The global market for venous thromboembolism will expand as a result of novel therapies and medications. The VTE incidence among patients leaving the hospital is decreased by longer usage of betrixaban following parenteral prophylaxis with enoxaparin, according to the APEX (Acute Medically Ill VTE Prevention with longer Duration Betrixaban) experiment, which published its findings in March 2017. There are currently no anticoagulants that have been licenced for extended-duration usage in patients who have been released from the hospital and those who have a high risk of VTE. These patients might experience a significant benefit from this course of treatment, which could also help the market for treating venous thromboembolism grow. In order to increase their product portfolio, major market participants are concentrating on a variety of expansion tactics, such as obtaining regulatory agency approval for their products. For instance, Bevyxxa (betrixaban), which is indicated for the prophylaxis of venous thromboembolism (VTE), was approved by the U.S. FDA in June 2017 for a biotechnology business based in the United States called Portola Pharmaceuticals.
According to Coherent Market Insights, in 2020, the market for treating Venous Thromboembolism was worth over USD 950 million, and from 2021 to 2027, it is anticipated to grow at a rate of over 8.7% CAGR.
Key Competitors in the Venous Thromboembolism Industry:
1. Pfizer Inc.
The business is headquartered in Manhattan in New York City and was founded in 1849. Pfizer's medical research and medicine and vaccine development serve the fields of immunology, cancer, the heart, endocrinology, and neurology. The company successfully acquired Biohaven Pharma's calcitonin gene-related peptide programmes in October 2022. Pfizer bought Amplyx Pharmaceuticals and the antifungal drug fosmanogepix in April 2021. (APX001).
2. Abbott Laboratories
The business was founded in 1888, and Chicago, Illinois serves as its US headquarters. It offers healthy goods, brand-name generic medications, medical supplies, and diagnostics. Abbott unveiled its Lingo line of consumer biowearable sensors in January 2022. Lingo gathers a variety of biological measurements to optimise diet and exercise plans. In August 2022, the FDA approved Abbott's Proclaim Plus, a multipurpose spinal cord stimulation device for treating chronic pain.
3. 3M Health Care
The company was founded in 1902 and is based in Saint Paul, Minnesota, in the United States. The business operates in the industries of manufacturing, consumer goods, healthcare, and worker safety. In December 2021, 3M announced that it would integrate Neogen, a provider of products for animal healthcare and food testing, into its operations for food safety.
4. Bristol-Myers Squibb Company
It was founded in 1887, and it is headquartered in New York, USA. The company makes prescription medications and biologics for a variety of illnesses, including cancer, HIV/AIDS, cardiovascular disease, diabetes, hepatitis, rheumatoid arthritis, and psychiatric disorders. BMS announced that it would buy Turning Point Therapeutics Inc. for $4.1 billion in cash in June 2022.
5. Merck & Co. Inc.
The company was established in 1891, and its corporate offices are in Rahway, New Jersey. Merck manufactures pharmaceuticals, vaccines, biologic treatments, and items for animal health. The company declared in September 2022 that it would combine with Merck Animal Health after paying an unknown fee for the cattle management firm Vence. PrognostiX Poultry was purchased by Merck Animal Health in February 2021.
6. Bayer AG
The company was founded in 1863 and is based in Leverkusen, Germany. The company creates aspirin, antibiotics, anti-infectives, cardiovascular, oncology, and central nervous system therapies, over-the-counter medicines, diagnostics, and animal health products, as well as crop protection goods, plastics, and polyurethanes.
7. Boehringer Ingelheim GmbH
The firm was founded in 1885 and is based in Ingelheim, Germany. The business conducts research, develops, and produces pharmaceutical products, and it also sells human consumer health items and prescription drugs. The business declared in September 2021 that it will buy Abexxa Biologics, advancing its study of cancer immunotherapy. The company announced in May 2020 that it will buy Northern Biologics Inc., which specialises in therapeutic antibodies that target cancers.
Definition: Blood clots in the veins are referred to as venous thromboembolism (VTE), which is a significant medical illness that is underdiagnosed but is avoidable and can result in disability and even death.
