Deep venous diseases define a medical condition that occurs in deep veins, such as deep vein thrombosis (DVT), deep vein reflux, deep vein obstruction, and chronic venous insufficiency in deep veins. There are different devices used for treating and preventing these conditions. Moreover, as per a study published by the National Center for Biotechnology Information (NCBI) in September 2022, titled “Deep Venous Thrombosis of the Lower Extremity,” it is stated that globally one out of 20 people develops DVT during their lifetime. This indicates that one in every 20 people will need treatment for this deep venous disease, thereby increasing the demand for deep venous disease treatment devices.
The Deep Venous Disease Treatment Devices Market was valued at $1,119.3 million in 2022 and is anticipated to reach $2,419.2 million by 2032, witnessing a CAGR of 7.72% during the forecast period 2023-2032. The market is driven by factors such as the upsurge in the incidence of deep vein diseases leading to increased demand for treatment devices, increasing awareness of preventative devices leading to the growth of deep venous disease devices in the market, and a rise in diagnosis of deep venous diseases in hospitals leading to increased use of treatment devices.
Market Segmentation
Based on Products The global deep venous disease treatment devices market by product has been segmented into thrombectomy and thrombolysis device, inferior vena cava (IVC) filter, peripheral vascular stent, percutaneous transluminal angioplasty (PTA) balloon catheter, accessory device, and compression device/stockings. The accessory device is the largest segment among the products, followed by the thrombectomy and thrombolysis device segment. The following figure indicates the share of products in the global deep venous disease treatment devices market in 2022 and 2032:
Business Drivers
Upsurge in Incidence of Deep Vein Diseases Leading to Increased Demand for Treatment Devices
Deep venous diseases often occur in adults, and with an increase in population worldwide, the incidence of different deep venous diseases increases significantly. This upsurge in the incidence of these conditions is responsible for further driving the growth of the deep venous disease treatment devices market. As per BIS Research analysis, population data of adults (15 to 64 years) and incidence rate of venous thromboembolism that includes deep vein thrombosis (DVT) and pulmonary embolism (PE) were analyzed to conclude that the number of cases of DVT and PE has significantly increased in the past few years, i.e., from 2017 to 2021, and it is expected to grow at the same rate. The following figure indicates the analysis depicting the number of DVT and PE cases globally from the year 2017 to 2021.
Impact of COVID-19 on Deep Venous Disease Treatment Devices Market
The COVID-19 pandemic has impacted the global healthcare ecosystem in different manners. Among the sectors of the healthcare ecosystem that got less impacted by the pandemic are the deep venous disease treatment devices. Since the number of patients hospitalized during the pandemic was at its peak, the risk of patients developing different deep venous diseases got highly increased and resulted in more cases of diseases such as deep vein thrombosis. Hence, the COVID-19 pandemic has resulted in an increase in treatment and preventative devices for deep venous diseases.
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Key Question Answered in the Report
- What are the major market drivers, challenges, and opportunities for the global deep venous disease treatment devices market?
- What are the key trends within the global deep venous disease treatment devices market?
- How is each product type of the global deep venous disease treatment devices market expected to grow during the forecast period?
- What is the growth potential of the global deep venous disease treatment devices market in North America, Europe, Asia-Pacific, and Rest-of-the World?
- What is the patent filing trend in the global deep venous disease treatment devices market?
- How has the COVID-19 pandemic impacted the global deep venous disease treatment devices market?
- What is the regulatory framework in different regions in the global deep venous disease treatment devices market?
- Which market strategy is highly adopted by the key players of the global deep venous disease treatment devices market?
- What are the ongoing clinical trials and pipeline products for the global deep venous disease treatment devices market?
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