Home > Healthcare & Medical Devices > Venous Thromboembolism Treatment Market
Venous Thromboembolism Treatment Market size exceeded USD 950 million in 2020 and is expected to expand at over 8.7% CAGR from 2021 to 2027. There is growing pervasiveness of cardiovascular diseases (CVD) and cancer owing to adoption of smoking, alcohol, increasing obesity rate, lack of physical activity and consumption of high cholesterol food. Vascular diseases and cancer patients possess high risk of having venous thromboembolism (VTE). Cancer patients have higher chance of developing blood clots with treatment procedures along with associated heredity.
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Deep vein thrombosis is an ailment wherein blood clot is developed usually in the deep veins of the upper and lower limbs. These clots may travel through the circulation and get lodged in the lungs; leading to a condition known as pulmonary embolism (PE). This condition altogether known as venous thromboembolism (VTE), may be fatal and can potentially lead to death. Thus, VTE needs to be addressed on time. There are several treatment devices including filters, compression devices, thrombectomy systems among others that are used to treat VTE and with growing disease prevalence, their acceptance will potentially spur in the coming years.
VTE is a potentially dangerous condition and if it is not treated at appropriate time, it may lead to complications and death. As per the Centres for Disease Control and Prevention (CDC), around 60,000-100,000 people in the U.S. die owing to venous thromboembolism. Also, blood clots are usually and primarily managed by drug therapy. However, sometimes, patient may require surgical intervention and mechanical devices to manage and treat the condition more effectively. Thus, with market leaders introducing novel devices, the end-users will have broader range of treatment options, thereby presenting lucrative growth opportunities during the forecast timeframe. However, lack of sufficient awareness and complications led by stent placement may limit the market expansion up to some extent.
|Market Size in 2020:||USD 952.8 Million|
|Forecast Period:||2021 to 2027|
|Forecast Period 2021 to 2027 CAGR:||8.7%|
|2027 Value Projection:||USD 1.7 Billion|
|Historical Data for:||2016 to 2020|
|No. of Pages:||120|
|Tables, Charts & Figures:||192|
|Segments covered:||Device, Application and End-use|
|Pitfalls & Challenges:|
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Compression system segment in the venous thromboembolism treatment market accounted for more than USD 120 million in 2020. Increasing number of surgical procedures has spurred the adoption of compression devices for DVT prophylaxis. Surgeries including orthopedic procedures cause long duration of immobility and thus, there is higher probability of development of DVT. Hence, patients are recommended to use compression devices post-procedure to curb the risk.
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Venous thromboembolism treatment market for Pulmonary embolism segment is projected to witness a 9.4% growth rate by 2027. PE is life-threatening and the 3rd most commonly affected CVD. Hence, market players are launching novel devices including ultrasound-guided catheter-directed thrombolysis systems to cater to need for effective treatment. Thus, with rising need for disease management, the demand for pulmonary embolism treatment devices will expand over the coming years.
Hospitals end-use segment dominated around 75% of the venous thromboembolism treatment market share in 2020. Large number of surgical procedures and interventions carried out in hospitals boosts the demand for VTE prophylactic devices in these settings.
Hospitals have well-developed infrastructure and thereby, large base of patient admissions. Wide range of ailments including cancer are treated in hospitals and hence due to associated risk of VTE, these settings showcase higher demand for various VTE treatment products. In addition, growing prevalence of hospital-associated venous thromboembolism will further stimulate the market progression during the forecast period.
North America venous thromboembolism treatment market captured over 40% of revenue share in 2020. As per the American Medical Association, around 2 million Americans are affected by deep vein thrombosis annually. Thus, with increasing incidence of such fatal disease, its awareness, diagnosis and timely therapy is crucial.
Several organizations are taking initiatives to raise awareness about VTE in the country. Some organizations, in collaboration with the CDC, are joining the ‘Stop the Clot, Spread the Word’ campaign to spread national awareness about blood clots. Such initiatives will positively impact knowledge about disease diagnosis and treatment alternatives, thereby influencing the market value during the forecast timeline.
Leading companies are undertaking the several venous thromboembolism treatment market expansion strategies such as introduction of new treatment systems and acquisition of firms to fortify their portfolio and market position.
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Market, By Device
Market, By Application
Market, By End-use
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