North America Micro Coils Market
North America region includes countries such as the US, Canada, and Mexico. All the three countries in the region are witnessing a substantial development in the micro coils market. North America has largest market share of the Micro Coils market, by region. The market in the region is expected to grow significantly due to the rise in the number of FDA approvals to companies manufacturing micro coils. Increase in the prevalence of the brain aneurysm in US and Mexico. Whereas the rise in the number of cardiovascular diseases in Canada are likely to grow the market in the forecast period. Increasing prevalence of cardiac aneurysm and growing incidence of neurovascular diseases are the major factor driving the growth of the North America micro coils market.
In case of COVID-19, North America is highly affected specially the US. In the US, due to an increasing number of infected patients, healthcare professionals and leading organizations are distracting the flow of healthcare resources from research & development to primary care, which is slowing down the process of innovation. According to Society of Thoracic Surgeons, Cardiovascular surgery volumes in the United States fell by more than half during the COVID-19 pandemic’s first wave, with the biggest drops observed in the New England and mid-Atlantic regions. The exorbitant number of COVID cases have resulted in cancellation of doctor's appointment, decreased in demand for the elective neurosurgery, disruption in supply chain due to long period of lockdown. For instance, Medtronic plc, a company that generates the majority of its sales and profits from the U.S., has suffered a decrease in revenue of 1 percent in the fiscal year 2020 compared to the fiscal year 2019 in the neurovascular category.However, most of the countries in the North America has started vaccinating its population on a larger scale. This is expected to lower the intensity of COVID19 pandemic in the region. Owing to which the patients post vaccination are undergoing the pending medical procedures such as the surgeries, vascular treatments, and others. The healthcare systems in the region has regained its capacity since the start of the pandemic. The patient care has been improving as compares to the earlier time of the pandemic where in the line of treatments was not well defined. However, the development of the treatments and reductions in the death rate has gained confidence in the doctors and patients. Thus, it is expected to have low negative impact on the Micro Coil market in the region.
Strategic insights for the North America Micro Coils provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 488.31 Million |
| Market Size by 2028 | US$ 660.98 Million |
| Global CAGR (2021 - 2028) | 4.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Micro Coils refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The North America micro coils market is expected to grow from US$ 488.31 million in 2021 to US$ 660.98 million by 2028; it is estimated to grow at a CAGR of 4.4% from 2021 to 2028. Rising number of product approvals and launches is expected to surge the market. Extended functionalities and technologies incorporated in new devices are expected to rise in demand for micro coils across the region. In December 2020, Terumo Corporation announced a launch of WEB Embolization System. According to the company, WEB is the first intrasaccular flow disruptor device available in the market. The device is specially designed for the treatment of brain aneurysm. Further, in January 2018, Cerenovus announced a launch of next generation embolic micro coil for the treatment of stroke and cerebral aneurysms. Moreover, in December 2019, Kaneka Corporation launched an advanced micro coil for embolization of brain aneurysms. According to the company, the coils archive highest level of flexibility in the world. Such product introductions are estimated to offer a lucrative opportunity for North America market growth. Some of the market players are focusing on conducting awareness programs to spread information about benefits of micro coils. Such programs are also expected to offer a favorable environment for the product demand, which will eventually drive the North America market growth.
In terms of type, the pushable coils segment accounted for the largest share of the North America micro coils market in 2020. In terms of material, the platinum segment held a larger market share of the North America micro coils market in 2020. In terms of application, the others segment held a larger market share of the North America micro coils market in 2020. Further, the hospitals segment held a larger share of the North America micro coils market based on end user in 2020.
A few major primary and secondary sources referred to for preparing this report on the North America micro coils market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Balt USA LLC; Boston Scientific Corporation; Classic Coil Company; Cook Medical LLC; Johnson and Johnson Medical Devices (Depuy Synthes); KANEKA CORPORATION; Medtronic; Penumbra, Inc.; Stryker Corporation; and Terumo Corporation.
The North America Micro Coils Market is valued at US$ 488.31 Million in 2021, it is projected to reach US$ 660.98 Million by 2028.
As per our report North America Micro Coils Market, the market size is valued at US$ 488.31 Million in 2021, projecting it to reach US$ 660.98 Million by 2028. This translates to a CAGR of approximately 4.4% during the forecast period.
The North America Micro Coils Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Micro Coils Market report:
The North America Micro Coils Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Micro Coils Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Micro Coils Market value chain can benefit from the information contained in a comprehensive market report.
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