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Market Overview:
Peripheral vascular devices are used for various vascular interventions in the peripheral vessels. The key products in this market include angioplasty balloons, angioplasty stents, catheter guidewires, inferior vena cava (IVC) filters, peripheral vascular stents, and peripheral transluminal angioplasty (PTA) balloon catheters. These devices are used in vascular conditions including abdominal aortic aneurysms (AAA), peripheral artery disease (PAD), deep vein thrombosis (DVT), and renal artery stenosis.
The Peripheral Vascular Devices Market is estimated to be valued at US$ 10,266.8 Mn or in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the peripheral vascular devices market is driven by the rising prevalence of vascular diseases globally. For instance, according to the estimates of the Society for Vascular Surgery, over 8 million Americans are affected by peripheral artery disease (PAD). Furthermore, increasing adoption of minimally invasive procedures and technological advancements in vascular devices are also fueling the market growth. For example, the introduction of advanced drug-eluting stents and balloon catheters has improved treatment outcomes in PAD patients. In addition, growing geriatric population who are more prone to develop vascular diseases also contributes to the market expansion. However, high costs associated with vascular intervention procedures and product recalls hamper the market growth.
Segment Analysis
The peripheral vascular devices market is dominanted by the peripheral angioplasty balloons segment which holds around 40% of the market share. This is because angioplasty balloons are widely used in peripheral interventions for procedures like balloon angioplasty to treat blockages in blood vessels. The balloons help in widening narrowed or blocked arteries to improve blood circulation to legs and arms.
PEST Analysis
Political: The market is positively impacted by various governmental initiatives and support for research on peripheral vascular devices. For instance, in the US, the National Institutes of Health funds research on new devices.
Economic: The rising healthcare expenditures and growing cases of peripheral artery diseases are driving the economic growth of this market.
Social: The increasing prevalence of lifestyle diseases such as obesity, diabetes which can increase the risk of peripheral artery diseases is favouring the social growth of the market.
Technological: Advancements in device materials like drug-eluting balloons and stents have enhanced therapeutic outcomes. Developments in minimally invasive procedures have also boosted the market.
Key Takeaways
The global Peripheral Vascular Devices Market is expected to witness high growth, exhibiting a CAGR of 7.6% over the forecast period, due to increasing rising prevalence of peripheral artery diseases. The market size for 2023 is estimated to be US$ 10,266.8 Mn.
Regional analysis: North America dominates the global market and is estimated to maintain its dominance over the forecast period. This is attributed to factors such as growing geriatric population, rising healthcare expenditures and presence of major market players. Asia Pacific is anticipated to exhibit the highest growth rate owing to increasing healthcare awareness, improving healthcare infrastructure and patient pool.
Key players: Key players operating in the Peripheral Vascular Devices market are Abbott Laboratories, Boston Scientific Corporation, Angioscore, Emboline Inc., Becton Dickinson, and Company, Cook Group Inc., Cordis Corporation, Covidien PLC, Edward Lifesciences Corporation, Medtronic Plc, St. Jude Medical, and Bayer AG. Major players are focused on new product launches, geographical expansion and collaborations to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
