NEWARK, Del, July 08, 2024 (GLOBE NEWSWIRE) -- The global venous thromboembolism treatment market size is expected to experience significant growth in the coming years, with a forecasted value of USD 1,760.42 million by 2024. The market is projected to escalate to USD 2,580.90 million by 2034. Experts at Future Market Insights anticipate a steady growth trajectory during this period, with a predicted CAGR of 3.9%. This growth is attributed to several factors, including the rising prevalence of VTE cases due to aging populations, sedentary lifestyles, obesity, and increasing surgical procedures.
Continuous advancements in treatment technologies, such as novel anticoagulants, catheter-directed thrombolysis, and compression therapy, expand the treatment options available for VTE patients. Healthcare organizations, patient advocacy groups, and government initiatives are working to raise awareness about VTE and its treatment options, thus boosting market expansion.
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The increasing accessibility of healthcare services worldwide is driving greater demand for VTE treatment options, particularly in emerging economies where healthcare infrastructure is improving and disposable incomes are rising, facilitating rapid VTE treatment adoption.
The high cost of treatments limits access to care for certain patient populations, and the risk of bleeding and other adverse side effects associated with VTE therapies also poses challenges. Stringent regulatory requirements for approving new treatments and preferences for traditional therapies over newer agents also challenge market growth.
Despite these challenges, the market continues to witness significant advancements and innovations. Pharmaceutical and medical device companies invest in research and development activities to develop more effective treatment options, such as oral anticoagulants, injectable thrombolytics, and mechanical thrombectomy devices.
Healthcare providers increasingly recognize the importance of timely diagnosis and treatment of VTE, leading to greater emphasis on VTE management and boosting the market's popularity within the medical community.
“Opportunities exist for developing novel anticoagulants, expanding thrombolysis procedures, and integrating AI and digital health solutions. Preventive care and early intervention are also gaining focus, leading to opportunities for innovative prevention strategies and patient education initiatives. Collaborations between pharmaceutical companies, medical device manufacturers, and healthcare providers can optimize treatment outcomes and enhance patient care pathways,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Market Study:
- Deep vein thrombosis is likely to dominate the venous thromboembolism treatment market with a 62.00% market share.
- Hospitals are projected to lead the venous thromboembolism treatment industry, accounting for 38.90% of the market share.
- The venous thromboembolism treatment industry in India has the potential to increase at 4.80% CAGR through 2034.
- The venous thromboembolism treatment industry in China is anticipated to develop at a CAGR of 4.10 % through 2034.
- The venous thromboembolism treatment market in the United Kingdom is predicted to rise by a remarkable 4.60 % CAGR through 2034.
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Country-wise Analysis
What are the Factors Facilitating the Growth in the U.S. Venous Thromboembolism Treatment Market?
“Favorable Reimbursement Policies Favoring Demand for Thromboembolic Therapy in the U.S.”
As per Future Market Insights (FMI), the U.S. is estimated to emerge as one of the largest revenue-generating markets for venous thromboembolism treatment.
Presence of favorable reimbursement policies facilitating treatment of various diseases, covering procedures such as chemotherapy and thromboembolic therapy in the U.S. is favoring the growth in the market. In addition, the country also offers high incentives to doctors and physicians to use filters for prophylactic treatments. These factors are estimated to accelerate the sales of venous thromboembolism treatments in the U.S.
Why is the Sales of Venous Thromboembolism Treatment Increasing in the U.K.?
“Growing Retrieval Rate of Vena Cava Filters to Push Demand for Venous Thromboembolism Management”
FMI states that the U.K. is anticipated to account for a significant share in the Europe venous thromboembolism treatment market over the assessment period.
Vena cava filters can cause serious medical complications post-surgical implantation. Hence, these filters have to be removed once the risk of pulmonary embolism declines.
With rising instance of vena cava filters being left inside patients, the demand for venous thromboembolism management rapidly increasing. Thus, market players in the country are aiming at developing advanced tracking systems for patients follow-up to ensure the removal of these filters. Such developments in the country are facilitating the growth in the market.
Why is the Demand for Venous Thromboembolism Treatment Burgeoning in China?
“Increasing Burden of Lifestyle Diseases Fueling the Venous Thromboembolism Treatment Device Sales”
The China venous thromboembolism treatment market is projected to register growth at a rapid CAGR between 2024 and 2034, as per FMI.
Growing prevalence of lifestyle disorders such as diabetes, obesity, low blood pressure, and others are significantly increasing the burden of pulmonary embolism as these disorders increase the risk of blood clots.
As venous thromboembolism treatment devices such as thrombectomy devices and blood clot retrieval devices assist in dissolving the blood clots at initials stages. Consequently the rising demand for these devices is favoring the growth in the country.
Competitive Landscape:
Leading companies in the venous thromboembolism treatment market drive global growth through strategic initiatives. They invest in research and development to innovate new treatment options, expand their market presence through geographical expansions and collaborations, and improve patient access to therapies. They leverage advancements in medical technology to develop novel anticoagulants and other interventions, thereby improving treatment efficacy and patient outcomes. Key players also partner with healthcare providers and advocacy organizations to raise awareness about VTE prevention and treatment, expanding market reach and ensuring sustainable growth.
Key Companies in the Market:
- Stryker Corporation
- Argon Medical Devices
- Cardinal Health (Medtronic)
- Cook Medical
- Boston Scientific Corporation
- Koninklijke Philips N.V.
- Arjo
- DJO Global
Key Developments:
- At the RSNA meeting on November 30, 2023, studies revealed that the use of thrombectomy had grown to treat VTE.
- According to a July 2021 research by Prof. Jeffrey Weitz, abelacimab, a novel therapy for VTE, significantly decreased VTE rates following total knee arthroplasty by 80% when compared to enoxaparin.
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Market Segmentation:
By Product:
- Non-Segmented Pneumatic Compression Pumps
- Segmented Pneumatic Compression Pumps without Gradient
- Segmented Pneumatic Compression Pumps with Calibrated Gradient
- Upper Pneumatic Compression Sleeves
- Lower Pneumatic Compression Sleeves
- Permanent Inferior Vena Cava Filters
- Retrievable Inferior Vena Cava Filters
- Embolectomy Balloon Catheters
- Percutaneous Thrombectomy Devices
- Catheter-Directed Thrombolysis (CDT) Devices
By Disease Indication:
- Deep Venous Thrombosis
- Pulmonary Embolism
By End User:
- Hospitals
- Catheterisation Laboratories
- Ambulatory Surgical Centres
By Region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
Authored By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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