Venous Thromboembolism Treatment Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Venous Thromboembolism Treatment Devices Market By Product (Compression System, Thrombectomy Systems, Inferior Vena Cava Filter, And Others), By Disease Type (Deep Vein Thrombosis And Pulmonary Embolism), By End-User (Hospitals & Clinics, Ambulatory Surgical Centers, And Others), and by geography is expected to grow at a steady CAGR forecast till 2030 owing to the increasing prevalence of venous thromboembolism and the growing figures of various risk factors such as obesity, age, and others

The global venous thromboembolism treatment devices market is estimated to grow at a CAGR of 8.31% during the forecast period from 2024 to 2030. The demand for venous thromboembolism treatment devices is being boosted by the increasing prevalence of lifestyle disorders such as low blood pressure, diabetes, obesity, age, and others. Further, the increasing prevalence of venous thromboembolism, cardiovascular diseases, and cancer, increasing demand for minimally invasive approaches for treatment, lack of physical activity, rising adoption of smoking, rising device launches and approvals, surging innovations in product development, among others are thereby contributing to the overall growth of the venous thromboembolism treatment devices market during the forecast period from 2024-2030.

Venous Thromboembolism Treatment Devices Market Dynamics:

The venous thromboembolism treatment devices market is witnessing a growth in product demand owing to various factors, one of the key factors being the increase in the prevalence of venous thromboembolism. For instance, as per the Centers for Disease Control and Prevention (2023), it was estimated that approximately 900,000 people could be affected by deep vein thrombosis (DVT) or pulmonary embolism (PE) each year in the United States. Further, nearly one-third to one-half of people suffering from vein thrombosis (DVT) or pulmonary embolism (PE) may have long-term complications (post-thrombotic syndrome) such as swelling, pain, discoloration, and scaling in the affected limb.

Thrombosis UK (2023), stated that every 37 seconds someone in the Western world dies from venous thromboembolism (VTE). Also, nearly 55%-60% of VTE cases occur during or following hospitalization. Thus, the increasing prevalence of venous thromboembolism will increase the demand for devices used in the treatment of venous thromboembolism, thereby propelling the overall market growth.

Apart from this, the rise in the usage of venous thromboembolism treatment devices for the geriatric population is also expected to drive market growth. The World Health Organization (WHO) (2023) stated that in 2020, the number of people aged 60 years and older worldwide, outnumbered children younger than 5 years. The source stated that the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion in 2030. By 2050, the world's population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. Patients younger than 40 years are considered at low risk for venous thromboembolism for specific in-hospital surgical groups, but being older than 40 years is considered a more important risk factor. Thus, the increasing burden of the geriatric population may increase the cases of venous thromboembolism, thereby increasing the demand for venous thromboembolism treatment devices in the market.

Lastly, the increasing technological advancement of venous thromboembolism treatment devices is also likely to bode well for market growth during the forecast period. For instance, in February 2023, Procyrion, Inc., announced the successful treatment of the first patients in A PRIORI (Aortix therapy for Perioperative Reduction of Renal Injury) pilot trial to evaluate the performance of its Aortix(TM) percutaneous mechanical circulatory support (pMCS) device, aimed to prevent acute kidney injury (AKI) during cardiac surgery.

Therefore, the above-mentioned factors are contributing to the growth of the venous thromboembolism treatment devices market during the forecast period from 2024-2030.

However, risks associated with the venous thromboembolism treatment devices and others may restrict the venous thromboembolism treatment devices market growth in the upcoming years.

The venous thromboembolism treatment devices market experienced a period of a temporary setback as lockdown restrictions were enforced as a necessary step to curb the spread of COVID-19. The demand for venous thromboembolism treatment devices was disrupted due to a decline in the number of patients in hospitals & clinics for cancer and various cardiovascular diseases. However, the demand for venous thromboembolism treatment devices increased significantly with the resumption of activities across the healthcare sector. Moreover, with the vaccine administration patients started visiting hospitals and surgical centers for the treatment of various cardiovascular diseases and cancer, thereby increasing the demand for venous thromboembolism treatment devices. Henceforth, the aforementioned factors propelled the demand for venous thromboembolism treatment devices during the pandemic and are estimated to grow similarly during the forecast period.

Venous Thromboembolism Treatment Devices Market Segment Analysis:

Venous Thromboembolism Treatment Devices Market by Product (Compression System, Thrombectomy Systems, Inferior Vena Cava Filter, and Others), Disease Type (Deep Vein Thrombosis and Pulmonary Embolism), By End-User (Hospitals & Clinics, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, Rest of the World)

In the product segment of the venous thromboembolism treatment devices market, the compression system category is expected to amass a significant revenue share in the year 2023. This can be ascribed to the applications and advantages related to the segment.

The compression systems include compression socks, stockings, boots, or bandages which are used to apply gentle pressure to the legs. These systems are used to prevent deep vein thrombus (DVT) and to relieve pain and swelling.

All compression systems have a simple main objective, and that is to squeeze blood from the underlying deep veins, which, assuming that the valves are competent, will be displaced proximally. On deflation of the cuff, the veins will refill, and due to the intermittent nature of the system will ensure the periodic flow of blood through the deep veins, so long as there is a supply.

The graduated compression stockings are believed to work by compressing both the superficial and deep venous systems, thereby increasing the velocity of venous flow and also helping to empty the cusps of venous valves. They also increase the plasma levels of tissue factor pathway inhibitor, which is a factor Xa-dependent inhibitor of the extrinsic pathway of the coagulation cascade.

Intermittent pneumatic compression (IPC) devices are used to help prevent blood clots in the deep veins of the legs. The devices use cuffs around the legs that fill with air and squeeze the legs. This increases blood flow through the veins of the legs and helps to prevent blood clots.

Furthermore, various companies are conducting research and development related to compression devices to increase their product portfolio. For instance, in May 2021, OsciFlex LLC started a Phase II, randomized study of the tolerability and safety of the OsciPulse device for the prevention of VTE. OsciPulse is a portable compression system used to treat VTE.

Therefore, the advantages offered by compression systems are predicted to contribute to the increasing demand for this product type thereby driving the growth of the overall venous thromboembolism treatment devices market during the forecast period.

North America is expected to dominate the overall Venous Thromboembolism Treatment Devices Market:

Among all the regions, North America is estimated to account for the largest share of the global venous thromboembolism treatment devices market in the year 2023. Owing to the significance of key growth factors including the rising prevalence of cancers and venous thromboembolism, the rising burden of the geriatric population base, the increasing number of obese people, early adoption of new technologies, and escalating regulatory approvals among others, the North America venous thromboembolism treatment devices market is expected to witness positive growth.

For instance, as per CDC 2023, one-third (about 33%) of people suffering from deep vein thrombosis (DVT) or pulmonary embolism (PE) in the US will have a recurrence of the disease within 10 years.

Further, as per the American Cancer Society 2023, a little over 1.9 million new cancer cases are expected to be diagnosed in the US in 2023. The increasing incidence of cancer will increase the prevalence of venous thromboembolism as several cancer-related risk factors contribute to the development of venous thromboembolism including cancer type and stage, chemotherapy, surgery, and patient-related factors such as advanced age and immobilization.

Thus, patients with cancer frequently undergo diagnostic imaging scans for cancer staging and treatment response evaluation, which is increasing the underlying risk of VTE detection. Also, cancer-associated thrombosis is a major cause of mortality in cancer patients. Henceforth, the increasing prevalence of cancers will increase the cases of venous thromboembolism and thereby increasing the demand for venous thromboembolism treatment devices.

Coupled with the factors mentioned above, the increasing regulatory approvals and launches in the region will also drive the market of venous thromboembolism treatment devices. For instance, in October 2019, Sky Medical Technology secured 510(k) clearance from the US Food and Drug Administration (FDA) for its geko device to stimulate calf muscles for the prevention of venous thrombosis in non-surgical patients at risk for venous thromboembolism (VTE). The geko is a non-invasive, battery-powered, and wearable therapy device, which will be placed at the knee to stimulate the common peroneal nerve for the activation of calf and foot muscle pumps. Thus, such strategic steps help to increase the demand for venous thromboembolism treatment devices, thereby driving the North America venous thromboembolism treatment devices market forward during the forecast period.

Venous Thromboembolism Treatment Devices Market Key Players:

Some of the key market players operating in the venous thromboembolism treatment devices market include Abbott, Boston Scientific Corporation, AngioDynamics, Argon Medical Devices, Penumbra, Inc., Thrombolex, Imperative Care Inc., Koninklijke Philips N.V., Arjo, Stryker, Cook, BIOCOMPRESSION SYSTEMS, Medtronic, DSMAREF CO.LTD, Teleflex Incorporated, and others.

Recent Developmental Activities in the Venous Thromboembolism Treatment Devices Market:

In January 2023, Inari Medical enrolled the first participant in the DEFIANCE trial of its ClotTriever System in iliofemoral deep vein thrombosis (DVT) patients.

In July 2021, Surmodics, Inc., a leading provider of medical devices and in vitro diagnostic technologies to the healthcare industry, acquired privately held Vetex Medical Limited, a manufacturer which focuses on venous clot removal solutions. The transaction expands Surmodics' thrombectomy portfolio with a second US FDA 510(k)-cleared device, the ReVene(TM) Thrombectomy Catheter. The ReVene mechanical thrombectomy catheter is specifically designed to remove large, mixed-morphology blood clots commonly found with venous thromboembolism (VTE).

In October 2020, Medtronic received US Food and Drug Administration (FDA) approval for the Abre venous self-expanding stent system. This device is indicated for use in the iliofemoral veins in patients with symptomatic iliofemoral venous outflow obstruction, also known as deep venous obstruction.

Key Takeaways from the Venous Thromboembolism Treatment Devices Market Report Study

Market size analysis for current venous thromboembolism treatment devices market size (2023), and market forecast for 5 years (2024-2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global venous thromboembolism treatment devices market

Various opportunities are available for the other competitor in the venous thromboembolism treatment devices market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current venous thromboembolism treatment devices market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for venous thromboembolism treatment devices market growth in the coming future?

Target Audience who can be benefited from this Venous Thromboembolism Treatment Devices Market Report Study

Venous thromboembolism treatment devices providers

Research organizations and consulting companies

Venous thromboembolism treatment devices -related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in venous thromboembolism treatment devices

Various End-users who want to know more about the venous thromboembolism treatment devices market and the latest technological developments in the venous thromboembolism treatment devices market.

Frequently Asked Questions for the Venous Thromboembolism Treatment Devices Market:

1. What are venous thromboembolism treatment devices?

Venous thromboembolism can be defined as the clotting of blood in the veins, which is an undiagnosed and serious, yet preventable condition that can cause disability and death. Venous thromboembolism treatment devices are devices that can be either implanted or inserted in the body to cure embolism.

2. What is the market for global venous thromboembolism treatment devices?

The global venous thromboembolism treatment devices market is estimated to grow at a CAGR of 8.31% during the forecast period from 2024 to 2030.

3. What are the drivers for the global venous thromboembolism treatment devices market?

The demand for venous thromboembolism treatment devices is primarily being heightened by the rising cases of cardiovascular diseases and cancers, the rising number of obese and geriatric population, rising product launches and approvals, along with a growing number of research and development activities, thereby contributing to the overall growth of Venous Thromboembolism Treatment Devices market during the forecast period from 2024-2030.

4. Who are the key players operating in the global venous thromboembolism treatment devices market?

Some of the key market players operating in the venous thromboembolism treatment devices market include Abbott, Boston Scientific Corporation, AngioDynamics, Argon Medical Devices, Penumbra, Inc., Thrombolex, Imperative Care Inc., Koninklijke Philips N.V., Arjo, Stryker, Cook, BIOCOMPRESSION SYSTEMS, Medtronic, DSMAREF CO.LTD, Teleflex Incorporated, and others.

5. Which region has the highest share in the venous thromboembolism treatment devices market?

North America is expected to dominate the overall venous thromboembolism treatment devices market during the forecast period from 2024-2030.

Factors such as the rising prevalence of venous thromboembolism and cardiovascular diseases, the rising geriatric population, the presence of key players in the region, and the escalating regulatory approvals are said to drive the growth of the North America venous thromboembolism treatment devices market.