The 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.
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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.
Market Restraints and Challenges
Rise in the availability of alternative treatments may impede the market growth. Anticoagulant medication is considered the first line of treatment for peripheral vascular diseases. The increasing efficacy of new-generation anticoagulants, such as Dabigatran, is resulting in their wide uptake and, in turn, creating major hindrances for the greater uptake of peripheral vascular devices. Also, medications, such as statins, are increasingly being used in the treatment of peripheral vascular diseases. The increasing use of these drugs may reduce the need for surgeries and thereby limit the use of peripheral vascular devices. Moreover, PAD can be treated with medication such as antiplatelet agents, vasodilators, cholesterol-lowering agents, angiotensin-converting enzyme inhibitors, or angiotensin-receptor blockers.
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Global Peripheral Vascular Devices Market Segmentation
Product
- Interventional Catheters
- Guidewires
- Stents
- PTCA Balloons
- Atherectomy Devices
- Chronic Total Occlusion Devices
- Synthetic Surgical Grafts
- Embolic Protection Devices
- IVC filters
- Others
Application
- Congenital Heart Defect Correction
- Coronary Thrombectomy
- Angioplasty
- Valvuloplasty
- Percutaneous Valve Repair
- Others
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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