DUBLIN--(BUSINESS WIRE)--The "Inferior Vena Cava (IVC) Filter Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The inferior vena cava filter market is expected to grow at a CAGR of over 10% during the period 2019-2025.
The study considers the present scenario of the inferior vena cava filters market and its market dynamics for the period 2019-2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The study offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent companies operating in the market.
The global inferior vena cava filter market is to grow steadily during the forecast period. The growth can be attributed to the high prevalence of Pulmonary Embolism (PE) across the world. According to the WHO, the incidence of PE is between 0.75 and 2.69 per 1,000 individuals per year globally. Epidemiological studies reported that more than 1 million people in the US are affected by PE annually, with approximately 100,000-200,000 PE fatalities. The overall healthcare expenditure on PE is estimated to be over $1.5 billion per year in the US alone.
Key Questions Answered:
- What are the growth trends, opportunities, and restraints impacting the IVC filter market?
- What are some technological improvements in inferior vena cava filter and healthcare segment?
- What are the strategies of major competitors and their market shares in IVC filter market?
- How will the hospital segment growth be likely in the IVC filter market during the forecast period?
What is the growth of North America market during the forecast period?
Factors such as the growth in the aging population, consumption of junk foods, and the growth in the smoking population, the rise in lifestyle-related diseases, including obesity are increasing the prevalence of PE at a steady rate. Hence, the growing demand for optional & retrievable IVC filters and the increasing availability of innovative approaches for placement/retrieval are expected to drive the growth of the global IVC filter market. Moreover, the development of advanced devices, including bioconvertible, convertible, and combination IVC filters and central venous catheters is another primary factor driving the uptake of IVC filters worldwide. However, frequent product recalls due to safety concerns, coupled with the stringent regulatory process, are hindering the growth prospect of the global IVC filter market.
In 2019, North America accounted for 44% share of the global IVC filter market. The region is likely to witness an absolute growth of around 80% during the forecast period. The US is the major revenue contributor to the North America market and accounted for a share of 94% in 2019. The North American inferior vena cava filter market has become strategically important for several prominent players such as Cardinal Health, BD, Cook Medical and others. The market in this region is characterized by its high penetration of advanced treatment solutions for several vascular diseases due to the aging population and advances in technology.
Europe is the second largest market for vena cava filters. It is growing at a healthy rate and is expected to grow at a similar pace during the forecast period. The increasing incidence of PE, mainly in the growing aging population, rapid adoption of advanced vena cava filters and high healthcare expenditures are driving growth in Europe. It is estimated that more than 15% of the population in Europe is aged 65 years and above. The region is projected to remain the most aged one in the coming decades, with approximately 34% of the population projected to be aged 60 years or over in 2050. Hence, such a geriatric population is at a high risk of developing cardiac diseases, which leads to an increasing demand for vena cava filters in the region.
The APAC inferior vena cava filter market is growing at a significant healthy rate. The growth is due to the presence of a large pool of patient population, improvements in healthcare infrastructure, and increased healthcare expenditure. APAC serves as an attractive market destination for many global and local vendors. The healthcare system is undergoing rapid transformations with favorable support from government organizations. Japan, Australia, and South Korea are the major revenue contributors to the inferior vena cava filter market. In addition, healthcare providers are focusing on providing advanced care to patients, thereby contributing a high demand for IVCFs.
Opportunities & Trends
- Expanding Indications For IVC Filters
- Emergence Of Advanced/Innovative IVC Filters
- Increasing Incidence Of Pulmonary Embolism
- Innovative Approaches For IVC Filter Placements/Retrievals
- High Demand For Retrievable IVC Filters
Rapid Technological Advancements
- Risks & Complications Associated With IVCFs
- Product Recalls Due To Safety Concerns
- High Cost Of IVCFs
Introduction Of Stringent Regulations
Key Company Profiles
- Cardinal Health
- Cook Medical
- B. Braun Melsungen
Other Prominent Vendors
- Argon Medical Devices
- Braile Biomdica
- Lifetech Scientific
For more information about this report visit https://www.researchandmarkets.com/r/bn4fcn