Venous Procedure Devices Market: Introduction
According to the report, the global venous procedure devices market was valued at US$ 2 Bn in 2019. It is projected to expand at a CAGR of ~6% from 2023 to 2030. Vascular procedures are a surgical subspecialty wherein diseases of the vascular system, or arteries, veins, and lymphatic circulation are managed by medical therapy, minimally-invasive catheter procedures, and surgical reconstruction. Venous procedures can include endovenous ablation, sclerotherapy or venous radiofrequency ablation, which can relieve venous insufficiency or remove varicose veins. North America dominated the global venous procedure devices market in 2019. The trend is anticipated to continue during the forecast period. Rise in number of patients seeking treatment and rapid adoption of new devices to treat vascular disease are anticipated to boost the demand for venous procedure devices. This is expected to drive the market in the region.
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Ongoing Clinical Trials and Increase in FDA Approvals for Venous Procedure Devices to Drive Venous Procedure Devices Market
Ongoing clinical trials for venous procedure devices, pipeline products, and safety and efficacy studies have increased over the past few years. These studies have enhanced new product development and better opportunities for new venous procedure devices for vascular disease. This factor is boosting the global venous procedure devices market. In May 2019, Boston Scientific Corporation received the U.S. Food and Drug Administration (FDA) approval for VICI VENOUS STENT System for the treatment of iliofemoral venous obstructive disease.
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Catheters to Dominate Global Market
In terms of product, the global venous procedure devices market has been classified into veneous stents, catheters, guidewires, and others. The catheters segment is anticipated to expand at a rapid pace due to a rise in the usage of PICCs, implantable ports, and hemodialysis catheters due to increase in incidence of cancer and vascular diseases, which has created a large pool of patients, especially in developed countries. This drives the demand for catheters segment.
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Companies Focus on Development of Venous Stents for Femoral Vein
Based on application, the global veneous procedure devices market has been categorized into arm, abdomen, chest, and leg. The leg segment held a major share of the global market in 2019, owing to numerous companies engaged in the development of venous stents for femoral vein.
Vascular Disease to be Key Indication Segment
In terms of indication, the global venous procedure devices market has been divided into vascular disease and cancer. Prevalence of venous diseases has increased across the world, including deep vein thrombosis (DVT), post thrombotic syndrome (PTS), and chronic venous insufficiency. Deep vein thrombosis (DVT) is a major preventable cause of morbidity and mortality worldwide. According to Centers for Disease Control and Prevention (CDC) stats, an estimated 900,000 people are affected by DVT/pulmonary embolism (PE), each year, in the U.S. alone, and 60,000 to 100,000 people succumb from DVT/PE each year.
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North America to Dominate Venous Procedure Devices Market
In terms of region, the global venous procedure devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global venous procedure devices market in 2019, followed by Europe. North America accounted for a major share of the global venous procedure devices market in 2019, primarily due to increase in incidence of disease and new product launches in the region. This is estimated to propel the venous procedures devices market in the region during the forecast period.
Competition Landscape of Venous Procedures Devices Market
The global venous procedures devices market is fragmented in terms of number of players. Key players in the global venous procedures devices market include Medtronic Plc, BD, Cardinal Health, Terumo Corporation, Teleflex Incorporated, Boston Scientific Corporation, Optimed Medizinische Instrumente GmbH, Cook, B. Braun Melsungen AG, and Abbott Laboratories.
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