The size of the global inferior vena cava filter market is projected to display a CAGR of 9.42% from 2021 to 2026. The size of the market is predicted to be USD 1126.7 million by 2026 from USD 718.3 million in 2021.
The IVC filters are the small cone-shaped devices inserted in the inferior vena cava just below the kidneys. 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 are using the recent IVC filter technologies as an alternative to anticoagulant therapy in minimizing 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:
An increase in minimally invasive surgeries with advancing medical imaging procedures worldwide is expected to drive global inferior vena cava filter market growth.
An increase in the number of patients diagnosed with cardiovascular diseases, rising demand for optional & retrievable IVC filters created market growth of the Inferior vena cava filters market. Also, increasing innovative approaches for retrieval/patient is more likely to drive market growth. Developing digital catheterization laboratories is expected to provide opportunities for strengthening the market. Moreover, 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 challenging factor for restraining the market growth. Lack of awareness in emerging countries of people in rural areas about the IVC treatment is considered to be the challenging factor 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 had a positive and negative impact on 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. The government had imposed Lockdown and made strict guidelines and a ban on transportation to stop migration from other countries. Because of the sudden implementation of 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 leads to the demand for IVC filters. The manufacturers in the market are focussing on manufacturing IVC filters to provide the needs of the customers. 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:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2020 to 2026 |
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Base Year |
2020 |
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Forecast Period |
2021 to 2026 |
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Segments Covered |
By Type, Production Technologies, Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
C.R. Bard, Boston Scientific, Cardinal Health, Cook Medical, B.Braun, ALN, Braile Biomedica, Philips Volcano, Argon Medical Devices and VENITI |
This research report on the global inferior vena cava filter market has been segmented and sub-segmented into the following categories and analyzed market size and forecast for each segment until 2026.
Inferior Vena Cava Filter Market - By Application:
Based on the application, the venous thromboembolism segment's treatment held the largest market share in 2019 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, edoxaban warfarin, and this medication must be used for months.
Inferior Vena Cava Filter Market - By Product Type
Based on the product type, the retrievable IVC filters market segmentation is witnessed for the estimated majority market share of 65% during the forecast period. Rising presence for optional IVCFs as they provide flexibility to remove IVCFs based on the patient 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:
Based on the material, the non-ferromagnetic material segment recorded the majority market share during the forecast period. Non-ferromagnetic material does not contain iron; these are widely used components globally.
Inferior Vena Cava Filter Market - By End User
Based on the end-user, the hospital segment recorded 84% of the global IVC filters market; this is because the hospitals use advanced IVC filters as the retrieval options, improve healthcare infrastructure, and improve healthcare spending and investments by the governments the market growth of the hospital segment.
Inferior Vena Cava Filter Market - By Region:
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 available for cardiovascular diseases makes the potential for market expansion in Asia huge. 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, and it is expected to increase around 80% during the forecast period.
The European market was the second-largest regional market globally in 2019 and estimated to witness a healthy CAGR during the forecast period. Factors such as an increase in PE incidence and a rising geriatric population in this region are likely to 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 in the global market in 2019 and is predicted to showcase a robust CAGR between 2020 to 2025. 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 the influential growth factors in the coming years.
The Latin American market is expected to show a steady growth rate during the forecast period. The regional market expansion is driven by the growth factors such as research activities on IVC filters and increasing hospital spends.
The IVC filters market in Middle East Africa had accounted for a smaller share in the global market. The market strengthening is driven by the adoption of advanced inferior vena cava filters, a large patient pool, and innovative approaches of retrieving/patient and creating awareness among the people about the availability of IVC filter treatments to witness the 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.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Application
5.1.1 Introduction
5.1.2 Treatment Venous Thromboembolism
5.1.3 Prevent Pulmonary Embolism
5.1.4 Y-o-Y Growth Analysis, By Application
5.1.5 Market Attractiveness Analysis, By Application
5.1.6 Market Share Analysis, By Application
5.2 Product
5.2.1 Introduction
5.2.2 Retrievable IVC Filter
5.2.3 Permanent IVC Filter
5.2.4 Y-o-Y Growth Analysis, By Product
5.2.5 Market Attractiveness Analysis, By Product
5.2.6 Market Share Analysis, By Product
5.3 Material
5.3.1 Introduction
5.3.2 Non-Ferromagnetic material
5.3.3 Ferromagnetic material
5.3.4 Y-o-Y Growth Analysis, By Material
5.3.5 Market Attractiveness Analysis, By Material
5.3.6 Market Share Analysis, By Material
5.4 End User
5.4.1 Introduction
5.4.2 Ambulatory Surgical Centres
5.4.3 Hospitals
5.4.4 Other End Users
5.4.5 Y-o-Y Growth Analysis, By End User
5.4.6 Market Attractiveness Analysis, By End User
5.4.7 Market Share Analysis, By End User
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Application
6.1.3.3 By Product
6.1.3.4 By Material
6.1.3.5 By End User
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Application
6.1.4.3 By Product
6.1.4.4 By Material
6.1.4.5 By End User
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Application
6.1.5.3 By Product
6.1.5.4 By Material
6.1.5.5 By End User
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 C.R.Bard
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Boston Scientific
8.3 Cardinal Health
8.4 Cook Medical
8.5 B.Braun
8.6 ALN
8.7 Braile Biomedica
8.8 Philips Volcano
8.9 Argon Medical Devices
8.10 VENITI
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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