Peripheral Vascular Devices Market worth US$ 8.9 Billion by 2032 - Exclusive Report by | Persistence Market Research
Growing outpatient demand for peripheral vascular interventions, driven by favorable reimbursement changes, boosts the U.S. market. Innovations and drug-eluting stent usage contribute to this trend
New York, Jan. 25, 2024 (GLOBE NEWSWIRE) -- Market Size & Overview:
In 2021, the peripheral vascular devices market generated a global revenue of US$ 4.5 billion. Projections indicate a robust compound annual growth rate (CAGR) of 6.6%, with expectations to reach US$ 8.9 billion by the conclusion of 2032, as per research conducted by Persistence Market Research.
The analysis reveals that peripheral vascular devices market stents are poised to play a significant role, contributing an estimated market value of US$ 6.6 billion by 2032. Notably, peripheral vascular device sales constituted 43.4% of the total revenue share in the global stents market in 2021.
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Market Scope:
Report Coverage | Details | |
Market Revenue 2023 | US$ 4.5 billion | |
Estimated Revenue 2032 | US$ 8.9 billion | |
Growth Rate - CAGR | 6.6% |
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Forecast Period | 2023-2032 | |
No. of Pages | 211 Pages | |
Market Segmentation |
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Regions Covered |
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Key Companies Profiled |
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In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at: https://www.persistencemarketresearch.com/market-research/peripheral-vascular-devices-market.asp
Market Growth Drivers:
Aging Population: The global aging population is expanding, leading to an increased prevalence of vascular diseases. Older individuals often experience conditions like peripheral artery disease (PAD) and other vascular disorders, creating a higher demand for peripheral vascular devices.
Technological Advancements: Ongoing advancements in technology, such as improved materials, innovative designs, and enhanced manufacturing processes, contribute to the development of more effective and efficient peripheral vascular devices. These technological improvements attract both healthcare providers and patients, driving market growth.
Rising Incidence of Cardiovascular Diseases: Cardiovascular diseases, including peripheral vascular disorders, continue to be a significant health concern worldwide. The growing incidence of these diseases fuels the demand for peripheral vascular devices, such as stents and angioplasty balloons, as essential components of cardiovascular interventions.
Increasing Awareness and Diagnosis: Greater awareness of vascular diseases, coupled with improved diagnostic capabilities, leads to early detection and intervention. This awareness encourages patients and healthcare professionals to opt for peripheral vascular devices, contributing to market expansion.
Minimally Invasive Procedures: The preference for minimally invasive procedures has been on the rise due to reduced patient trauma, shorter recovery times, and lower healthcare costs. Peripheral vascular devices, including stents and catheters, are integral to many minimally invasive interventions, fostering market growth.
Market Restraints:
Stringent Regulatory Approval Processes: The regulatory landscape for medical devices is often rigorous, involving extensive testing and approval processes. Stringent regulatory requirements can result in delays in product launches and increased development costs, acting as a restraint for market players.
Limited Reimbursement Policies: In some regions, reimbursement policies for peripheral vascular procedures and devices may be limited. This can affect the affordability of these treatments for patients, potentially hindering the adoption of peripheral vascular devices.
High Cost of Advanced Devices: Technologically advanced peripheral vascular devices often come with a higher price tag. The cost of these devices can be a barrier, particularly in regions with limited healthcare budgets or a significant proportion of underinsured or uninsured populations.
Complications and Risks: Some peripheral vascular procedures carry inherent risks and potential complications, including infection, bleeding, or device-related issues. Concerns about the safety and potential adverse effects may influence both patient and physician decision-making, impacting market growth.
Lack of Skilled Healthcare Professionals: Performing complex peripheral vascular interventions requires skilled healthcare professionals. The shortage of trained and experienced professionals, such as interventional cardiologists and vascular surgeons, can limit the widespread adoption of these devices.
Opportunities:
Rising Healthcare Expenditure: Increasing healthcare expenditure, especially in emerging economies, provides an opportunity for greater investment in advanced medical technologies, including peripheral vascular devices. This can lead to improved accessibility and adoption of these devices.
Emerging Markets: Untapped markets in developing regions present significant growth opportunities for peripheral vascular device manufacturers. As healthcare infrastructure improves and awareness increases, there is potential for substantial market expansion in these regions.
Technological Innovations: Ongoing technological advancements in materials, design, and manufacturing processes create opportunities for the development of more efficient and patient-friendly peripheral vascular devices. Innovations such as bioresorbable stents and smart devices can open new avenues for growth.
Increasing Geriatric Population: The growing elderly population, particularly in developed countries, contributes to the rising incidence of vascular diseases. As the aging demographic increases, the demand for peripheral vascular devices is likely to grow, creating opportunities for market players.
Patient-Centric Approaches: Emphasizing patient-centric approaches in product development, such as devices that offer improved comfort, reduced recovery times, and better overall outcomes, can differentiate products in the market and attract a wider patient base.
Collaborations and Strategic Partnerships: Collaboration between healthcare providers, device manufacturers, and research institutions can foster innovation and accelerate the development of novel peripheral vascular devices. Strategic partnerships can lead to the creation of comprehensive solutions and expanded market presence.
Country-wise Insights
Why is the U.S. a Lucrative Market for Peripheral Vascular Device Suppliers?
The U.S. market dominates the North American peripheral vascular devices sector, holding a substantial 94.5% share in 2021, with projections indicating a continued similar trend in the forecast period.
A significant emphasis from companies within the market is directed towards the refinement of peripheral stent designs. Moreover, there is a notable focus on advancing peripheral local drug delivery techniques, employing antiproliferative and antithrombotic drugs to address restenosis in interventional peripheral procedures.
Furthermore, companies are actively engaged in the integration of reabsorbable stents with drug-eluting stents, aiming to optimize benefits for patients with peripheral arterial disease undergoing stenting procedures
What is Germany’s Stance in the Market for Peripheral Vascular Devices?
The European market for peripheral vascular devices is experiencing growth, thanks to the rising research and development initiatives in Germany. In 2021, Germany accounted for a substantial 22.3% share in the region.
Germany, recognized as a frontrunner in research and development within Europe, exhibits a swift and high adoption rate of new technologies in the healthcare sector. This can be attributed to the presence of numerous international healthcare companies in the country that are actively involved in the manufacturing of peripheral vascular devices.
Category-wise Insights
Which Product is Set to Account for Substantial Market Progress?
The global market witnessed a robust demand for the development and manufacturing of peripheral vascular stents in 2021, with the peripheral vascular stent products segment securing a significant 78.5% share.
Peripheral vascular stents, also known as vascular stents or endovascular stents, are synthetic tubular mesh structures designed for long-term implantation in peripheral arteries. Anticipated factors contributing to the surge in sales of these devices include heightened awareness in low- and middle-income nations, increased governmental and industry investments addressing the rising prevalence of peripheral vascular disease, and ongoing technological advancements, particularly in the realm of vascular stents like drug-eluting and drug-coated stents.
Which Indication Will Drive high Need for Peripheral Vascular Systems?
The global prevalence of peripheral arterial disease has witnessed a significant surge, with the peripheral arterial disease indication claiming the largest market share at 30.3% in 2021.
In comparison to indications like arteriovenous fistulas and peripheral aneurysms, the prevalence of peripheral arterial disease is on the rise globally. This escalating prevalence has led to the substantial dominance of the peripheral arterial disease segment in the overall market landscape.
Key Recent Developments
Advancements in Endovascular Interventions: There has been a continual evolution in endovascular techniques and technologies for the treatment of peripheral vascular diseases. This includes the use of advanced stents, balloons, and atherectomy devices to address conditions such as peripheral artery disease (PAD).
Drug-Coated Devices: The development of drug-coated balloons and stents aimed at reducing restenosis rates has been an ongoing focus. These devices are designed to release medications locally at the treatment site, helping to prevent the recurrence of vascular blockages.
Minimally Invasive Procedures: The trend towards minimally invasive procedures continues to grow. Physicians are increasingly using catheter-based techniques that require smaller incisions, leading to reduced patient recovery times and fewer complications compared to traditional open surgeries.
Remote Monitoring and Telemedicine: The integration of remote monitoring and telemedicine technologies is playing a role in the management of peripheral vascular diseases. This allows for better monitoring of patients' conditions, timely interventions, and improved overall patient care.
Biodegradable and Bioresorbable Devices: Research and development efforts have been focused on creating peripheral vascular devices that are biodegradable or bioresorbable. These devices are designed to gradually dissolve in the body after fulfilling their intended purpose, potentially reducing long-term complications.
Patient-Specific Approaches: Tailoring treatments to individual patient characteristics has become more prevalent. This includes the use of imaging and diagnostic technologies to create personalized treatment plans for patients with peripheral vascular diseases.
Some of the market players:
Abbott Laboratories: Global healthcare company specializing in medical devices, diagnostics, nutrition, and pharmaceuticals.
Boston Scientific Corporation: Leading medical technology company focused on devices for interventional cardiology, endoscopy, and neuromodulation.
Cook Medical Inc.: Family-owned company developing medical devices across various specialties, including interventional radiology and urology.
MicroPort Scientific Corporation (Endovastec™): Chinese medical device company, with Endovastec specializing in endovascular devices for vascular disease treatment.
Medtronic Plc.: Global leader in medical technology, offering innovations in cardiac therapies, diabetes management, and surgery.
Cardinal Health, Inc.: Diversified healthcare services and products company, providing pharmaceuticals, medical products, and supply chain services.
B. Braun Melsungen AG: German company in healthcare, medical devices, and pharmaceuticals, known for infusion therapy and surgical instruments.
BIOTRONIK SE & Co. KG: German medical device company specializing in cardiac rhythm management and vascular intervention.
Becton, Dickinson and Company: Global medical technology company focusing on diagnostics and medical devices.
W. L. Gore & Associates Inc.: Known for diverse products, including medical devices like vascular grafts and implantable materials.
Getinge AB: Global medical technology company providing solutions for hospitals, with a focus on infection control and surgical equipment.
Peripheral Vascular Devices Industry Research Segmentation
By Product:
Peripheral Vascular Stents
Self-Expanding Stents
Balloon Expanding Stents
Covered Stents
Drug Eluting Stents
Drug Eluting Balloons
Peripheral Vascular Bioresorbable Scaffolds
By Indication:
Target Artery Instability (TAI)
Access Artery Injury (AAI)
Peripheral Arterial Disease
Arteriovenous Fistulas
Peripheral Aneurysms
By Artery Type:
Carotid Artery
Fem-Pop Artery
Iliac Artery
Infrapop Artery
By End User:
Hospitals
Ambulatory Surgical Centers/Outpatients
Cardiac Catheterization Labs
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
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