Venous Thromboembolism (VTE) Market Analysis
Venous Thromboembolism (VTE) Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
According to the International Society on Thrombosis and Hemostasis, Inc., venous thromboembolism (VTE) is a leading cause of death and disability worldwide. Approximately 10 million cases of venous thromboembolism occur annually. VTE refers to the formation of blood clots in vein. If the clot is in deep vein (usually leg), it is called as deep vein thrombosis, while a clot in lungs is termed as pulmonary embolism.
There are around 100,000 to 300,000 VTE related deaths reported annually in the U.S. (International Society on Thrombosis and Hemostasis, Inc.). The number is much higher in Europe, which is at 544,000 deaths annually. Moreover, it is also estimated that up to 60% of VTE cases occur during or after hospitalization. This preventable health condition is usually overlooked as a major public health problem leading to deaths.
Global venous thromboembolism market taxonomy
The global market is segmented on the basis of product type and disease type. On the basis of product type, the market is segmented as follows:
Heparin has been the gold standard for treating VTE. In a recent study published (2017) in the New England Journal of Medicine, Rivaroxaban has shown to be more effective in reducing the risk of recurrent events in patients with venous thromboembolism in equipoise with continued anticoagulation medications compared to Aspirin. Devices used for treating VTE include compression stockings, and intermittent pneumatic compression devices. Thrombolytic therapy includes administering tissue plasminogen activator.
Innovative treatment and drugs to fuel growth of global venous thromboembolism market
The APEX (Acute Medically Ill VTE Prevention with Extended Duration Betrixaban) trial reported in March 2017 that extended use of betrixaban post parenteral prophylaxis with enoxaparin lowers the VTE incidence among patients discharged from hospital. Currently, there no anticoagulants approved for extended-duration use in patients after hospital discharge and in those who are at high risk of VTE. This treatment approach could significantly benefit those patients and be a growth contributor for the global venous thromboembolism market.
Global venous thromboembolism market regional overview
Based on the article published by the steering committee of world Thrombosis Day in 2014, incidence rate of VTE in North America, Western Europe, Australia and southern Latin America (Argentina) was in the range of 0.75-2.69 per 1,000 individuals, which increase to 2-7 per 1,000 individuals in population aged 70 years and above. Moreover, according to its research findings, awareness about venous thromboembolism is very low globally. Furthermore, the condition is largely undocumented, except in North America and Europe. Daiichi Sankyo Company, Limited commenced a large scale clinical registry for cancer-VTE patients in Japan, in March 2017. This facility would enroll and follow up to 10,000 cancer patients for a year to achieve following objectives:
This is expected to provide a tremendous stimulus to the venous thromboembolism market. Low public awareness is one of the major factors responsible for confined growth rate of VTE market, especially in emerging nations such as India, China, Brazil, Turkey, and Indonesia. The market is poised to grow with growing awareness level, increasing healthcare spending and easier accessibility for the masses.
Major players in the global venous thromboembolism market include Pfizer Inc., Boehringer Ingelheim GmbH, Sanofi S.A., Abbott Laboratories, Dupont Pharm Co, Bristol-Myers Squibb Company, Merck & Co. Inc., Bayer AG, Upsher-Smith Laboratories, Inc., and 3M Health Care.