The inferior vena cava (IVC) filter market comprises medical devices that are implanted in the inferior vena cava to prevent blood clots from traveling from the lower extremities to the lungs. IVC filters are recommended for patients at high risk of pulmonary embolism who cannot undergo anticoagulation therapy. They help prevent life-threatening conditions by capturing blood clots before they reach the lungs. Growing demand for minimally invasive procedures and rising geriatric population who are more prone to deep vein thrombosis and pulmonary embolism are some key factors boosting the adoption of IVC filters.
The Global Inferior Vena Cava (IVC) Filter Market is estimated to be valued at US$ 772.1 Mn in 2024 and is expected to exhibit a CAGR of 8.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Inferior Vena Cava (IVC) Filters are Boston Scientific Corporation, Cook Medical, Cardinal Health, C. R. Bard (acquired by BD), ALN, B. Braun Melsungen, Braile Biomdica, VENITI, Argon Medical Devices, Koninklijke Philips, Mermaid Medical A/S, Becton Dickinson and Co, Cordis Corporation, Volcano Corporation, Medtronic plc, Johnson & Johnson, Terumo Corporation, Merit Medical Systems, and Lifetech Scientific Corporation. These companies are focusing on new product launches, mergers & acquisitions and geographic expansion to garner market share.
The rising aging population, surge in deep vein thrombosis cases globally and growing focus on minimally invasive surgeries present lucrative opportunities in Inferior Vena Cava Filter Market Demand. North America represents the largest market for IVC filters currently owing to favorable reimbursement policies and advanced healthcare facilities. However, Asia Pacific is expected to witness highest growth during the forecast period with growing healthcare expenditures and increasing awareness.
Market drivers and restraints
Key drivers operating in the inferior vena cava (IVC) filters market are growing incidences of deep vein thrombosis globally. Deep vein thrombosis affects millions of people worldwide leading to disabilities or death if left untreated. IVC filters help mitigate the risk of pulmonary embolism in high-risk patients. Growing focus on minimally invasive procedures over conventional open surgeries is augmenting the demand for IVC filters as they are implanted through minimally invasive techniques. Rising healthcare expenditure and access to healthcare insurance in developing nations is supporting the market growth.
However, risks of filter fracture and migration post implantation act as a key restraint. Lack of standardization in filters from different manufacturers also poses challenges for clinicians. Stringent regulatory framework delaying new product approvals further hampers the market growth. High costs of IVC filters also limit widespread adoption, especially in developing countries.
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