Inferior Vena Cava (IVC) Filters market to Make Great Impact in Near Future by 2025
The global market for IVC filters is driven by growing incidences of cardiovascular diseases. According to World Health Organization (WHO), in 2008, around 17.3 million people died from cardiovascular disease (CVD), which is expected to reach 23.3 million by 2030. Few of the factors responsible for the market growth includes increasing number of patients diagnosed with cardiovascular diseases (CVD) across the globe, growing government initiative to increase the awareness about CVD and the devices used for treatment. For instance, in May 2014, a post market surveillance by U.S. Food and Drug Administration (US FDA) provided the information about the implementation of IVC filters coupled with the risk of pulmonary embolism.
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In addition, frequent product innovation and product launch by key companies would further boost the market growth of inferior vena cava filters. For instance, in January 2014, Argon Medical Devices, Inc. received U.S.FDA clearance for its Option ELITE retrievable inferior vena cava (IVC) filter. Despite several advantaged offered by IVC filter, the high cost of the product might hamper the market growth to some extent. Similarly, complex regulatory approval of cardiovascular devices might lead to the slow market growth.
The global market for Inferior vena cava filters is segmented on basis of product type, material type, end user and geography:
Segmentation by Product Type
Retrievable Inferior Vena Cava filters
Permanent Inferior Vena Cava filters
Segmentation by Material
Segmentation by End Users
Ambulatory Surgical Centers
Emergency Care Centers
Based on product type, the market is segmented into retrievable inferior vena cava filters and permanent inferior vena cava filters. Based on material, the inferior vena cava filters market is segmented into non-ferromagnetic materials and ferromagnetic material. IVC filters made from ferromagnetic materials are also classified as MR conditional.
Based on end user, the global Inferior vena cava filters market has been segmented into hospitals, ambulatory surgical centers and emergency care centers. Hospitals are expected to contribute highest share in the global Inferior vena cava filters market over the forecast period due to increased use of inferior vena cava filter for cardiac surgeries performed each year.
On the basis of regional presence, global Inferior vena cava filters market is segmented into five key regions viz. North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to lead the global market due to large demand for the device for cardiovascular disease patients, large geriatric population prone to heart disease. Europe is expected to hold second largest market share in the global IVC filters market. Market in APAC region is expected to witness significant growth rate over the forecast period owing to large patient population and increasing awareness regarding the cardiovascular disease and its treatment options.
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Some of the players operating in global Inferior vena cava filters market Cook Medicals, C. R. Bard, Inc., B. Braun Melsungen AG, Boston Scientific Corporation, Cordis Corporation, Argon Medical Devices, Inc., ALN, are and others.
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