Venous Thromboembolism Treatment Market worth over $1.5bn by 2027
Published Date: April 28, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Venous Thromboembolism Treatment Market size is set to surpass USD 1.5 billion by 2027, according to a new research report by Global Market Insights, Inc.
Increasing adoption of unhealthy lifestyle has contributed to the development of several comorbidities along with obesity and other serious complications making people more susceptible to venous thromboembolism (VTE). According to the Centers for Disease Control and Prevention (CDC), around 900,000 people are affected each year in the U.S. and 60,000-100,000 Americans die of DVT/PE (also called venous thromboembolism). Additionally, one-third (about 33%) of people with DVT/PE have a recurrence within 10 years. Thus, patients require high-end treatment with better outcomes, thereby driving the acceptance of venous thromboembolism treatment devices in the coming years.
Growing geriatric population base and awareness rate will create robust demand for venous thromboembolism treatment
Growing prevalence of venous thromboembolism (VTE) and awareness about disorder treatment options will influence the market growth. Venous thromboembolism is considered as a third leading cause for vascular diagnosis after heart attack and stroke. Thus, with increasing pervasiveness of cardiac disorders and formation of blood clots, the awareness regarding venous thromboembolism treatment devices has grown over the years. Furthermore, thromboembolism risk in COVID-19 patients is severe and high mortality rate is expected. Growing infrastructure and accessibility to catheterization laboratories in developed regions of the world will positively impact the market expansion over the coming years.
Better outcomes and short treatment time will augment the demand for thrombectomy systems
Thrombectomy systems segment accounted for more than USD 490 million in 2020. Thrombectomy systems are widely being used to treat venous thromboembolism. Owing to various advantages such as thrombus removal, and shorter treatment time leads to improved symptom relief, decreased complications, and more efficient patient care. In addition, growing awareness rate about venous thromboembolism will boost device usage during the forecast timeframe.
Browse key industry insights spread across 120 pages with 177 market data tables & 15 figures & charts from the report, “Venous Thromboembolism Treatment Market Size By Device (Compression System, Thrombectomy Systems, IVC Filters, Stockings), By Application (Deep Vein Thrombosis, Pulmonary Embolism), By End-use (Hospitals, Catheterization Laboratories), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
High prevalence of deep vein thrombosis will impel the segment growth
Deep vein thrombosis segment is poised to witness 8.1% growth rate through 2027. Increasing prevalence of deep vein thrombosis and higher chance of reoccurrence of this disorder will drive the market value. High acceptance of unhealthy lifestyle leading to obesity and other chronic disorders further contributes to disease development. Furthermore, this condition is more prevalent in elderly population, thus, expanding geriatric population base will spur the segment expansion.
Rising demand for better quality healthcare and presence of high qualified healthcare professionals will fuel the catheterization laboratories segment
Catheterization laboratories segment is predicted to expand at a CAGR of more than 9.7% through 2027 led by high accessibility and availability of wide range of products in the catheterization laboratories. Due to increasing expenditure by the government on healthcare and broadening cardiovascular department will foster the segment value. Expansion of cath labs globally has contributed supply of various vascular products, including stent systems, in these settings. Moreover, presence of skilled workforce and availability of advanced infrastructure will further propel the segment revenue during the forecast timeline.
Increasing incidence of VTE in European countries will strengthen the regional growth
Europe venous thromboembolism treatment market size was over USD 250 million in 2020. Rising burden of venous thromboembolism disorders, rising number of obese people and growing geriatric population pool are driving the demand for venous thromboembolism treatment alternatives. According to the recent research, in UK, VTE is one of the leading causes of the death. Upto 20% of the cancer patients develop clots in their body. Thus, escalating demand for venous thromboembolism devices for better treatment will further boost the regional demand. Additionally, the risk of suffering from VTE is higher COVID-19 patients. Hence, growing prevalence of associated risk factors will create growth opportunity for European region during the forecast period.
Eminent players are concentrating on adoption of various growth strategies including product portfolio expansion to strengthen their market position
Few of the prominent companies operating in the market include AngioDynamics, Inc., Argon Medical Devices, Boston Scientific Corporation and Cook Medical among others. Firms are emphasizing on product development and launch for expanding their offerings to their customers.