Penumbra to gain market share in peripheral embolisation coils with Ruby XL system: GlobalData
FDA approval of the Ruby XL system expands Penumbra’s peripheral embolisation capabilities, positioning the company for potential market growth, according to GlobalData
Penumbra has announced FDA approval for its Ruby XL system, which includes three coils; Ruby XL, POD XL, and Packing Coil XL. The Ruby XL coil can be used to frame large aneurysms. The POD XL is designed for use in high flow vessels. The Packing Coil XL is designed to adjust to the shape of any vessel up to 70 cm in length. All the three of these coils can be delivered through a 0.035-inch diagnostic catheter. The new system is expected to enable Penumbra to increase its market share in peripheral embolisation coils, according to GlobalData.
According to GlobalData’s US Healthcare Facility Invoicing Database, Penumbra currently holds the majority market share for peripheral embolisation coils. Its new coil system allows for peripheral embolisation procedures to be done on a wider range of aneurysm sizes and in longer vessels. If the Ruby XL coil is widely adopted by physicians, Penumbra may be able to capture half of the entire market.
Amy Paterson, Medical Analyst at GlobalData, comments, “The approval of the new coil could put a bigger gap between Penumbra and its competitors in the market. Physicians may choose Ruby XL coils for their procedures in order to gain better control of large aneurysms.”
Penumbra stated that the Ruby XL system may come with cost savings for consumers as it delivers more volume per coil than other available coils. The average selling price (ASP) of these coils ranges from approximately $900 to $2000. Already in the middle of this range with its current coils, Penumbra has a competitive advantage for new products. If they come in with a competitive ASP, Penumbra may displace competitor coils for relevant procedures.
Paterson concludes, “Penumbra stands to maintain its market lead and possibly increase its market share as purchasing of the Ruby XL system begins. GlobalData will continue to monitor market trends as purchasing picks up. We expect to see facilities begin purchasing these coils this month.”
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