The Inferior Vena Cava (IVC) Filter Market comprises retrievable and permanent IVC filters that are implanted inside the inferior vena cava, the largest vein in the human body that carries deoxygenated blood from the lower half of the body to the heart. IVC filters are designed to prevent blood clots from traveling to the lungs. They provide an effective means of preventing pulmonary embolism in high-risk patients.
Key Takeaways
Key players operating in the Inferior Vena Cava (IVC) Filter Market are Bard Peripheral Vascular, Cordis, Cook Medical, Boston Scientific, and Volcano Corporation. Key players are focusing on new product launches and mergers and acquisitions to expand their market share.
The growing prevalence of deep vein thrombosis and pulmonary embolism globally is expected to drive the Inferior Vena Cava Filter Market Demand. Sedentary lifestyles and risk factors such as obesity, smoking, and prolonged immobilization are contributing to an increase in the incidence of venous thromboembolism.
IVC filter manufacturers are expanding their presence in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa. Increasing healthcare expenditures and improving infrastructures are supporting the adoption of advanced medical devices in developing regions.
Market Key Trends
The rising demand for retrievable IVC filters is one of the key trends in the market. Retrievable IVC filters provide clinicians flexibility in patient treatment and allow for removal of the filter once the risk of pulmonary embolism subsides. They prevent long-term complications associated with permanent filters such as filter fracture and thrombosis. Development of advanced retrieval techniques is further augmenting the adoption of retrievable IVC filters.
Porter's Analysis
Threat of new entrants: Low capital requirement but low growth and highly regulated market makes entry difficult.
Bargaining power of buyers: Large number of buyers in healthcare industry enables higher negotiation on price and quality.
Bargaging power of suppliers: Established major manufacturers makes it difficult for suppliers to influence prices.
Threat of new substitutes: Though new substitute technologies emerging but lack of strong clinical evidence limits impact in short run.
Competitive rivalry: Intense competition among key global players to gain market share and expand product portfolio through innovative product launches.
Geographical Regions
North America currently holds majority of Inferior Vena Cava Filter Market Regional share in value terms owing to growing prevalence of deep vein thrombosis, life style diseases and rapid uptake of latest technologies. The region is expected to continue its dominance during forecast period due to supportive healthcare infrastructure and advanced clinical practices.
Asia Pacific region is poised to witness highest growth rate during forecast period owing to improving access to healthcare facilities, increasing healthcare expenditure, growing awareness about availability of advanced treatment options and rising geriatric population in countries like China, India and Japan. Launch of affordable products and initiatives taken by market players as well as respective governments also boosting adoption of IVC filters in the region.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
