According to the latest research by InsightAce Analytic, the global Peripheral Vascular Devices market is valued at US$ 9.77 billion in 2021, and it is expected to grow with a CAGR of 5.84% during a forecast period of 2022-2030. Peripheral vascular disease (PVD) is caused due to accumulation of plaque within the inside lining of arteries. With the increasing age, the incidence of PVD also increases. It is more common among the diabetic and smoking population. More than 5% of the population above age 50 years suffers from PVD. Insufficient blood flow and narrowing of arteries are the most common peripheral diseases caused due to plaque build-up. These diseases can be treated through minimally invasive surgeries. Peripheral vascular devices are used for the treatment of these blocked arteries and to remove the build-up plaque. Peripheral vascular stents, peripheral transluminal angioplasty balloon catheters, and aortic stents are the most used devices for the treatment of PVD. The growth of this market is driven by factors such as rising incidences of PVD, increasing demand for minimally invasive procedures, changing lifestyles, and the global aging population. Asia is expected to be the largest market with high growth opportunities owing to rising disposable income and the high unmet medical needs of the patient population.
The peripheral vascular devices market is a segment based on product type, end-user, and geography. In terms of product type, the global market is segregated aortic stent-grafts, arteriotomy closure devices, carotid and renal artery stents, inferior vena cava filters (IVCF), peripheral embolic protection devices, peripheral guidewires, peripheral vascular stents, PTA balloons catheters, PTA peripheral drug-eluting, balloons (DEB) catheters, renal denervation catheters, tip location devices, and vascular grafts. The peripheral vascular stents market holds a major share in the total peripheral vascular devices market. The growth of this market is justified by the increasing incidence rate of lifestyle diseases such as obesity and diabetes. The embolic protection devices market is expected to grow at the highest growth rate during the forecasted period. Technological advancements in the devices such as tracking the position during the procedure and drug-coated stents would boost the demand for these devices as it overcomes the issues faced by surgeons.
Based on end-user, the global peripheral vascular devices market is segmented into hospitals, ambulatory surgical centers, specialty clinics, and others. PVD is a vastly under-diagnosed disease, less than 30% of the total patient population are diagnosed with PVD. Lack of awareness among patients is the main reason for the under-diagnosis of PVD. It is estimated that 20% of the total patient population have PVD, and are prone to high-risk factors such as diabetes and obesity contributors for the development of PVD. Hence, with the increasing aging population, the incidence rate of PVD would also grow to impact the growth of the market. The rising incidence rate would have a high impact on the growth of the peripheral vascular devices market throughout the forecast period.
Based on geography, the global Peripheral Vascular Devices market has been segmented into North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. In terms of revenue, North America is estimated to account for the largest share in the global market in 2019. There is a general increase in the peripheral and lower limb procedures which would boost the market for these devices during the forecast period; more than 15% of the total aged population suffers from PAD in this region. The aging population in North America is expected to increase by around 5% every year. However, the infections caused due to peripheral vascular implantations and surgeries would prove to be a challenge for the growth of these devices. In order to overcome these issues and meet patient's demands, manufacturers are coming up with newer and technologically advanced products which would increase the base of the treatable population. Market players such as Cordis Corporation, Boston Scientific Corporation, and Abbott Laboratories have a significant presence in the North American market.
Some of the market players leading the global peripheral vascular devices market include Abbott Laboratories, Boston Scientific Corp, Biotronik, Bentley InnoMed GmbH, Cardiva Medical Inc., Medtronic plc, W. L. Gore & Associates Inc, Avascular S.L.U, Cook Medical Inc, Terumo Corp, B. Braun Melsungen AG, Getinge AB, C. R. Bard Inc (BD), Cardinal Health Inc., Cordis Corp, Endologix Inc, and Terumo Medical Corporation among others.