Venous Procedure Devices Market
Venous Procedure Devices Market (Product: Venous Stents, Catheters, Guidewires, and Others; Indication: Vascular Disease and Cancer; Application: Leg, Chest, Abdomen, and Arm; and End User: Hospitals, Ambulatory Surgical Centers, Specialty Clinics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Delaying Non-essential Medical Procedures Affects Market Growth amidst COVID-19 Pandemic
As more is being learned about new coronavirus strains, cardiology societies have become aware about various steps needed to enable safe catheterization processes for patients and hospital personnel. Companies in the U.S. venous procedure devices market are adhering to the guidelines issued by the American College of Cardiology’s Interventional Council and the Society for Cardiovascular Angiography and Interventions.
Healthcare facilities are instituting various policies in their organizations pertaining to logistics and supply chain management. Manufacturers in the venous procedure devices market are taking into consideration these policies to prevent supply shocks. As such, delaying non-essential medical, dental, and surgical procedures is likely to affect market growth.
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Attractive Propositions in Venous Stents to Address Various Challenges
As the venous space continues to evolve in the U.S., manufacturers in the venous procedure devices market are learning to navigate through the challenges of the venous anatomy from their international peers. For instance, physicians find it challenging to apply the same arterial techniques in order to achieve reduced venous hypertension caused by occlusive disease.
In order to develop venous stents that improve patient outcomes, companies in the venous procedure devices market are increasing their R&D in multi-segments of diseases and evaluation of lesion types. Similarly, the Venovo™ Venous Stent is emerging as an attractive proposition to achieve compression resistance, a balance between radial strength and flexibility to address various venous challenges.
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Collaboration with Material Experts Helps Deliver Optimum Product Performance
The venous procedure devices market is estimated to reach US$ 3.4 Bn by the end of 2030. Innovations in peripheral vascular interventional guidewires are contributing toward market expansion. For instance, Integer Holdings Corporation— a specialist in advanced medical device design and outsourcing, is steering design innovations in its peripheral vascular interventional guidewires for applications involving carotid, renal, and lower limb interventions.
Companies in the venous procedure devices market are increasing their portfolio in custom and standard guidewires & components, including mandrels, coils, stylets, and cores. They are increasing efforts to team up with material experts to deliver optimum product performance.
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New Drug Eluting Venous Stents Provide Exceptional Outcomes in Complex Lesions
The venous procedure devices market is predicted to expand at a favorable CAGR of ~6% during the forecast period. Unmatched performance in drug eluting venous stents are contributing to market growth. For instance, Boston Scientific— a manufacturer of medical devices used in interventional medical specialties, is boosting its marketing capabilities of Eluvia drug eluting vascular stent system, which is capable of delivering exceptional outcomes in complex lesions.
The high prevalence of challenging SFA (superficial femoral artery) diseases has triggered the demand for cutting-edge drug eluting vascular stent systems. Manufacturers in the venous procedure devices market are making use of polymer designs in these stents to facilitate controlled drug release. They are gaining proficiency in randomized controlled multi-center trials to boost credibility of their products.
Med-tech Consultancies Assist Startups to Build Advanced Central Venous Catheters
As increasing number of startups are tapping into incremental opportunities in the venous procedure devices market, the competition has intensified to gain licensees and acquire investors that can contribute in the development of innovative venous catheters. For instance, Team— a medical device consultancy firm is helping startups to design central venous catheters that can be comfortably attached to a patient’s skin under a sterile dressing.
Manufacturers in the venous procedure devices market are boosting their output capacities in central venous catheters that reduce the frequency of disinfection procedures and lower the risk of infections caused by tugging of the catheter. Patients needing prolonged infusion therapy are creating a demand for sterile central venous catheters.
Since low risk patients are being differed for treatment using venous procedure devices during the ongoing coronavirus pandemic, manufacturers need to weigh the balance of staff exposure and patient benefit before planning for the upcoming financial year. Purpose-built venous stents hold promising potentials to achieve efficient arterial pulsation and mobility for the treatment of occlusion diseases. However, central venous catheters are being associated with complications such as blood clots, air embolism, and damage to blood vessels. Thus, in order to receive licenses and interest of investors for driving innovations in central venous catheters, manufacturers in the venous procedure devices market should partner with med-tech consulting firms to improve patient outcome.
Venous Procedure Devices Market: Overview
- According to Transparency Market Research’s latest report on the global venous procedure devices market for the historical period 2018–2019 and forecast period 2020–2030, the global venous procedure devices is driven by improved & precise diagnosis of venous diseases
- According to the report, the global venous procedure devices market was valued at ~US$ 2 Bn in 2019. It is anticipated to expand at a CAGR of ~6% from 2020 to 2030.
Improved & Precise Diagnosis of Venous Diseases: Key Driver of Venous Procedure Devices Market
- Market players in the diagnostic devices segment are introducing new and advanced products based on upgraded techniques, which have enabled improved and precise diagnosis of patients suffering from venous diseases
- New products such as portable venous Doppler ultrasound and other diagnostic tests have allowed healthcare providers and interventional cardiologists to efficiently diagnose various venous diseases such as deep vein thrombosis, pulmonary embolism, vasculitis, etc., and this is expected to propel the market during the forecast period
Product Recall: Key Restraint of Venous Procedure Devices Market
- The venture catheter is intended to direct, steer, control, and support a guidewire to access veins and arteries in the arms, legs, hands, feet, and heart muscle (myocardium). Certain models may also administer saline fluids or drugs into blood vessels.
- Recently in 2017, in the U.S., Vascular Solutions Inc. recalled 7,054 units of venture catheters due to excess material at the tip of the catheter split or separate during use, which resulted in serious adverse health consequences such as development of blood clots in the body. Such product recalls hamper brand image of the product in the market and use of the product.
Modification in Materials Used to Design Venous Stents: Key Opportunities in Venous Procedure Devices Market
- Materials used in stents, including venous stents, have been the mainstay of stenting procedures and are responsible for the effective treatment of patients
- Bare metal stents (BMS) use stainless steel as the primary material; however, they are associated with numerous clinical pre- and post-operative issues such as restenosis, stent placement, and the inability to allow revascularization of the vessel
- Hence, market players in the venous stents segment focus on modifying the materials used in the new drug eluting stents (DES) and bioresorbable vascular stents (BVS)
Venous Procedure Devices Market: Competition Landscape
- This report profiles major players in the global venous procedure devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- Leading players operating in the global venous procedure devices market include
- Medtronic Plc
- Cardinal Health
- Terumo Corporation
- Teleflex Incorporated
- Boston Scientific Corporation
- Optimed Medizinische Instrumente GmbH
- B. Braun Melsungen AG
- Abbott Laboratories
Venous Procedure Devices Market: Key Developments
- Key players in the global venous procedure devices market are engaged in regulatory approvals, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to augment the global venous procedure devices market. One of the few expansion strategies adopted by players operating in the global venous procedure devices market include:
- In August 2018, Boston Scientific Corporation acquired Veniti, which developed and commercialized the Vici venous stent system to treat venous obstructive disease
- The report on the global venous procedure devices market discusses individual strategies, followed by company profiles of manufacturers and suppliers of venous procedure devices. The competition landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global venous procedure devices market.
Venous Procedure Devices Market – Scope of the Report
TMR’s report on the global venous procedure devices market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2020 to 2030. The report provides revenue of the global venous procedure devices market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global venous procedure devices market during the forecast period.
The report has been prepared after extensive primary and secondary researches. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global venous procedure devices market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global venous procedure devices market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global venous procedure devices market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global venous procedure devices market.
The report delves into the competition landscape of the global venous procedure devices market. Key players operating in the global venous procedure devices market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global venous procedure devices market that have been profiled in this report.
Key Questions Answered in Venous Procedure Devices Market Report
- What is the scope of growth of product companies in the global venous procedure devices market?
- What will be the Y-o-Y growth of the global venous procedure devices market between 2020 and 2030?
- What is the influence of changing trends in life science research on the global venous procedure devices market?
- Will North America continue to be the most profitable market for venous procedure devices providers?
- Which factors are anticipated to hamper the growth of the global venous procedure devices market during the forecast period?
- Which are the leading companies in the global venous procedure devices market?
A unique research methodology has been utilized by TMR to conduct a comprehensive research on the growth of the global venous procedure devices market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary researches, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global venous procedure devices market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, and market intelligence managers, who contributed to the production of TMR’s study on the horseradish peroxidase market as primary research sources.
These primary and secondary research sources have provided exclusive information during interviews, which serves as a validation from the venous procedure devices market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global venous procedure devices market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global venous procedure devices market more reliably and accurately.
Venous Procedure Devices Market – Segmentation