Chronic Venous Occlusions Treatment Market – Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Chronic Venous Occlusions Treatment Market – Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The chronic venous occlusion market is expected to register a CAGR of 9% during the forecast period (2022-2027).

The COVID-19 pandemic has impacted the market. The companies had faced an extreme decline in their operating earnings, sales revenue from the segments, and discontinuation of the procedures. Additionally, the commercial or clinical supply of the medicines and drug candidates has been impacted due to the shutdown of the company’s, or the third-party manufacturing facilities, distribution channels, and transportation systems. For instance, AngioDynamics reported decreased sales in Venous products in 2020. This was due to the termination of elective procedures by the hospitals.

Chronic venous occlusion treatment has a high adoption rate due to the increasing prevalence of chronic venous diseases. According to the National Center for Biotechnology Information, 2021, more than 30 million people have some form of chronic venous disease in United States. In addition, the prevalence of chronic venous disease is 10 times more than peripheral artery diseases. The factors driving the growth of the venous occlusion treatment market include increasing genetic disorders, the rising geriatric population, and obese and pregnant women who are also prone to chronic venous occlusions. Venous occlusion has been observed in people having bone disorders. According to the National Center for Biotechnology Information, 2021, it has been found that 25% of females and 75% of males having bone disorders have experienced venous occlusion. Additionally, increasing availability of advanced chronic venous occlusion treatments and devices and increasing adoption of minimally invasive procedures involving low risk of infections and minimum hospital stays, thus saving the cost and time, also boost the growth of the market. Also, the increasing adoption of different strategies by companies and manufacturers to expand their product portfolios and to enter the chronic venous occlusion treatment market is likely to boost the growth of the market. For instance, Hancock Jaffe Laboratories announced that United States Food and Drug Administration (FDA) had granted the Breakthrough Device designation status to the company's lead product, VenoValve. Moreover, the companies are focusing on developing drug candidates for the treatment of venous insufficiencies, such as P-TEV, TR 987, and Sulodexide.

However, lack of awareness and skilled specialists, risks associated with the procedures, and the high cost of chronic total occlusion treatment are the major factors hindering the growth of the market.

The increasing prevalence of cardiovascular diseases and the growing geriatric population are expected to be the key driving factors for the growth of the devices segment during the forecast period. The older population is more likely to develop cardiovascular diseases. According to Ageing Europe Statistics, 2021, it has been observed that more than one-fifth (20.8%) of the European population was aged 65 years and over. In addition, it is projected that the share of people aged 80 years or above in the European population will have a two-and-a-half-fold increase between 2021 and 2100, from 6.0% to 14.6%. For instance, women aged over 40 years who are suffering from varicose veins are usually treated with V-block occluding stent, a self-expandable device that functions as a vein occluder and blood clot trap.

In addition, the rising demand for non-invasive procedures is likely to boost the growth of the market. For instance, cardiac catheterization, a minimally invasive way, is used to diagnose and treat a variety of heart and vascular conditions, such as May-Thurner syndrome, by guiding thin, flexible tubes called catheters through blood vessels to problem areas.

The clinicians advised the implantation of stents in patients suffering from cardiovascular disorders such as blockages in the heart or sudden heart attacks to widen up the narrow veins of the heart to regulate the flow of blood in the heart and body. According to the American Heart Association, 2020, approximately 2 million stents are implanted in United States every year. Increasing hypertension among masses significantly increases the risk of heart diseases and affects the normal blood flow in the body. According to the statistics published by the World Health Organization, 2021, an estimated 1,28 billion adults aged 30-79 years have heart diseases, and approximately two-thirds of the population live in low- or middle-income countries. According to the European Society of Cardiology, more than 6 million new cases of cardiovascular diseases are found in the European Union and more than 12 million in Europe as a whole every year.

These factors are contributing to the growth of the chronic venous occlusion treatment market during the forecast period.

North America is projected to hold significant shares in the chronic venous occlusion treatment market. This is due to the presence of a number of treatment facilities and advanced healthcare infrastructure in the region. For instance, it has been estimated that United States' healthcare consumption expenditure per capita is USD 10,224, and the national health expenditure as a percent of GDP in United States was 19.7% in 2020. In addition, the growing prevalence of venous diseases or chronic venous insufficiency (CVI) is likely to drive the growth of the market. Furthermore, increasing demand for minimally invasive procedures, the growing geriatric population, and unhealthy lifestyles are increasing the adoption of venous occlusion treatment. According to the Centers for Disease Control and Prevention, 2020, it has been estimated that 900,000 people are affected, and 60,000-100,000 Americans die from deep vein thrombosis in United States. In addition, approximately 5% to 8% of the US population has one of several inherited genetic risk factors known as inherited thrombophilias, which increases the risk of venous thrombosis.

The chronic venous occlusions treatment market is fairly fragmented in nature, with the presence of a number of players in the market. The companies present in the market are using diverse strategies such as mergers, acquisitions, partnerships, and collaborations to maintain their leading position. Some of the major players in the market include Cardinal Health, Boston Scientific Corporation, Richard Wolf GmbH, and Stryker.

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