Market Overview:
Peripheral vascular devices are used for diagnosing and treating peripheral arterial diseases of the blood vessels outside the heart. These devices help in restoring blood flow in diseased arteries of the legs. This reduces limb pain and the risk of amputation.
The global Peripheral Vascular Devices Market is estimated to be valued at US$ 10,266.8 Mn or 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:
Technological advancements in stent design is a key trend in the peripheral vascular devices market. Newer stents with advanced designs like drug-eluting and bioabsorbable stents provide longer patency by preventing restenosis. Miniaturization of peripheral vascular devices enabled through nanotechnology allowsminimally invasive treatment of peripheral arterial diseases including small vessel diseases. Growing preference for minimally invasive endovascular procedures over open surgical procedures is another trend owing to advantages like reduced complication rates, hospital stay and recovery time. However, risks of infection, restenosis and device failures continue to be challenges in peripheral vascular devices market. Stringent regulatory scenario has also restrained market growth to some extent.
SWOT Analysis
Strength: Peripheral vascular devices have minimal invasiveness and quick recovery time. They offer reduced scarring, blood loss, and pain in comparison to open surgeries.
Weakness: High cost of peripheral vascular devices and procedures limit their adoption in developing nations. product recalls can damage brand reputation.
Opportunity: Growing geriatric population susceptible to peripheral artery diseases and diabetic foot ulcers present large patient pool. Rapid advancements in nanotechnology and bioresorbable materials will drive innovations.
Threats: Stringent regulatory approvals and reimbursement policies delay product launches. Intense competition from alternate treatment options like drugs and lifestyle changes can threaten growth.
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 prevalence of cardiovascular disorders, diabetics and growing obesity rates. According to recent studies, cardiovascular diseases are the leading cause of death globally with over 17 million lives lost each year.
Regional analysis
North America dominates the market owing to rising healthcare expenditure, presence of key players, and growing adoption of minimally invasive technologies. The Asia Pacific peripheral vascular devices market is estimated to expand rapidly at 9.2% CAGR driven by surging diabetes population, improving access to healthcare facilities, and rising medical tourism in China and India.
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, acquisitions, and geographic expansions to increase their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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