Inferior Vena Cava Filter Market

Inferior Vena Cava Filter Market Size (2023 to 2028)

The global inferior vena cava filter market is projected to display a CAGR of 9.42% from 2023 to 2028. The size of the market is predicted to be USD 1232.7 million by 2028 from USD 785.9 million in 2023.

The IVC filters are small cone-shaped devices inserted in the inferior vena cava just below the kidneys. The inferior vena cava (IVC) is a large vein that sends deoxygenated blood from the lower and middle-level body into the heart's right atrium. Based on the patients, these devices are inserted either permanently or temporarily. Over the years, clinicians have used the recent IVC filter technologies as an alternative to anticoagulants to minimize mixing mortality due to pulmonary embolism. The IVC filters are used in patients when anticoagulant therapy cannot be effective at the risk of pulmonary embolism. The surveillance conducted by the U.S. Food and drug administration provided information about the execution of IVC filters associated with the risk of pulmonary embolism.

MARKET DRIVERS:

The growing number of patients diagnosed with cardiovascular diseases and rising demand for optional & retrievable IVC filters propel the Inferior vena cava filters market growth.

The growing preference for minimally invasive surgeries with advancing medical imaging procedures worldwide drives the global inferior vena cava filter market growth. Also, increasing innovative approaches for retrieval/patient and developing digital catheterization laboratories favor market growth. In addition, increasing awareness among the people about the inferior vena cava filter treatments and government initiatives and investments to establish advanced infrastructure facilities are projected to propel the market growth of the inferior vena cava market during the forecast period.

MARKET RESTRAINTS:

The Inferior vena cava treatment involves higher-cost procedures, which is the major challenge restraining market growth. In addition, the lack of awareness in emerging countries of people in rural areas about IVC treatment is a challenge for the inferior vena cava filter market growth.

Impact of COVID-19 on the global inferior vena cava market:

COVID-19 is an infectious disease that spreads quickly from person to person. The World Health Organisation publicly proclaimed the spread of the virus to be a pandemic. The sudden outbreak of covid-19 has positively and negatively impacted the pharmaceutical and manufacturing industries. Covid-19 was introduced as a regional pandemic, and it became a global issue and has kept many lives at risk. As a result, the government imposed Lockdown and made strict guidelines and a ban on transportation to stop migration from other countries. Because of the sudden implementation of the Lockdown, the inferior vena cava filtering treatments had been postponed as the world was focussing on fighting against the Novel coronavirus.

The unlock of Lockdown has positively impacted the inferior vena cava market. There has been an increase in the number of patients, which has led to the demand for IVC filters. The manufacturers in the market are focussing on manufacturing IVC filters to meet the customers' needs. The retrievable IVC filters market segmentation is witnessed for the estimated majority market share. However, the market is anticipated to register a better share in the coming years.

REPORT COVERAGE:

This research report on the global inferior vena cava filter market has been segmented and sub-segmented into the following categories.

Inferior Vena Cava Filter Market - By Application:

• Treatment of Venous Thromboembolism
• Preventive Pulmonary embolism

Based on the application, the venous thromboembolism segment held the largest market share in 2022 and is predicted to continue its dominating trend throughout the forecast period. Venous Thromboembolism's treatment includes injectables, such as heparin or low molecular heparin, and tablets like apixaban, dabigatran, and edoxaban warfarin, and this medication must be used for months.

Inferior Vena Cava Filter Market - By Product Type

• Retrievable IVC
• Permanent IVC

Based on the product type, the retrievable IVC filter segment is anticipated to register the lead in the market during the forecast period. Rising presence for optional IVCFs as they provide flexibility to remove IVCFs based on the patient's requirements. Physicians adopt retrievable IVCs because of easy insertion. However, these devices have higher device complications in the long run.

Inferior Vena Cava Filter Market - By Material:

• Non-Ferromagnetic Material
• Ferromagnetic Material

Based on the material, the non-ferromagnetic material segment is expected to hold a significant market share during the forecast period. This is because non-ferromagnetic material does not contain iron; these are widely used components globally.

Inferior Vena Cava Filter Market - By End User

• Hospitals
• Ambulatory Surgical Centers
• Others

Based on the end-user, the hospital segment recorded 84% of the global IVC filters market in 2022; the hospitals use advanced IVC filters as the retrieval options, improve healthcare infrastructure, and improve healthcare spending and investments by the governments of the market growth of the hospital segment.

Inferior Vena Cava Filter Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Geographically, the North American market is forecasted to dominate the global market closely, followed by Europe during the forecast period. The high geriatric population and snowballing cases of cardiovascular diseases are the primary growth factors for the Western markets. Growing patient awareness of the treatments for cardiovascular diseases makes the potential for market expansion in Asia massive. The U.S. is the major contributor to the North American market growth. North America recorded a 44% global market share of the IVC filter market, which is expected to increase by around 80% during the forecast period.

The European market was the second-largest regional market globally in 2022 and is estimated to witness a healthy CAGR during the forecast period. Factors such as increased PE incidence and a rising geriatric population in this region will likely improve the market growth. Moreover, the rapid adoption of advanced vena cave filters is expected to expand the market growth.

The Asia Pacific regional market had a predominant share of the global market in 2022 and is predicted to showcase a robust CAGR during the forecast period. The factors such as an increase in the presence of a large patient pool population, increasing healthcare expenditure, and developing infrastructure facilities are expected to drive the market growth. However, the market is anticipated to gain market growth with influential growth factors in the coming years.

The Latin American market is expected to show steady growth during the forecast period. The regional market expansion is driven by the growth factors such as research activities on IVC filters and increasing hospital spending.

The IVC filters market in Middle East Africa accounted for a smaller global market share. The market strengthening is driven by the adoption of advanced inferior vena cava filters, a large patient pool, and innovative approaches to retrieving/patient and creating awareness among the people about the availability of IVC filter treatments to witness significant market growth during the forecast period.

KEY MARKET PARTICIPANTS:

Some of the notable competitors leading the global inferior vena cava filter market profiled in this report are C.R. Bard, Boston Scientific, Cardinal Health, Cook Medical, B.Braun, ALN, Braile Biomedica, Philips Volcano, Argon Medical Devices, and VENITI.