The Worldwide Vena Cava Filters Industry is Expected to Reach $1.3+ Billion by 2026
DUBLIN, Aug. 27, 2021 /PRNewswire/ -- The "Vena Cava Filters Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global vena cava filters market is expected to grow at a CAGR of 6.89% to reach market size of US$1,316.292 million by 2026, increasing from US$825.711 million in 2019. Vena Cava filters are designed to protect, embolism or clotting in the lungs (pulmonary embolism) during a surgical intervention. The deployment of the filters is done either through the superior vena cava (large vein from the upper part of the body to the heart) or inferior vena cava (large vein from the lower half of the body to the heart). These filters are designed to be considered by patients who cannot undergo anticoagulation due to diverse reasons. The vena cava filters are either permanently placed or are retrievable, depending on their use to prevent the recurrence of pulmonary embolism.
A surge in the geriatric population, sedentary lifestyles and lifestyle-related conditions, and higher disease prevalence leading to increased instances of Deep Venous Thrombosis (DVT) are some of the factors contributing to the increasing demand for vena cava filters in the years to come. According to the United Nations, in 2019, the geriatric population was 703 million persons, nationwide. The number of older persons is projected to double to 1.5 billion in 2050, this will fuel the market growth during the forecast period as the geriatric population is more likely to require vena cava filters to combat lung-related problems. In addition, the increasing number of patients suffering from cardiovascular conditions and the rising demand for minimally invasive techniques, especially for cardiovascular conditions, will drive the market growth. According to the World Health Organization, cardiovascular diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year. The increasing incidence of such diseases will support the market growth of the vena cava filters market as more patients will require it for their treatment.
Furthermore, the favorable reimbursement policies in both developed and developing countries are also expected to increase the demand and adoption of vena cava filters in the market. Also, the advances in healthcare technology and the introduction of sophisticated devices will further propel the market growth during the forecast period.
By filter type, the retrievable filter segment is expected to hold a significant market share as patients prefer those over the Permanent filters since they can easily be retrieved once the purpose has been served. By intervention type, the inferior vena cava filters hold dominant market share, due to the presence of cases linked to the lower limb DVTs, they are in high demand and are responsible for about 90% of pulmonary embolisms. Geographically, North America and Asia Pacific regions are estimated to hold a notable market share owing to the increasing incidence of cardiovascular diseases and the rising geriatric population in the regions. The market share of Europe is expected to grow during the forecast period due to the increasing adoption of inferior vena cava filters in the country.
Growth Factors.
- Increase in minimally invasive surgeries and advancement of medical imaging procedures.
The increase in the number of patients suffering from cardiovascular diseases is expected to drive the demand for minimally invasive surgeries, which, in turn, will increase the demand for vena cava filters in the market. The development of digital catheterization laboratories will contribute towards the advancement of medical imaging procedures, further strengthening the market growth. Also, the increasing awareness among the patients regarding these procedures will increase the demand during the next few years.
Restraints.
- High costs.
The vena cava filters treatment is a costly treatment which makes it unaffordable for a majority of patients. The patients residing in developing countries are unable to afford this treatment due to the high procedure costs associated with this. This may restrain the market growth as many patients will not be able to go forward with this treatment which will result in decreasing the demand for the filters in the long run. This could pose a challenge for the key market players.
COVID-19 Impact
The Covid-19 pandemic moderately impacted the global vena cava filters market as due to the nationwide lockdown restrictions; many patients deferred their ongoing treatments to avoid public places which hampered the market growth. However, the patients who required the treatment on an urgent basis did go forward with the treatment kept the market growth stable. Also, the patients suffering from cardiovascular diseases witnessed a huge spike in numbers due to being affected by the virus, which resulted in the increasing demand for vena cava filters which in turn, resulted in balancing the market growth despite the novel coronavirus pandemic outbreak.
Competitive Insights
The market leaders for the global vena cava filters market consists of ALN International, Inc., Argon Medical Devices, B. Braun Medical, Inc., Contego Medical, Inc., Medtronic, Inc., Johnson & Johnson, Boston Scientific Corporation, Cook Medical, Cordis Corporation, Bard Peripheral Vascular, Inc., and Straub Medical AG. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors and to remain the market leaders. For Instance, in April 2021, Argon Medical Devices launched Halo single-loop snare kits, in the United States, to provide both accuracy and reliability when retrieving and manipulating foreign objects from the cardiovascular system or hollow viscus.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Vena Cava Filters Market Analysis, By Filter Type
5.1. Introduction
5.2. Permanent/Non-Retrievable Filter
5.3. Retrievable Filter
6. Vena Cava Filters Market Analysis, By Intervention Type
6.1. Introduction
6.2. Inferior Vena Cava Filter (Maximum use)
6.3. Superior Vena Cava Filter
7. Vena Cava Filters Market Analysis, By Geography
8. Competitive Intelligence
8.1. Competitive Benchmarking and Analysis
8.2. Recent Investment and Deals
8.3. Strategies of Key Players
9. Company Profiles
9.1. ALN International Inc.
9.2. Argon Medical Devices
9.3. B. Braun Medical Inc.
9.4. Contego Medical, Inc
9.5. Medtronic, Inc.
9.6. Johnson & Johnson
9.7. Boston Scientific Corporation
9.8. Cook Medical
9.9. Cordis Corporation
9.10. Bard Peripheral Vascular, Inc.
9.11. Straub Medical AG
For more information about this report visit https://www.researchandmarkets.com/r/9gc0q6
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