Micro Coil Market Size, Trends and Growth Analysis by 2027

The Micro Coil Market was valued at approximately US$ 836.30 million in 2021 and is anticipated to grow to US$ 1,151.53 million by 2028, reflecting a compound annual growth rate (CAGR) of 4.7% during the period from 2021 to 2028.

The expansion of the Micro Coil market can be primarily attributed to the increasing prevalence of cardiac aneurysms and the rising incidence of neurovascular disorders. Nevertheless, the market may face challenges due to the high costs associated with embolization or micro coils throughout the forecast period.

Micro coils, also known as embolization coils, are minimally invasive devices utilized for diagnosing and treating conditions from within blood vessels. This procedure employs continuous X-ray visualization along with high-speed radiographic filming techniques. Following the procedure, catheters are removed, and patients are typically transferred to Intensive Care Units for monitoring and additional care. These micro coils are crafted from soft platinum, platinum tungsten alloy, and a combination of platinum and hydrogel, and they are designed in a spring-like shape.

Cardiovascular diseases (CVDs) continue to be a leading cause of morbidity and mortality globally. Common CVDs include heart failure, stroke, rheumatic heart disease, aortic aneurysm, and peripheral artery disease. Factors contributing to the rise in CVD incidence include unhealthy dietary habits, tobacco use, sedentary lifestyles, and alcohol consumption. According to the World Health Organization (WHO), CVDs are the leading cause of death worldwide. In 2020, the Centers for Disease Control and Prevention (CDC) reported that a death occurs every 36 seconds in the United States due to CVDs, with an estimated 850,000 heart attack cases reported annually. Furthermore, the American Heart Association (AHA) indicated that approximately 121.5 million adults in the U.S., nearly half of the adult population, are affected by CVDs.

Cardiac aneurysms are primarily caused by blockages in the aortic artery, which can also occur in the chest or abdomen. The prevalence of cardiac aneurysms is on the rise globally. A study published by the Society for Vascular Surgery (SVS) in 2020 noted that thoracic aortic aneurysms occur in 6 to 10 individuals per 100,000 in the U.S.

The COVID-19 pandemic has posed significant challenges worldwide, particularly in developing nations, as it has disrupted global trade and reduced imports. The pandemic has adversely affected various sectors, including pharmaceuticals, medical devices, research and development, and more. Micro coil devices are essential in numerous surgical procedures, and the uncertainty surrounding the pandemic led to shortages of various surgical devices and consumables. Hospitals faced difficulties managing medical devices for both in-house patients and those affected by COVID-19. In response, market players have focused on enhancing production capacities to meet demand.

The micro coil market is categorized based on the type of micro coil into detachable coils and pushable coils. In 2021, the pushable coils segment held a larger market share and is expected to exhibit the highest CAGR during the forecast period, driven by the increasing adoption of pushable micro coil systems in surgical applications.

In terms of material, the global micro coil market is divided into platinum, platinum tungsten alloy, and platinum & hydrogel. The platinum segment dominated the market in 2021 and is projected to achieve the highest CAGR during the forecast period, owing to the benefits of platinum micro coil systems, including their thrombogenicity, softness, and flexibility in surgical procedures.

When considering applications, the micro coil market is segmented into oncology, urology, and others. The others segment held the largest market share in 2021 and is expected to register the highest CAGR during the forecast period.

Regarding end users, the micro coil market is classified into hospitals, ambulatory surgical centers, and others. The hospitals segment accounted for the largest share in 2021 and is projected to experience the highest CAGR during the forecast period.

Key sources for this report include the Centers for Disease Control and Prevention, the European Union, the National Health Service, the Food and Drug Administration, the World Health Organization, and the American Heart Association.