Inferior Vena Cava Market is estimated to reach $1.13 billion by 2024, with a CAGR of 9% during the forecast period 2019-2024. The inferior vena cava is a retroperitoneal vein that runs behind the abdominal cavity. The common iliac veins come together at the lumbar vertebra to form the inferior vena cava, similar to the coronary sinus that joins to form a larger blood vessel. The inferior vena cava filters are used for thromboembolic protection. It has been observed that in the past few years, there has been a rise in the demand of inferior vena cava filter placement procedures. This is because, number of people have realized the importance of these filters in avoiding life threatening situations that can be caused by blood clots.
Product – Segment Analysis
Inferior Vena Cava filters are segmented based on product type as Retrievable and Permanent IVC Filters. Retrievable filters dominate the market due to their increased preference among patients. This is because they do not pose a threat to patient in the long term; and can be removed once the risk of disease has been reduced or altered. Permanent vena cava filters can increase the threat of filter related deep venous thrombosis.
End User – Segment Analysis
Hospitals are estimated to dominate the market owing to the large number of patients being treated for cardiovascular diseases. Hospitals have more skilled professionals to conduct the filter insertion procedures. They also hold higher revenue in this market as compared to other end-users like ambulatory surgical centers and others.
Application – Segment Analysis
Treatment Venous Thromboembolism (VTE) is the major segment by application in the IVC filter market and is projected to grow at a CAGR of 7.3%. This is because filters are majorly being used by patients after diagnosis of a clot. The use of filters as a preventive device is currently low as there is limited knowledge among people. Hence the revenue generated by Preventive PE is less compared to Treatment VTE.
Geography – Segment Analysis
During 2018, North America dominated the inferior vena cava market based on revenue generated. This is owing to the rising number of cardiovascular diseases and the prevalence of blood clots among the geriatric population. Cardiovascular diseases are high in North America due to the sedentary lifestyle of the people. The patients prone to clot formations, are advised to insert IVC filters as a preventive measure. This trend is also said to contribute to the growth of inferior vena cava market.
Drivers – Inferior Vena Cava Market
There is an increased prevalence of cardiovascular diseases among geriatric population. They are more prone to venous thromboembolism which can be treated by the use of Inferior Vena Cava filters. Retrievable filters are more suitable for elderly patients as they reduce the risk of bleeding and other complications. Thus IVC filters are rising in demand among such patients.
The innovations in medical imaging has made the process of IVC filter insertion more simple and effective. The advances in medical imaging will also reduce the risk and improve the accuracy for procedure. Research to make smaller filters and for improving the insertion procedures have increased. The development of technologically advanced IVC Filters is estimated to further boost Inferior Vena Cava market growth.
Challenges – Inferior Vena Cava Market
Currently the cost of IVC filter placement procedures are expensive. A major section of the population cannot afford such high costs. This is said to constrain the growth of Inferior Vena Cava market.
The generic population have limited or no knowledge about the cardiovascular medical conditions and the variety of treatments. They largely rely on medical advice from professionals. Most thrombotic cases are being resolved by anticoagulant drugs, unless in extreme cases where surgery is done. Thus the awareness on availability and use of Inferior Vena Cava Filters is very low.
Inferior Vena Cava Industry Outlook
Research for the development of improved Inferior Vena Cava Filters have been made possible by technological advancements. Also, some companies are adopting strategic alliances to increase their presence in the market. Inferior Vena Cava top 10 companies are Argon Medical Devices, Inc, B. Braun Melsungen Ag, Boston Scientific Corporation, Braile Biomdica, C. R. Bard, Cardinal Health, Inc, Cook Medical, Koninklijke Philip N V, Veniti, Inc, ALN and others.
Inferior Vena Cava Market Research Scope:
The base year of the study is 2018, with forecast done up to 2024. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Inferior Vena Cava market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
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