Venous Stents Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Venous Stents Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The venous stents market studied was projected to grow with a CAGR of nearly 9.8% over the forecast period (2022-2027).

Due to the high infection rate and lockdown regulations brought on by the COVID-19 pandemic, surgical procedures have been affected. Additionally, patients with cardiovascular diseases have experienced delays in diagnosis and treatment as a result of fewer people visiting hospitals and diagnostic facilities, which has had an effect on the market for coronary stents. According to the study titled "The impact of the COVID-19 pandemic on vascular surgery: Health care systems, economic, and clinical implications" published in the Seminar in Vascular Surgery in September 2021, in ambulatory care and outpatient clinics, 89.2% of vascular surgeons reported changes to their practise, including fewer hours worked (71%), and the use of telemedicine services (81.1%). The daily average for inpatient consultations decreased to just 1.81 per day and surgical volume decreased by 71.7% and 96.5%, respectively. Vascular surgery has undoubtedly had a considerable overall impact. Therefore, the market for venous stents was considerably hit by the COVID-19 drop in vascular surgery, but it is anticipated that market will resume growth over the projection period.

The major factor attributing to the growth of the market is the rising incidence of chronic symptomatic venous diseases like chronic deep vein thrombosis, Post-thrombotic syndrome, May-Thurner syndrome, Nutcracker syndrome, Hemodialysis/arteriovenous fistulae, etc. couple with the rising in the geriatric population.

According to the study titled "Incidence of proximal deep vein thrombosis in medical critical care patients" published in Thrombosis Journal in February 2022, deep vein thrombosis affects 13%–31% of medical critical care patients (DVT). The incidence proportion was 10.1%, and the prevalence was 5.7%. As per the statistics, there is a significant rise in the patient pool which is expected to boost the market growth. The other important factor propelling the market growth is the increasing geriatric population who are prone to such diseases. Additionally, according to the study titled "Prevalence of post-thrombotic syndrome in a cohort of upper extremity vein thrombosis" published in the Journal of Vascular Surgery: Venous and Lymphatic Disorders in January 2022, 14.1% of cases of upper extremity PTS (UE-PTS) occurred following upper extremity venous thrombosis (UEVT). A stroke along with a reduction in limb mobility was a risk factor for Post-thrombotic syndrome (PTS). Thus, growing prevalence of venous diseases is expected to boost the demand for venous stent devices, thereby boosting the market growh.

Additionally, it is anticipated that the launch of new products and improvements in stent technology made by the leading market participants in the region will accelerate growth in the market under study. For Instance, in October 2020, Medtronic plc has received United States Food and Drug Administration (FDA) approval for the Abre venous self-expanding stent system. This device is indicated for use in the iliofemoral veins in patients with symptomatic iliofemoral venous outflow obstruction, also known as deep venous obstruction.

However, the lack of awareness of the venous stents and the high cost of stenting are major drawbacks for market growth.

Key Market TrendsChronic Deep Vein Thrombosis is expected to Dominate the Market Share

Chronic Deep Vein Thrombosis is a blood clot in one of the large, deep veins that returns blood from the leg, and very rarely in the arm, or heart. The Segment growth is driven by the increasing prevalence of chronic deep vein thrombosis and product launches by the key market players.

According to the study titled "Deep Vein Thrombosis" published in the National Library of Medicine in August 2021, DVT is estimated to have an annual incidence of 80 cases per 100,000 people, with a lower limb DVT prevalence of 1 case per 1000 people. More than 200,000 people in the US experience venous thrombosis every year; 50,000 of these instances are exacerbated by pulmonary embolism. Thus, the growing prevalence of deep vein thrombosis is expected to drive the segment growth over the forecast period.

According to the study titled "Contralateral deep-vein thrombosis in lliac vein stenting – Incidence, etiology, and prevention" published in the Indian Journal Vascular and Endovascular Surgery, Iliofemoral venous outflow blockage is now treated most frequently with stenting. It is used to treat severe cases of ulcer healing as well as symptoms of chronic pain and swelling in individuals with postthrombotic syndrome (PTS) that has been formed after a prior deep vein thrombosis (DVT).

Thus, all aforementioned factors expected to boost the market growtrh over the forecast period.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America is expected to dominate the overall venous stents market, throughout the forecast period. The largest share is mainly due to the presence of key players and their usage of advanced medical technologies to develop products. Furthermore, established healthcare infrastructure, and high investments for healthcare are some of the key factors accountable for its large share in the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase market growth.

According to the Center for Diseases Control and Prevention in June 2022, Each year in the United States, 900,000 people may be impacted by deep vein thrombosis (DVT) or pulmonary embolism (PE). A DVT can result in long-term consequences (post-thrombotic syndrome), which include edoema, discomfort, discolouration, and scaling in the affected leg, in one-third to one-half of patients. Within 10 years, around one-third (about 33%) of patients with DVT/PE has experienced a recurrence.

The market players engage in the research and development activity expected to boost the market in the region. For instance, in December 2021, Vesper Medical has completed subject enrolment in the pivotal VIVID clinical trial of the Vesper Duo Venous Stent System. Additionally, in May 2021, in Canada, Endologix introduced the Alto Abdominal Stent Graft System. With the aid of cutting-edge endovascular aneurysm repair (EVAR) technology, the company expands its global reach.

Thus, all aforementioned factors expected to boost the segment growth in the region over the forecast period.

Competitive Landscape

The venous stents market is highly competitive and consists of a few major players. A few of the crucial approaches followed by players functioning in the market are, product advancement, invention, acquisitions and mergers. Some of the companies which are currently dominating the market are Boston Scientific Corporation, Becton, Dickinson and Company., Gore Medical, Cook Medical, and Optimed Medizinische Instrumente GmBH.

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