Global Embolization Coil Market 2019-2023
Many governments are promoting the usage of the embolization coil through state-led initiatives and regulatory approval support by introducing favorable reimbursement policies. In the U.S, the government bodies such as the Medicare and Medicaid provide reimbursements for healthcare under the diagnostic-related group (DRG) and ambulatory payment classification (APC) payments. Physicians are reimbursed through the current procedural terminology (CPT) code for both inpatient and outpatient procedures. Most government and private organization policies cover around 75% of the cost of devices and treatment care. Nowadays, even developing economies such as China and India are also introducing reimbursement policies for the embolization coil. Thus, leading to an increase in procedures and simultaneously demanding for the use of advanced embolization coil. analysts have predicted that the embolization coil market will register a CAGR of almost 5% by 2023.
Increasing incidence of aneurysms
Among the various types of aneurysm, aortic aneurysm and cerebral aneurysm are the most common types of aneurysm affecting the population globally. The brain aneurysm, which is caused due to a bulge of the blood vessel, is the most prevalent aneurysm among people aged 35-40 years. The prevalence rate for an aneurysm is more among smokers and patients with high blood pressure, high cholesterol, arterial defect, and aortic dissection conditions. Therefore, due to increasing incidences of aneurysm, disease diagnosis at an early stage and regular monitoring of patients are essential for identifying, treating, controlling, and limiting disease prevalence. The demand for therapeutic devices such as embolization coil to block the blood flow and prevent aneurysm from rupturing is expected to drive the market growth.
Complications associated with the use of embolization coils
Complications with embolization coils occur due to migration of coil, misplacement of coils, incomplete retrieval of the coil, coil stretching, limited coil length range, and non-target embolization. A few complications that are associated with the use of embolization coil include aneurysmal perforation and rupture, parent artery occlusion, cerebral embolism, coil migration neurological deficits such as stroke and death, and puncture site hematoma. Complications may also arise due to the functioning of the embolization coil due to mechanical failures. Regulatory bodies continue to receive reports related to device malfunction during embolization procedures. Considering all these factors, complications associated with the use of embolization coil may hamper the market growth.
For the detailed list of factors that will drive and challenge the growth of the embolization coil market during 2019-2023, view our report.
The market appears to be moderately fragmented. The presence of several companies, including Boston Scientific Corp. and Cook Group Inc. makes the competitive environment quite intense. Factors such as the increasing incidence of aneurysms and the availability of favorable reimbursement coverage will provide considerable growth opportunities to the embolization coil manufacturers. Johnson & Johnson Services Inc., Medtronic, Stryker Corp., and Terumo Corp. are some of the major companies covered in this report.
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