PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532797
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532797
Inferior Vena Cava Filters (IVCF) Market size was valued at USD 801.09 Million in 2023, expanding at a CAGR of 8.90% from 2024 to 2032.
Inferior Vena Cava Filters (IVCF) are medical devices designed to prevent blood clots from reaching the lungs. They are placed inside the inferior vena cava, which is the large vein that carries deoxygenated blood from the lower half of the body to the heart.
Inferior Vena Cava Filters (IVCF) Market- Market Dynamics
Growing prevalence of Venous Thromboembolism (VTE) and advancement in IVCF technology are expected to propel market demand
Venous Thromboembolism (VTE), which includes deep vein thrombosis (DVT) and pulmonary embolism (PE), is a significant medical condition affecting millions worldwide, which is boosting the demand for IVCFs. IVCFs are crucial for preventing PE in patients with DVT who are at high risk or have contraindications to anticoagulant therapy. As surgical procedures become more common, particularly those involving the lower extremities and pelvis, the risk of DVT and subsequent PE rises. IVCFs provide a preventive measure in such cases.
Technological advancements have improved the design and efficacy of IVCFs, making them safer and more effective. This includes materials used in construction, such as bio-compatible alloys, and designs that reduce the risk of migration or fracture. In addition, improved awareness among healthcare providers about the risks of VTE and the appropriate use of IVCFs has led to increased adoption. Furthermore, advancements in diagnostic techniques have enhanced the detection of DVT, prompting the use of IVCFs as a preventive measure. Also, growing healthcare infrastructure and increasing healthcare expenditure in emerging markets are expanding the market for IVCFs.
Inferior Vena Cava Filters (IVCF) Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.90% over the forecast period (2024-2032)
Based on Product Type segmentation, the permanent segment was predicted to show maximum market share in the year 2023, owing to high durability and long-term switching benefits.
Based on Application segmentation, the Venous Thromboembolism segment was the leading Application in 2023, due to rising demand for minimally invasive techniques.
Based on End User segmentation, the hospital segment was the leading End User in 2023, owing to the high prevalence of venous thromboembolism diseases.
On the basis of region, North America was the leading revenue generator in 2023, owing to a high number of patients in VTE.
The Global Inferior Vena Cava Filters (IVCF) Market is segmented on the basis of Product Type, Application, End User, and Region.
The market is divided into two categories based on Product Type: retrievable and permanent. The permanent segment dominates the market. The high adoption of permanent IVCF especially in hospitals is increasing segment growth.
The market is divided into two categories based on Application: venous thromboembolism and pulmonary embolism. The venous thromboembolism segment dominates the market. The rising prevalence of cardiac ailments and other pulmonary diseases is stimulating market growth.
The market is divided into three categories based on End Users: hospitals, ambulatory surgical centers, and others. The hospital segment dominates the market and is expected to maintain its high dominance during the forecast period. The rising demand from hospitals for treatment owing to cardiac and blood clotting disorders are spurring segment growth.
Inferior Vena Cava Filters (IVCF) Market- Geographical Insights
Globally, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In North America, U.S. and Canada have well-established healthcare systems with high awareness of VTE and its complications. The market is driven by a large patient pool, advanced medical technology, and favorable reimbursement policies. The demand for retrievable IVCFs is significant, reflecting the preference for temporary filters that can be removed once the risk of PE has decreased. Europe is witnessing increasing healthcare spending and improving healthcare facilities, driving the adoption of IVCFs.
The market for Inferior Vena Cava Filters (IVCF) is significantly competitive and driven by several key companies that innovate, manufacture, and distribute these medical devices. One of the leading players in the IVCF market, Boston Scientific offers a range of IVCF products. Further, companies in the market continually invest in research and development to improve the design, efficacy, and safety of their products. Technological advancements include enhanced filter designs to reduce complications like migration or fracture, and materials that improve biocompatibility.
In December 2022, Zylox-Tonbridge Medical Technology Co., Ltd. received marketing approval by the National Medical Products Administration of the People's Republic of China, for their Retrievable IVCF.
In June 2022, Cordis-X invested around USD 11.5 million in Adient Medical, a manufacturer of a next-generation absorbable inferior vena cava (IVC) filter for product development.