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Peripheral vascular devices are medical equipment used to treat diseases of peripheral arteries and veins in human body, which include angioplasty balloons, stents, catheter guides and others. These minimally invasive devices allow physicians to dilate narrow or blocked arteries through angioplasty and stenting. Peripheral vascular diseases pose significant health risks such as limb amputation if left untreated. The growing global geriatric population that is more prone to peripheral artery diseases as well as rising lifestyle diseases like diabetes which is a major risk factor for peripheral vascular diseases will drive demand for peripheral vascular devices. The global Peripheral Vascular Devices Market is estimated to be valued at US$ 10,266.08 Mn 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 key trends: Endovascular procedures like angioplasty have gained prominence over open bypass surgeries due to associated benefits like reduced hospital stay, fewer complications and faster recovery times. As a result, product innovations are being undertaken by key players to develop advanced peripheral vascular devices conducive for endovascular surgeries. Major companies are investing heavily in R&D to introduce drug coated vascular devices with better efficacy and long term patency rates. Given steadily growing geriatric patient pool, demand for affordable and patient specific customization in peripheral vascular devices is also emerging as a key trend.
Porter’s Analysis
Threat of new entrants: The peripheral vascular devices market requires high R&D investments and regulatory compliances which acts as a barrier for new entrants.
Bargaining power of buyers: The presence of many players in the peripheral vascular devices market gives buyers sufficient bargaining power in terms of pricing and quality.
Bargaining power of suppliers: The raw material supplies are available from multiple sources, reducing supplier’s bargaining power.
Threat of new substitutes: There is no significant threat from substitutes due to specialized nature of peripheral vascular devices.
Competitive rivalry: The peripheral vascular devices market is highly competitive with major players competing in product innovation and service.
Key Takeaways
The global peripheral vascular devices market is expected to witness high growth over the forecast period. Regionally, North America is expected to dominate the market owing to advanced healthcare facilities and increasing CLI incidence in the region. The Asia Pacific region is anticipated to be the fastest growing market due to rising healthcare expenditure, growing geriatric population, and increasing prevalence of CLI.
Regional analysis
North America is expected to hold a significant share in the global peripheral vascular devices market over the forecast period. This is attributable to advanced healthcare infrastructure, favorable reimbursement policies, and a large number of ongoing R&D activities. For instance, according to the Society for Vascular Surgery, in the US, around 200,000 surgical procedures and 1 million catheter based endovascular procedures are performed annually.
Key players
Key players operating in the peripheral vascular devices market include 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. Abbott Laboratories and Boston Scientific Corporation collectively hold over 50% of market share in the global peripheral vascular devices market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
