Venous Procedure Devices Market

Market Outlook for Venous Procedure Devices

The global venous procedure devices market is projected to surpass US$ 3 billion valuation by 2031, expanding at a CAGR of around 6%, with demand for chest venous procedure devices and abdomen venous procedure devices being high. Venous procedure devices have experienced notable uptake for key cardiovascular procedures, with sales of drug-eluting stents and catheters acquiring central importance.

Surgical procedures for vascular disease indication is expected to garner significant attention, providing fertile ground for market expansion. A new report by Facr.MR tracks the global sales of the venous procedure devices market in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the healthcare domain in general, and venous procedure device demand in particular.

How Do Historical and Future Projections Compare?

Surging cardiovascular disease incidence in the past few years has greatly enhanced uptake of venous procedure devices, with prominent manufacturers introducing technologically advanced products. The market was valued at US$ 2 billion in 2019, with growth expected to incline further in upcoming years.

Prospects appeared temporarily dim during the initial months of COVID-19, as elective surgical procedures took a backseat. However, since Q4 2020, a gradual upswing with relaxation of restrictions across key healthcare domains. Future expansion will be largely influenced by increased uptake of specialized stents and catheters.

How are Technological Advancements Paving the Way for Future Market Expansion?

Several players are introducing technologically advanced products based on upgraded techniques, enabling precise and improved diagnostics to patients suffering from venous diseases. A major breakthrough in this regard is the development of a centralized administration system.

Patients often need central venous access for indications, including ongoing hemodynamic monitoring, difficult venous access, or long-term IV therapy. Numerous central venous catheters and devices are available which enable such access. Additionally, advancements such as Doppler ultrasound have enabled practitioners to effectively diagnose diseases like deep vein thrombosis and vasculitis.

Why are Clinicians Opting for Advanced Drug Eluting Venous Stents?

Stenting of arteries as a percutaneous transluminal angioplasty procedure is a promising minimally invasive therapy based on reopening narrowed arteries. Hence, prominent manufacturers are looking leverage high quality drug eluting venous stents for achieving high patient outcomes.

Drug eluting stents (DES) have been developed to overcome the main shortcomings of bare metal stents (BMS) or coated stents. Boston Scientific is boosting its marketing capabilities of Eluvia drug eluting vascular stent system, which is capable of delivering exceptional outcomes in complex lesions.

How are Product Recalls Impeding the Growth Prospects of Manufacturers?

In the recent past, several venous procedure devices have been recalled from the market due to documentation of undesired adverse patient outcomes. For instance, in 2017, Vascular Solutions Inc. recalled over 7,000 units of its venture catheters due to the presence of excess material at the tip of the catheter which separated during surgery, leading to development of blood clots.

Hence, major medical device manufacturers are subjecting each product to strict inspection and laboratory testing so as to offset any anomaly which may arise during the trials. This prolongs effective availability of key surgical devices, thereby limiting growth prospects for venous procedure devices in the long run.

Country-wise Insights

Why is the U.S. a Prominent Market for Venous Procedure Devices?

The US is expected to generate ample growth opportunities for the venous procedure devices market, attributed to increased surgical procedures for various cardiac anomalies. According to the Society for Vascular Surgery, peripheral arterial disease (PAD) affects between 8 and 12 million people in the US, while nearly 200,000 people are annually diagnosed with abdominal aortic aneurysm (AAA).

Hence, prominent healthcare companies are expected to cement their presence throughout the US market, rendering it the most lucrative country throughout North America. Prominent manufacturers include Medtronic Plc., Boston Scientific Corporation, Abbott Laboratories and Cook Medical among others.

How Will India Generate Growth Prospects for Venous Procedure Device Suppliers?

According to W.H.O, India reported 63% of total deaths due to non-communicable diseases, of which 27% were attributed to cardiovascular diseases. Hence, the scope for enhanced venous procedure device sales is increasing throughout the country in recent years.

Furthermore, ailments such as varicose veins is also prompting uptake. In 2019, Apollo Hospitals, Chennai became the first national center to perform a modern varicose vein removal surgery using the VenalSeal closure system. Such developments will greatly enhance prospects for the Indian market.

Category-wise Insights

Why is There High Demand for Venous Procedure Catheters?

By product, demand for venous procedure catheters is expected to see considerable incline, with preference for central catheters generating bulk of total demand. Central catheters are more effective in directly administering nutrition and medication directly into the bloodstream.

Central venous catheters are less likely to detach from the vein, permitting patients to remain more active and receive intravenous medication at home. Furthermore, it enables delivery of larger blood quantities to patients in severe shock.

Which is the Most Common Venous Procedure Device Application Area?

By application, chest implants are expected to remain highly utilized in the venous procedure devices domain, particularly in the infraclavicular region. This offers greater convenience to surgeons while operating on a patient.

However, abdomen venous procedure devices are also surging in popularity, attributed to increased prevalence of chronic kidney ailments requiring patients to undergo hemodialysis procedures.

Why is Vascular Disease Indication Acquiring Ground?

By indication, vascular diseases are expected to generate significant demand, amid the rising prevalence of deep vein thrombosis globally. As per the Centers for Disease Control and Prevention, approximately 900,000 people are affected by it across the US, with 10-30% succumbing within a month of diagnosis.

Treatment for hemodialysis/arteriovenous fistulae is also anticipated to incline, attributed to its surging prevalence rate in recent years.

Competitive Landscape

Notable developments with regards to key venous procedure device manufacturers are as follows:

• 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
• In May 2019, Cardinal Health company Cordis announced the full US launch of its RADIAL 360 portfolio for interventional cardiology purposes, comprising of four main devices

*This list is indicative- full details about prominent venous procedure devices manufacturers is available upon request.

Report Scope

Attribute	Details
Forecast Period	2021-2031
Historical Data Available for	2016-2020
Market Analysis	US$ Mn for Value & ‘000 Units for Volume
Key Regions Covered	North America Europe Asia Pacific Latin America Middle East & Africa
Key Countries Covered	US Canada UK Germany France Spain Italy China India Japan Australia & New Zealand GCC South Africa Brazil Mexico
Key Segments Covered	Product Application Indication End User Region
Key Companies Profiled	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 Abbott Laboratories
Customization & Pricing	Available upon Request

Key Market Segments Covered

• Product

  • Venous Stents
    • Drug-eluting Venous Stents
    • Non-drug Eluting Venous Stents
  • Venous Procedure Catheters
    • Central Venous Catheters
    • Subcutaneous (Implanted) Venous Port Catheters
    • Peripherally Inserted Central Venous Catheters (PICC)
  • Venous Procedure Guidewires
    • Standard Venous Procedure Guidewires
    • High Support Venous Procedure Guidewires
    • Flexible Venous Procedure Guidewires
    • Chronic Total Occlusion Venous Procedure Guidewires
  • Others

• Application

  • Leg Venous Procedure Devices
  • Chest Venous Procedure Devices
  • Abdomen Venous Procedure Devices
  • Arm Venous Procedure Devices

• Indication

  • Venous Procedure Devices for Vascular Diseases
    • Chronic Deep Vein Thrombosis
    • Post-thrombotic Syndrome
    • May-Thurner Syndrome
    • Hemodialysis/Arteriovenous Fistulae
    • Others
  • Venous Procedure Devices for Cancer

• End User

  • Hospitals
  • Ambulatory Surgical Centers
  • Specialty Clinics
  • Others

• Region

  • North America (US and Canada)
  • Europe (Germany, UK, France, Italy, Spain and Rest of Europe)
  • Asia-Pacific (China, Japan, India, Australia & New Zealand and Rest of Asia-Pacific)
  • Latin America (Brazil, Mexico and Rest of Latin America)
  • Middle East & Africa (GCC, South Africa and Rest of MEA)