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Inferior Vena Cava Filters Market size will show substantial growth between 2022 and 2028 due to the shifting consumer inclination towards minimally invasive surgeries and the presence of enhanced medical imaging in several medical settings. The growing consumer awareness has led to a higher number of government initiatives as well as investments, subsequently resulting in the emergence of advanced infrastructure facilities. The snowballing costs of procedures related to the IVC filters, may however, restrict the market progression to some extent.
Inferior vena cava (IVC) filters are small devices that stop blood clots from getting into the lungs. They are small cone-shaped devices, implanted within the inferior vena cava, just below the kidneys. The surging count of digital catheterization laboratories will also positively impact the market expansion.
Demand for retrievable inferior vena cava filters, on the basis of product type, is expected to soar owing to benefits, like easy insertion and higher flexibility. These filters are largely opted to limit the long-term risks related to permanent filter placement on account of their technically feasible insertion. The growing instances of venous thromboembolic disorders are also likely to fuel the product preference as it acts as an alternative to anticoagulants to prevent fatal pulmonary embolism (PE). According to CDC (Centers for Disease Control and Prevention), around 60,000-100,000 Americans die of venous thromboembolism.
In terms of end-use, the IVC filers market share from hospitals will grow significantly led by the presence of improved healthcare infrastructure in these facilities. The growing healthcare spending has resulted in a surge in the number of government investments. The rising requirement for advanced IVC filters is another prominent driver influencing the segment growth.
The inferior vena cava filters market in North America is witnessing an upward trajectory due to the significant progressions in catheter technology and guidewires. The booming aging population and the rising burden of cardiovascular diseases and strokes have steered the higher adoption of inferior vena cava filters. The increasing prevalence of several genetic risk factors, mainly amongst the U.S. population is another impact rendering factor for the regional expansion.
Leading participants in the industry include Braile Biomdica, Argon Medical Devices Inc., VENITI (Boston Scientific), Cook Medical (Cook Group), C. R. Bard (BD), Boston Scientific Corporation Inc., ALN, Koninklijke Philips N.V, B. Braun Melsungen AG Inc., and Cardinal Health.
These companies are increasingly focusing on inorganic strategic partnerships, including acquisitions and mergers, to augment their global presence. They are also striving towards new product launches whilst proliferating their customer base.
For instance, in January 2020, Argon Medical Devices, Inc., introduced single-loop, as well as triple-loop retrieval kits for sale across the U.S. These kits are used in the percutaneous removal of retrievable IVC (inferior vena cava) filters that are no longer medically needed.
In another instance, in March 2021, Cardinal Health inked a definitive agreement with Hellman & Friedman (H&F) to sell its Cordis business for around $1 billion. Post this partnership, the former firm will retain the full authority for lawsuits pertaining to inferior vena cava filters in the U.S. and Canada, along with the liability associated with these matters.
Alongside hampering the global economy, the COVID-19 pandemic took a toll on the business operations and revenue sales of several business verticals. However, the demand for inferior vena cava filters observed lucrative expansion considering their increasing penetration to treat the infection amidst the outbreak. The filters were widely adopted to treat COVID-19 patients with pneumonia in order to prevent a massive pulmonary embolism.
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