LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global inferior vena cava (IVC) filter market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Srinivas Sashidhar, a lead analyst from Technavio, specializing in research on cardiovascular devices sector, says, “IVC filters are used in a wide range of applications, including PADs, DVT, and PE cases. The market is driven by the factors such as rising older adult population, rising chronic disorders such as diabetes, and PVDs.”
Market research analysts at Technavio predict that the global IVC filter market will grow steadily over the next four years and post a CAGR of over 11% by 2021. The increase in popularity of MI surgeries has increased the demand of IVC filters, as the procedures ensure shorter hospital stay and faster recovery. The growing incidence of CVDs like coronary artery diseases (CADs), carotid artery stenosis, renovascular diseases, and myocardial infarction is driving the market growth.
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The top three emerging trends driving the global IVC filter market according to Technavio research analysts are:
Paradigm shift from permanent to retrievable IVC filters
With the increasing incidence of migration of IVC filter in the individual's body, the US FDA has issued guidelines for using retrievable IVC filters in the treatment of DVT and PE cases. The higher mortality rate associated with PE cases has contributed to the rise in the use of IVC filters. The complications associated with the IVC filters has led to the lawsuits against the key vendors operating in the market.
“Studies are performed using the IVC filters for monitoring the success rate in the individuals. The US FDA recommended for the removal of retrievable filters within 29-54 days,” according to Srinivas.
Emergence of digital cath labs in hospitals
Cardiac catheterization laboratories or simply cath labs in the hospitals conduct both diagnostic and therapeutic procedures. The cath labs are used to conduct medical procedures such as the monitoring of blood flow and heart pressure. The advances in technology such as robot-assisted catheterization have helped in the advancement of the digital imaging system.
These laboratories specialize in diagnostic services for outpatient procedures in hospitals, ASCs, and physicians' clinics. The availability of a combination of cardiac catheterization and post-procedure recovery area in the same system can help to minimize the overall associated expenses.
Strategic acquisition of business segments
The most common scenario witnessed in the medical device sector is the acquisition of companies and business segments to facilitate the expansion of the product line. Market giants acquire the business segments of the smaller companies, which helps them with increased sales and higher revenue generation.
The peripheral vascular market has been witnessing the same scenario over the time. Market leaders in the business are acquiring business segments of the smaller companies, which poses a threat to the new entrants in the market.
The key vendors are as follows:
- Boston Scientific
- Cardinal Health
- Cook Medical
- C. R. Bard
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