The global inferior vena cava (IVC) filter market is expected to expand at a healthy rate from 2021 to 2031 (forecast period). Inferior vena cava (IVC) filters have gained traction throughout the years since their absence causes embolism, which leads to pulmonary artery blockage. The increasing inclination for minimally invasive procedures with better medical imaging across different medical settings is a key factor expected to drive the growth of the global inferior vena cava (IVC) filter market during the forecast period. However, the massive cost of procedures connected with IVC filters may limit the market growth. On the other hand, developing digital catheterization laboratories are expected to provide attractive opportunities for global inferior vena cava (IVC) filter market expansion.
Key players active in the global inferior vena cava (IVC) filter market are Cardinal Health, Inc., Boston Scientific Corporation, B. Braun Melsungen AG, Cook Medical, C. R. Bard, ALN, VENITI, Inc., Argon Medical Devices, Inc., Braile Biomdica, and Koninklijke Philips N.V. (Philips Volcano).
Market players are offering a variety of permanent, retrievable, and optional IVC filters. Market players compete on the basis of criteria such as technology, regulatory clearances, safety features, marketing tactics, and distribution networks. Other prominent players are concentrating on continuing development with new features such as combination and drug-eluting IVC filters. Furthermore, a few research firms are emerging with breakthrough products and technologies.
The increased prevalence of cardiovascular diseases and strong demand for minimally invasive procedures are expected to drive global inferior vena cava (IVC) filter market growth. Furthermore, the global market is projected to be driven by an increase in occurrences of VTE or PE as a result of an aging population, sedentary lifestyles, and lifestyle-related illnesses. These factors are driving up demand for retrievable or optional filters and methods for properly placing and retrieving these filters.
Moreover, the growing preference for minimally invasive procedures, particularly for cardiovascular problems, and favorable reimbursement policies in both established and developing regions are projected to propel the global inferior vena cava (IVC) filter market. Developments in healthcare technology and the advent of complex devices such as combination, convertible, and bio-convertible filters and central venous catheters are also expected to benefit the global inferior vena cava (IVC) filter market.
The North America inferior vena cava (IVC) filter market is anticipated to grow due to the presence of several key firms such as Cardinal Health, Cook Medical, BD, and others. The regional market is expected to witness growth due to the high penetration of innovative treatment solutions for various vascular illnesses due to the aging population and technological improvements.
Europe is projected to contribute significantly to the inferior vena cava (IVC) filter market. The rising prevalence of pulmonary embolism (PE), primarily in the aging population, and the increasing adoption of improved vena cava filters and rising healthcare expenses, are expected to drive market growth in Europe. It is projected that more than 15% of Europe's population is above 65. The region is expected to have a massive elderly population in the following decades, with around 34% of the population expected to be 60 or older by 2050.
The Asia Pacific inferior vena cava (IVC) filter market is projected to expand due to the existence of a huge population of patients, advances in the healthcare system, and strong healthcare expenditure. The healthcare sector is experiencing significant transformations with positive backing from government institutions. Moreover, Australia, Japan, and South Korea are projected to be major revenue contributors to the inferior vena cava (IVC) filter market. Furthermore, healthcare providers are emphasizing on offering sophisticated care to patients, which contributes to the rising demand for IVCFs.