Inferior Vena Cava (IVC) Filter Market - Global Outlook and Forecast 2020-2025

INDUSTRY INSIGHTS

The global inferior vena cava (IVC) filter market is to grow steadily during the forecast period. The growth can be attributed to the high prevalence of Pulmonary Embolism (PE) across the world. According to the WHO, the incidence of PE is between 0.75 and 2.69 per 1,000 individuals per year globally. Epidemiological studies reported that more than 1 million people in the US are affected by PE annually, with approximately 100,000–200,000 PE fatalities. The overall healthcare expenditure on PE is estimated to be over $1.5 billion per year in the US alone. Factors such as the growth in the aging population, consumption of junk foods, and the growth in the smoking population, the rise in lifestyle-related diseases, including obesity are increasing the prevalence of PE at a steady rate. Hence, the growing demand for optional & retrievable IVC filters and the increasing availability of innovative approaches for placement/retrieval are expected to drive the growth of the global inferior vena cava (IVC) filter market. Moreover, the development of advanced devices, including bioconvertible, convertible, and combination filters and central venous catheters is another primary factor driving the uptake of inferior vena cava (IVC) filters worldwide.

SNIPPETS

• The retrievable & optional filters segment is expected to observe an incremental growth of over $400 million
• The hospital segment is likely to reach over $450 million by 2025. The growth is due to the increasing pool of patients with pulmonary embolism and venous thromboembolism (VTE)
• The European inferior vena cava (IVC) filter market share is expected to achieve an absolute growth of over 90%. The growth is on account of high awareness for minimally invasive placement procedures for PE treatment and increased focus on public health infrastructure
• The APAC region is likely to witness an incremental growth of $112 million. The region is likely to witness an absolute growth of over 80% during the forecast period.

INFERIOR VENA CAVA (IVC) FILTER MARKET SEGMENTATION

This research report includes a detailed segmentation by

• Product
• End-user
• Geography

 INSIGHTS BY PRODUCT 

The retrievable & optional filters segment is accounted for major share of 65% in 2019. The RIVCF segment is growing significantly on account of the increasing preference for optional IVCFs as they provide flexibility to remove IVCFs depending on the patient’s requirement of permanent prophylaxis. Their ease of insertion is encouraging physicians to adopt retrievable ones. However, these devices have higher device-related complications in the long term than permanent ones. Moreover, RIVCFs are more expensive than permanent ones while reimbursement is the same for both.

The global permanent IVC filter (PIVCFs) market is expected to grow at a CAGR of over 9% during the forecast period. It is expected to grow steadily due to the increasing incidence of VTE and cost-efficiency. Permanent filters are preferred for patients that need lifelong protection due to their relatively lower risk and cost-effectiveness. Many physicians prefer PIVCFs on account of substantial clinical shreds of evidence showing the higher efficiency rates. The development of advanced retrieval techniques that enable the successful removal of PIVCFs is also fueling the growth.

INSIGHTS BY END-USER

In 2019, hospitals end-user segment accounted for 84% share of the global inferior vena cava (IVC) filter market. Healthcare professionals in hospitals use advanced inferior vena cava filters such as retrievable/optional ones. The segment is growing at a healthy rate and is likely to grow at the same pace during the forecast period. The growth is primarily due to the high adoption of advanced filters, as a majority of patients with high-risk cardiac diseases prefer visiting hospitals for treatment due to advanced infrastructure facilities available in major private and public hospitals. Surgeons prefer to use advanced technology MRI- compatible, bioconvertible filters due to their high success rates and improved patient outcomes. Though hospitals have a greater number of inferior vena cava filter placements, the preference among patients to undergo implantation is increasing, thereby expecting healthy growth rates during the forecast period.

The ASCs segment is likely to witness significant growth, especially in developed countries. The end-users’ focus is shifting from open cardiac surgical techniques toward minimally invasive and percutaneous-based treatments. The growing prevalence of vascular diseases and the subsequent rise in the volume of several cardiac surgical procedures also have a positive impact on the growth of this segment. In addition, technological advancements in interventional procedures, increasing demand for less invasive surgeries, and high growth in the development of out-patient services are contributing to the growth of ASCs. Although the segment is growing at a healthy rate, it accounts for a less share in the global inferior vena cava (IVC) filter market compared to hospitals mainly because the reimbursement cost is less than hospitals.

The OBL segment offers notable benefits to patients that include the ability to get procedures scheduled faster than hospital settings with less stress and high degrees of patient satisfaction. Office-based cath labs offer a more controlled work schedule than hospital settings, thereby increasing productivity and preventing burnout. Also, compared to hospital-based atherectomy procedures, office-based cath labs offer improved safety.

INSIGHTS BY GEOGRAPHY

In 2019, North America accounted for 44% share of the global inferior vena cava (IVC) filter market share. The region is likely to witness an absolute growth of around 80% during the forecast period. The US is the major revenue contributor to the North America market and accounted for a share of 94% in 2019. The North American inferior vena cava (IVC) filter market has become strategically important for several prominent players such as Cardinal Health, BD, Cook Medical and others. The market in this region is characterized by its high penetration of advanced treatment solutions for several vascular diseases due to the aging population and advances in technology.

Europe is growing at a healthy rate and is expected to grow at a similar pace during the forecast period. The increasing incidence of PE, mainly in the growing aging population, rapid adoption of advanced vena cava filters and high healthcare expenditures are driving growth in Europe. It is estimated that more than 15% of the population in Europe is aged 65 years and above. The region is projected to remain the most aged one in the coming decades, with approximately 34% of the population projected to be aged 60 years or over in 2050. Hence, such a geriatric population is at a high risk of developing cardiac diseases, which leads to an increasing demand for vena cava filters in the region.

The APAC inferior vena cava (IVC) filter market share is growing at a significant healthy rate. The growth is due to the presence of a large pool of patient population, improvements in healthcare infrastructure, and increased healthcare expenditure. APAC serves as an attractive market destination for many global and local vendors. The healthcare system is undergoing rapid transformations with favorable support from government organizations. Japan, Australia, and South Korea are the major revenue contributors to the market. In addition, healthcare providers are focusing on providing advanced care to patients, thereby contributing a high demand for IVCFs.

INSIGHTS BY VENDORS

The global market is characterized by the presence of a few established players holding the majority of the shares. Vendors are offering several permanent as well as retrievable & optional inferior vena cava filters. The market players are competing based on factors such as technology, safety features, regulatory approvals, marketing strategies, and distribution channels. Cardinal Health, BD, Cook Medical, B. Braun Melsungen, and Boston Scientific are the key vendors in the market. The market is dominated by major players. Other prominent players are focusing on continuous development with advanced features such as combination, drug-eluting inferior vena cava filters. In addition, few investigational companies are also coming into existence with innovative products and technologies.

The global inferior vena cava (IVC) filter market research report includes industry analysis with revenue and forecast insights for the following segments:

By Product   

• RIVCFs
• PIVCFs

By End-user  

• Hospitals
• ASCs
• OBLs

By Geography

• Europe
  • Spain
  • Germany
  • Italy
  • France
  • UK
• North America
  • US
  • Canada
• APAC
  • South Korea
  • Japan
  • Australia
  • China
  • India
• Latin America
  • Brazil
  • Argentina
  • Mexico
• MEA
  • Turkey
  • South Africa
  • Saudi Arabia