by Market Overview:
Peripheral vascular devices are used in the treatment of peripheral artery disease. The devices include angioplasty balloons, stents, catheter guides, and thrombectomy devices. Angioplasty balloons are used to widen narrowed or blocked arteries to improve blood flow. Stents are small mesh tubes used to keep arteries open after angioplasty. Catheter guides are thin, flexible tubes used to guide other devices such as angioplasty balloons or stents. Thrombectomy devices are used to remove blood clots from arteries.
Market Dynamics:
The key growth drivers for the peripheral vascular devices market include rising geriatric population and increasing prevalence of peripheral artery diseases. According to the Society for Vascular Surgery, peripheral artery disease affects over 200 million people globally. The prevalence increases with age, with over 10% of people over 60 suffering from the condition. As life expectancy rises globally, the aging population is expected to spike the number of patients requiring treatment for peripheral artery diseases. Minimally invasive procedures using peripheral vascular devices offer reduced recovery time compared to open surgeries, further fueling the market growth. However, risks and complications associated with peripheral vascular devices such as infection, thrombosis, and restenosis pose a challenge to market growth.
Segment Analysis
The Peripheral Vascular Devices Market Demand can be segmented into peripheral vascular stents, catheters, inferior vena cava (IVC) filters, angioplasty balloons, and stent grafts/endovascular aneurysm repair (EVAR) devices. Among these, the peripheral vascular stents segment is dominating and is expected to continue its dominance over the forecast period. This is because stents are minimally invasive as compared to open surgery and have higher success rates.
PEST Analysis
Political: Governments across various countries are focusing on lowering healthcare costs and increasing accessibility, which is positively impacting the growth of the peripheral vascular devices market.
Economic: Growing economy is increasing disposable incomes, enabling people to spend more on healthcare and medical devices.
Social: Rising lifestyle diseases due to changing diets and lesser physical activity is increasing the prevalence of peripheral artery diseases, thereby driving the demand for peripheral vascular devices.
Technological: Significant advancements in 3D printing, anti-thrombotic coatings, and drug-eluting capabilities are enhancing the effectiveness of peripheral vascular devices.
Key Takeaways
The global peripheral vascular devices market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing geriatric population susceptible to peripheral artery diseases. The global peripheral vascular devices market size for 2023 is US$ 11047.08 Mn.
Regionally, North America is expected to account for the largest share in the global market due to robust healthcare infrastructure, rising prevalence of lifestyle diseases, and availability of reimbursement policies in the region.
Key players operating in the peripheral vascular devices market are focusing on product launches and approvals to expand their product portfolios. For instance, in October 2022, BD received FDA approval for INVISION Prime stent system to treat peripheral artery disease. The system provides visibility and precise stent deployment. Abbott Laboratories launched TriVascular Ovation stent graft system in March 2022 for treatment of abdominal aortic aneurysms.
The rising geriatric population is prone to develop peripheral artery diseases due to age-related weakening of blood vessels. According to WHO, the global geriatric population is expected to reach 2 billion by 2050 from 900 million in 2015. This is expected to significantly drive the demand for peripheral vascular devices over the forecast period.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
