New York, Global Peripheral Vascular Devices Market was valued at USD 19.0 billion in 2021 and it is anticipated to grow up to USD 35.6 billion by 2031, at a CAGR of 6.5% during the forecast period.
The global peripheral vascular devices market report from Global Insight Services is the single authoritative source of intelligence on Peripheral Vascular Devices Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Peripheral vascular disease is a blood circulation disorder, which reduces the flow of blood through blood vessels located outside the heart and brain. When these vessels do not supply sufficient blood, it results in the abnormal functioning of organs. Peripheral vascular device are used to measure blood flow from arteries and veins. Peripheral vascular device would be in demand due to its minimally invasive endovascular treatment, rising prevalence of diseases such as diabetes & obesity and growing aging population.
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Market Trends and Drivers
The rapid growth in the geriatric population is one of the major factors driving the demand for peripheral vascular devices as this population segment is at a greater risk of developing peripheral vascular diseases, such as atherosclerosis and aneurysms. According to the World Health Organization (WHO), by 2050, the world’s population of people aged 60 years and older will double to 2.1 billion as well as the number of persons aged 80 years or older will triple by 2050 to reach 426 million. As a result, age, genetic, and lifestyle factors can lead to a buildup of plaque in the arteries. Globally, it is estimated that more than 200 million people are suffering from peripheral vascular diseases (Source: National Center for Biotechnology Information (NCBI), 2021). Furthermore, according to the American College of Cardiology 2020, peripheral arterial disease (PAD) affects 8.5 million individuals in the US, and the prevalence of these diseases rises with age and is greater than 20% in the patient population aged above 80 years.
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Global Peripheral Vascular Devices Market Segmental Overview
The report analyses the global peripheral vascular devices market based on product, application, end-use, and region.
Global Peripheral Vascular Devices Market by Product
Based on product, it is segmented into interventional catheters, guidewires, stents, PTCA balloons, atherectomy devices, chronic total occlusion devices, synthetic surgical grafts, embolic protection devices, IVC filters and others. Among these, the stent segment accounted for significant market share in 2021. This is owing to innovations in stents such as introduction of bioresorbable stents and stents developed with advanced materials to avoid restenosis. Moreover, growing number of angioplasties in countries such as China and India due to large geriatric pool, high prevalence of cardiac disorders and price capping are poised to push the segment growth. However, over-stenting in countries including the U.S. may limit the market expansion.
Global Peripheral Vascular Devices Market by Application
Based on application, it is segmented into congenital heart defect correction, coronary thrombectomy, angioplasty, valvuloplasty, percutaneous valve repair and others. Among them, the angioplasty segment is expected to experience the fastest growth rate during the forecast period led by rising number of angioplasties in Asian countries. Increasing prevalence of arteriosclerosis, hypertension and other arterial disorders will further augment the demand. Percutaneous valve repair segment is estimated to observe around 9.5% growth rate till 2026. Rising prevalence of valve disorders will highly influence the adoption of percutaneous valve repair procedures. Preference for minimally invasive surgeries assists in driving the demand for such procedures. Additionally, the procedure is suitable in patients that cannot undergo surgery.
Global Peripheral Vascular Devices Market by End-use
Based on end-use, it is segmented into hospitals, ambulatory surgical centers, and others. The hospitals segment accounted for significant revenue share in 2021 impelled by developed infrastructure and capacity to spend on advanced and specialized catheterization lab equipment. Numerous hospitals in emerging countries including India are opening cath labs and hybrid cath labs. These new facilities are being equipped with advanced devices and facilities that are proving beneficial for rising number of cardiac patients. Furthermore, hospitals in developed nations are also spending to improve the infrastructure and addition of innovative solutions to their interventional cardio technology.
Geographical Analysis of Global Peripheral Vascular Devices Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific peripheral vascular devices market held significant revenue share in 2021. Japan dominated the APAC market in 2021 on account of increasing number of product approvals. For instance, in September 2019, OrbusNeich announced approval for its COMBO Plus Coronary Stent in Japan. The device approval with novel one of its kind technology will enhance company’s product reach as well as benefit market size. Large geriatric pool, suffering from various chronic diseases will assist the market expansion. With high prevalence of cardiovascular disorders and vulnerability to suffer from comorbidities, adoption of cardiovascular procedures including angioplasty will rapidly increase. Furthermore, growing disposable income and accessibility to specialized cardiac centers will further fuel the regional market value..
Major Players in the Global Peripheral Vascular Devices Market
The key players in the market are Abbott (US), Becton, Dickinson and Company (US), Terumo Corporation (Japan), Cardinal Health (US), B. Braun Melsungen AG (US), Merit Medical Systems (US), Penumbra, Inc.(US), Koninklijke Philips N.V.( Netherlands), iVascular S.L.U (Spain), and Biosensors International Group Ltd. (Singapore), among others.
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