PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1462671
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1462671
According to Stratistics MRC, the Global Venous Thromboembolism Treatment Market is accounted for $1288.74 million in 2023 and is expected to reach $2625.43 million by 2030 growing at a CAGR of 10.7% during the forecast period. In order to prevent new clot formation, lower the risk of complications, and encourage clot dissolution, venous thromboembolism (VTE) treatment usually entails a multifaceted strategy. Anticoagulant drugs, which can cause life-threatening outcomes like pulmonary embolism, are frequently used in immediate management to stop clot extension and embolization. Treatments for blood clots can vary, ranging from oral anticoagulants to intravenous drugs like heparin, depending on their location and severity.
According to the American Heart Association, venous thromboembolism (VTE) poses a significant risk to public health, with an estimated incidence of up to 600,000 cases per year in the United States alone.
Raising awareness of VTE
Venous thromboembolism (VTE) is now more widely acknowledged as a serious healthcare concern as a result of increased efforts in medical education, awareness campaigns, and patient advocacy programs. The identification of VTE risk factors, symptoms, and suitable diagnostic techniques is becoming a more important part of healthcare professionals training. Additionally, as patients gain more knowledge about VTE, they realize how critical it is to intervene early and seek medical attention as soon as possible. Further boosting awareness campaigns and guaranteeing that VTE stays a top concern in clinical practice and public health agendas is the distribution of guidelines and recommendations by medical societies and organizations.
Exorbitant treatment expenses
The expenses associated with treating VTE, such as anticoagulant drugs, diagnostic exams, hospital stays, and post-treatment care, can place a heavy financial strain on patients, insurers, and healthcare systems. Despite having fewer monitoring requirements than warfarin, novel oral anticoagulants (NOACs) are frequently more expensive, which limits their accessibility, particularly in settings with limited resources. Furthermore, treatment costs are further increased by the requirement for extended-duration anticoagulation therapy in specific patient populations, such as those with high-risk thrombophilic conditions or recurrent VTE.
Increasing use of direct oral anticoagulants (DOACs)
Direct thrombin inhibitors and factor Xa inhibitors are two examples of direct oral anticoagulants (DOACs) that are seeing rapid growth in the market. The rapid onset of action, predictable pharmacokinetics, and reduced risk of drug interactions are just a few benefits that DOACs have over conventional anticoagulant therapies. It is anticipated that the use of DOACs will rise as more clinical data demonstrates their safety and effectiveness in treating acute VTE, prolonging thromboprophylaxis, and preventing secondary VTE. Additionally, ongoing studies aim to further improve the effectiveness of DOACs in the treatment of VTE by refining dosage regimens, investigating novel indications, and creating reversal medications to address bleeding complications.
Rise in medication resistance
The efficacy of anticoagulant therapies in the treatment of VTE is seriously threatened by the emergence of drug resistance. Genetic variations affecting drug metabolism, acquired mutations in drug targets, and non-adherence to treatment regimens are some of the factors that can lead to resistance to anticoagulants. Resistance development could reduce anticoagulant drugs therapeutic effectiveness, which would result in treatment failure and a higher risk of thrombotic events. Moreover, the difficulty of adequately treating VTE is further compounded by the scarcity of alternative treatment options for patients who have developed anticoagulant resistance.
Venous thromboembolism (VTE) treatment market dynamics have been affected by the COVID-19 pandemic. Delays in VTE diagnosis and treatment initiation have been caused by changes in healthcare delivery, elective procedures, and patient care pathways, even as the demand for anticoagulant therapies has increased due to the increased awareness of thrombotic complications in severe COVID-19 cases. The prescribing patterns and market dynamics for VTE treatments have also been impacted by resource limitations, disruptions in the supply chain, and changes in healthcare priorities. Additionally, pharmaceutical companies and providers of VTE treatment face additional challenges due to the economic effects of the pandemic, such as reduced patient insurance coverage and healthcare budget constraints.
The Anticoagulant Medications segment is expected to be the largest during the forecast period
The segment that treats venous thromboembolism (VTE) with anticoagulant medications holds the largest market share. In order to prevent clot formation, embolization, and recurrent thrombotic events, anticoagulants are essential to the management of VTE. Patients can choose their treatment according to their individual characteristics and clinical needs because these medications come in a variety of formulations. Furthermore, these include parenteral agents and oral anticoagulants. It is advised to treat VTE acutely and prevent thromboembolic complications over the long term with anticoagulant therapy.
The Ambulatory Care Centers segment is expected to have the highest CAGR during the forecast period
When it comes to the Venous Thromboembolism (VTE) Treatment Market, the ambulatory care center segment usually has the highest CAGR. Outpatient services for the diagnosis, treatment, and management of a range of medical conditions, including VTE, are provided by ambulatory care centers. Moreover, the growing inclination towards ambulatory care can be attributed to various factors, including rising healthcare costs, developments in minimally invasive procedures, and the adoption of value-based care models that prioritize patient convenience and cost effectiveness.
North America usually has the largest share, due to factors, like well-established healthcare system, high healthcare costs, sophisticated diagnostic tools, and a high prevalence of VTE risk factors like obesity, sedentary lifestyles, and aging populations, are responsible for this dominance. Further supporting the market expansion in North America is the existence of significant industry players, continuous R&D initiatives, and advantageous reimbursement practices. Additionally, due in part to the region's proactive approach to VTE prevention, diagnosis, and treatment, as well as rising patient and healthcare professional awareness, it leads the world in the VTE treatment market.
Europe is the region that frequently exhibits the highest CAGR in the market for treatments for venous thromboembolism (VTE). A number of factors, including the aging population, obesity, and sedentary lifestyles, which are risk factors that are becoming more common, are responsible for this growth and the increased incidence of VTE cases. Furthermore, improvements in treatment modalities, diagnostic methods, and healthcare infrastructure improve the area's ability to control VTE. In addition, robust R&D efforts, healthcare reforms, and supportive regulatory frameworks encourage innovation and propel market expansion.
Key players in the market
Some of the key players in Venous Thromboembolism Treatment market include Mitsubishi Tanabe Pharma Corporation, Cardinal Health, Inc., Koninklijke Philips N.V., Boston Scientific Corporation, Johnson & Johnson, Stryker Corporation, Sanofi, Abbott Laboratories, Leo Pharma A/S, Novartis AG, Pfizer Inc., Mylan N.V., Argon Medical Devices, Inc., Medtronic plc, Teva Pharmaceutical Industries Ltd., LifeTech Scientific Corporation, Bayer AG, CSL Limited and Biogenics Inc.
In January 2024, Cardinal Health Inc. announced an agreement to buy Specialty Networks for $1.2 billion in cash, as the drug distributor and medical products maker looks to enhance its data analytics capabilities. The company said the acquisition expands its offering in therapeutic areas and increases its data and research opportunities with biopharmaceutical manufacturers.
In January 2024, Boston Scientific Corporation announced it has entered into a definitive agreement to acquire Axonics, Inc., a publicly traded medical technology company primarily focused on the development and commercialization of differentiated devices to treat urinary and bowel dysfunction. The purchase price is $71 in cash per share, reflecting an equity value of approximately $3.7 billion and an enterprise value of approximately $3.4 billion.
In January 2024, Johnson & Johnson has reached tentative agreement to resolve talc baby powder claims with more than 40 states, the world's biggest maker of health care products confirmed. That progress includes an agreement in principle that the company reached with a consortium of 43 State Attorneys Generals to resolve their talc claims.