Venous Thromboembolism Market 2020 | Global Size, Share, Comprehensive Research Study, Regional Trends, Business Growth, Competitive Landscape, Emerging Opportunities and Forecast To 2026
According to the International Society on Thrombosis and Hemostasis, Inc., venous thromboembolism (VTE) is a leading cause of death and disability worldwide. Around 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.
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Around 100,000 to 300,000 VTE related deaths are reported annually in the U.S. (International Society on Thrombosis and Hemostasis, Inc.). The stat is much higher in Europe, which accounts for 544,000 deaths annually. Moreover, it is also estimated that around 60% of VTE cases occur during or after hospitalization. This preventable health condition is usually overlooked as a major public health problem leading to death.
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:
- Drug therapy
- Thrombolytic therapy
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Heparin is vital for the treatment of VTE. According to 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 the global venous thromboembolism market
The APEX (Acute Medically Ill VTE Prevention with Extended Duration Betrixaban) trial reported in March 2017 that extended usage 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 expected to drive growth of 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 Latin America (Argentina) was in the range of 0.75-2.69 per 1,000 individuals, which increased 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:
- Frequency of concurrent VTE
- Treatment status of VTE
- Investigate the incidence of VTE events, ischemic stroke, hemorrhagic events, and systemic embolisms
- Clarify appropriate use of Direct Oral Anticoagulant (DOAC) including Lixiana (Edoxaban)
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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.
- Major market players are focused on various business strategies such as gaining product approvals from regulatory authorities, in order to expand their product portfolio. For instance, in May 2019, Pfizer, Inc. received the U.S. Food and Drugs Administration approval for FRAGMIN, a dalteparin sodium to reduce recurrence of venous thromboembolism (VTE) in pediatric patients, aged 1 month and above.
- Key market players are focused on various growth strategies such as gaining product approvals from regulatory authorities, in order to expand their product portfolio. For instance, in June 2017, Portola Pharmaceuticals, a U.S.-based biotechnology company, received the U.S. FDA approval for Bevyxxa (betrixaban), which is indicated for prophylaxis of venous thromboembolism (VTE).
- Key players in the market are involved in various strategies such as research and development, in order to provide novel products in the market. For instance, in July 2019, Bayer AG and Johnson and Johnson’s JNJ subsidiary announced new results from phase III EINSTEIN-Jr study children suffering from venous thromboembolism (VTE).
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