & Johnson, Cardinal Health Inc., Penumbra, Inc., Boston Scientific Corporation, Cook Medical Inc., and Terumo Corporation. Key players in the market are focusing on frequent launches of innovative products. For instance, in 2013, Terumo Interventional Systems launched its new Detachable Azur CX Peripheral Coil System at the 11th Vascular InterVentional Advances Conference (VIVA).
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