The global venous procedure devices market is demonstrating steady growth due to rising incidence of cardiovascular disease.
Increasing surgical procedures and rapid adoption of new devices boosting the demand for venous procedure devices
The global venous procedure devices market is demonstrating steady growth due to rising incidence of cardiovascular disease. According to a study by Fact MR, increasing focus on introducing technologically advanced products has led to a surge in demand for venous procedure devices.
According to a study by the Centers for Disease Control and Prevention, around 900,000 people are affected by deep vein thrombosis in the U.S. every year, with 10% to 30% of the people’s death occur within a month of diagnosis. Thus, the rising number of patients seeking treatment to curb the incidence of deep vein thrombosis will create growth opportunities for venous procedure devices the market.
Likewise, around 8 to 12 million people are affected by peripheral arterial disease (PAD) in the U.S. Whereas, more than 200,000 people are diagnosed with abdominal aortic aneurysm (AAA), annually, according to the Society for Vascular Surgery. Hence, the increasing demand to treat these diseases are expected to boost the demand for venous procedure devices
As per a study by World Health Organization (WHO), in India, 63% of total deaths were because of non-communicable diseases, out of which 27% were due to cardiovascular diseases. Therefore, the scope for advanced venous procedure device sales is surging throughout the country.
“Market players have shifted their focus on introducing technologically advanced products. With increasing clinical trials and FDA approvals for novel venous procedure devices, the market will register significant growth,” says the Fact.MR analyst.
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Key Takeaways
- The U.S. dominates the global venous procedure devices market. Increasing number of surgical procedures conducted in the country is creating a high demand for venous procedure devices.
- The U.K. is emerging as a lucrative market for venous procedure devices driven by the presence of a highly developed healthcare infrastructure.
- The market in India is expected to grow at a significant CAGR owing to the rising prevalence of cardiovascular diseases and rapid technological development in the country
- Rising demand for venous procedure catheters is expected to fuel the growth of the venous procedure devices market.
- Owing to the increasing prevalence of chronic kidney, the demand for abdomen venous procedure devices is surging.
Key Drivers
- Rising prevalence of cardiovascular diseases will boost the demand for venous procedure devices.
- Ongoing technological advancements in venous procedure devices are expected to surge the growth of the market.
- High demand for surgical procedures for various cardiac anomalies will fuel the growth of the venous procedure devices market.
Key Restraints
- High costs of venous procedure devices might hamper the global market growth.
- Rigorous regulatory requirements for novel venous procedure devices are posing a challenge for the market growth.
- Less diagnosis rate and treatment adoption due to poor economic conditions will hamper the market growth in developing economies.
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Competitive Landscape
Key players operating in the venous procedure devices market profiled by Fact.MR includes Medtronic Plc., Cardinal Health, Becton Dickinson & Co. (BD), Terumo Corporation, Teleflex Incorporated, Boston Scientific Corporation, Optimed Medizinische Instrumente GmbH, Cook Medical, B. Braun Melsungen AG, and Abbott Laboratories. Market players in the venous procedure devices market are introducing new products into the market and investing in its product developments to maintain their lead. For instance,
- Cordis, Cardinal Health Company, announced the full US launch of its RADIAL 360 portfolio for interventional cardiology purposes, comprising of four main devices in n May 2019.
- In May 2021, Medtronic Plc. announced designation of the CE Mark for its EvolutTM PRO+ TAVI System for treating patients with symptomatic severe aortic stenosis across Europe
More Insights on the Venous Procedure Devices Market
Fact.MR offers unbiased analysis of the venous procedure devices market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product (venous stents, venous procedure catheters, venous procedure guidewires, and others), applications (leg venous procedure devices, chest venous procedure devices, abdomen venous procedure devices, and arm venous procedure devices), indications (vascular diseases and cancer), and end users (hospitals, ambulatory surgical centers, specialty clinics, and others), across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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Source: Fact.MR