Global Peripheral Vascular Devices Market By Type Analysis (Peripheral Stents, PTA Balloons, Catheters, Others), By End-User Analysis (Hospital, Ambulatory surgical centres, Others), By Region And Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, And Forecast 2023-2032
-
612
-
May 2023
-
164
-
-
This report was compiled by Correspondence Linkedin | Detailed Market research Methodology Our methodology involves a mix of primary research, including interviews with leading mental health experts, and secondary research from reputable medical journals and databases. View Detailed Methodology Page
-
Report Overview
Global Peripheral Vascular Devices Market size is expected to be worth around USD 24.9 Bn by 2032 from USD 15.2 Bn in 2022, growing at a CAGR of 5.2% during the forecast period from 2023 to 2032.
The ever-changing Peripheral Vascular Devices Market landscape is analogous to a vibrant ecosystem within the domain of healthcare technology. It proliferates with an abundance of sophisticated medical equipment meticulously designed to combat the complex challenges posed by peripheral artery diseases, such as atherosclerosis and deep vein thrombosis, which are formidable adversaries. Remarkably, these cutting-edge devices have brought about a paradigm shift, redefining the fundamentals of peripheral artery disease diagnosis and treatment.
This flourishing market courageously confronts the complex complexities associated with peripheral artery diseases. Its unyielding pursuit includes the detection of peripheral artery diseases, accurate diagnosis, prevention of limb amputation, and restoration of unimpeded blood flow to lifeless regions. Armed with an arsenal of innovative technologies, the market fervently endeavors to provide effective and efficient options for diagnosis and treatment, all while aiming to improve patient outcomes and meticulously reducing the ominously rising healthcare costs.
Behold, the Peripheral Vascular Devices Market is teeming with innovation, propelling humanity toward a future replete with revolutionary landmarks. Drug-coated balloons, self-expanding stents, and their contemporaries exemplify the vanguard of progress, and it behooves us to acknowledge the enormous strides they have enabled. Armed with a formidable arsenal, they transcend the boundaries of mundane medical instruments, their very existence bolstering the ongoing battle against restenosis and deftly navigating the labyrinthine terrain of intricate vascular anatomy.
The limitless frontiers of the Peripheral Vascular Devices Market have attracted the collective attention of technological titans such as Medtronic, Boston Scientific, and Abbott Laboratories. Recognizing the immense potential of this burgeoning industry, these titans have aggressively invested in research and development, laboring ceaselessly to improve product efficacy and functionality, and ultimately pave the way for unparalleled patient outcomes.
It is not surprising that the market has attracted a multitude of stakeholders, ranging from the profound realms of healthcare providers and insurance companies to the corridors of power, where governments and investors alike congregate in search of innovative, cost-effective treatments.
As one peels back the layers of causality that have spawned the Peripheral Vascular Devices Market, a complex tapestry of driving forces emerges in all their dazzling splendor. The unrelenting increase in peripheral artery disease prevalence worldwide arises as a formidable catalyst, a portent of the escalating demand for innovative therapeutic interventions.
Driving factors
Demand is driven by the growing prevalence of peripheral vascular diseases:
Due to a number of factors, the peripheral vascular devices market is anticipated to experience substantial growth in the future years. The increasing prevalence of peripheral vascular diseases, which include conditions that affect blood vessels outside of the heart and brain, is a driving factor. As a result, there is a growing demand for peripheral vascular devices, as healthcare providers strive to enhance their patients' treatment options.
Peripheral Vascular Devices Gain from the Aging of the Population:
The growing geriatric population also contributes to the growth of the peripheral vascular devices market. Individuals are more likely to develop peripheral vascular diseases as they age, resulting in an increase in the demand for peripheral vascular devices.
Technological Advancements Drive Market Expansion for Peripheral Vascular Devices:
Technological advancements in peripheral vascular devices have also played a significant role in the market's growth. These devices have increased in sophistication, making surgical procedures less invasive and more effective. As a consequence, an increasing number of patients prefer minimally invasive procedures to conventional surgical methods.
Minimally Invasive Procedures Surge, Driving Peripheral Vascular Devices
Increasing demand for minimally invasive procedures has also contributed to the growth of the market. With less invasive procedures, patients have shorter hospital stays, speedier recovery times, and fewer complications, making these procedures more appealing to patients and healthcare providers alike.
Healthcare Reimbursement Policies Influence the Market for Peripheral Vascular Devices:
Increased healthcare expenditures, enhanced healthcare infrastructure in developing nations, and favorable reimbursement policies have benefited the peripheral vascular devices market. Growing awareness of the advantages of early diagnosis and treatment of vascular diseases, as well as the increasing adoption of peripheral vascular devices by healthcare professionals, have also contributed to the growth of the market.
Changing Regulations Pose Obstacles for the Market for Peripheral Vascular Devices:
While the market is anticipated to experience significant growth in the future years, regulatory changes may have an impact on its performance. Regulations pertaining to health care and medical devices may change, making it more difficult for businesses to obtain product approval.
Emerging Technologies Transform the Market for Peripheral Vascular Devices:
Some emerging technologies, such as robotic-assisted procedures and drug-coated balloons, may also have an effect on the peripheral vascular devices market. These technologies could make procedures even less invasive and more effective.
Restraining Factors
A Guide to the Peripheral Vascular Devices Market:
Due to cost, regulations, reimbursement policies, a lack of competent professionals, and side effects associated with medical devices, the peripheral vascular devices market has experienced sluggish expansion. To surmount the obstacles facing the peripheral vascular devices market, these restraining factors must be addressed systematically.
Expensive Vascular Peripheral Devices:
The high cost of devices is one of the main factors restraining the peripheral vascular devices market. Peripheral vascular devices are substantially more expensive than other medical devices, which has a negative impact on patient affordability and hinders economic growth in developing nations. In addition, excessive device costs have a negative impact on the profitability of manufacturers and healthcare providers.
Comprehensive Regulatory Framework:
In the peripheral vascular devices market, regulatory clearances can make or destroy a product. The healthcare industry's regulatory framework is extremely stringent, making it difficult for manufacturers to obtain product clearances. In some instances, the cost of obtaining regulatory approval exceeds the cost of developing the product itself, posing a significant constraint for manufacturers.
Limited Reimbursement Policies:
Governments and insurance companies have their own reimbursement policies for medical expenses, including peripheral vascular devices. These policies are limited and do not cover all of the devices and procedures that patients require, resulting in an increased burden for patients and healthcare providers. These restrictions may discourage physicians from implementing the most recent and efficient technologies.
Insufficient Skilled Professionals:
To manage high-end and complex medical devices, the peripheral vascular devices industry requires skilled professionals, including technicians, surgeons, and physicians. Unfortunately, there is a lack of qualified professionals in this field, making it difficult for manufacturers and healthcare providers to realize peripheral vascular devices' maximum potential.
Peripheral Vascular Devices have the following adverse effects:
Compared to other medical devices, peripheral vascular devices are associated with significant adverse effects, including foreign body reactions, thrombosis, hypersensitivity reactions, and infections. These adverse effects pose a significant risk to patient health and can result in significant legal liability for manufacturers, providers, and practitioners.
By Type Analysis
The peripheral stents segment dominates the peripheral vascular devices market, holding a sizeable market share. Peripheral stents are used to treat peripheral artery disease, which occurs when the arteries that supply blood to the extremities become narrowed or blocked by plaque accumulation. This segment's development is primarily driven by technological advancements and the prevalence of peripheral artery disease.
In emerging economies, where peripheral artery disease is prevalent, economic growth is propelling the adoption of peripheral stents. There is a transition toward a more sedentary lifestyle in many countries, which has led to an increase in lifestyle-related diseases such as diabetes, hypertension, and obesity.
The growth of this market has also been affected by consumer trends and behaviors pertaining to the peripheral stents segment. Patients are pursuing minimally invasive procedures with a shorter recovery period, less pain, and fewer complications.
In the coming years, the peripheral stents segment of the peripheral vascular devices market is anticipated to record the highest growth rate. As the population ages, it is anticipated that the prevalence of peripheral artery disease will rise, driving demand for peripheral stents.
By End-User Analysis
The hospital segment dominates the peripheral vascular devices market, and this trend is anticipated to continue in the coming years. This segment's development is primarily driven by the high prevalence of peripheral artery disease and the rising demand for minimally invasive procedures. Hospitals are the primary location for the diagnosis and treatment of peripheral artery disease, and they possess the infrastructure, apparatus, and expertise necessary to provide quality care.
The adoption of the hospitals segment is influenced by economic growth in emerging economies. The increase in disposable incomes and expansion of healthcare infrastructure in these nations has led to a rise in demand for medical services.
The growth of this market has also been influenced by consumer trends and hospital-segment-specific behaviors. Patients are increasingly demanding affordable and accessible medical services of superior quality.
In the coming years, the hospital segment of the peripheral vascular devices market is anticipated to record the highest growth rate. As the prevalence of peripheral artery disease rises, hospitals will need to invest in cutting-edge medical technologies to satisfy the rising demand for treatment.
Key Market Segments
By Type Analysis
- Peripheral Stents
- PTA Balloons
- Catheters
- Peripheral Accessories
By End-User Analysis
- Hospital
- Ambulatory surgical centers
- specialty clinics
Growth Opportunity
Demand for Peripheral Vascular Devices:
It is not surprising that the peripheral vascular devices market is expanding rapidly, given the aging of the world's population and the continuous development of healthcare technology. In peripheral artery disease, there is an accumulation of plaque in the arteries that supply blood to the extremities. This reduces blood flow to the extremities, which can cause pain, paralysis, and even gangrene.
Developing Countries with Numerous Patients:
The market for peripheral vascular devices is not limited to developed nations, as developing nations with a large patient populations also present tremendous growth opportunities. Examples include low- and middle-income nations and emergent markets such as China, India, and Brazil. In these nations, the increasing prevalence of risk factors such as smoking, diabetes, and hypertension drives the demand for peripheral vascular devices.
Demand for Minimally Invasive Procedures is Increasing:
Demand for minimally invasive procedures is a major growth factor for the peripheral vascular devices market. In comparison to traditional open surgery, minimally invasive procedures are associated with a lower risk, shorter hospital stays, and quicker recovery periods. This is particularly essential for senior citizens, who may have difficulty recovering from major surgery. New devices, such as stents, balloons, and catheters, have led to a rise in minimally invasive procedures.
Developments in Technology for Peripheral Vascular Devices:
The treatment of peripheral artery disease has been revolutionized by technological advances in peripheral vascular devices. Consequently, the number of patients who can benefit from minimally invasive procedures has increased. Advanced imaging techniques, such as magnetic resonance imaging and computed tomography angiography, make it possible to diagnose peripheral artery disease earlier and treat it more precisely. Drug-eluting stents and bioresorbable stents are also significant innovations that have made peripheral artery disease treatment more effective.
Expenditure on Healthcare on the Rise:
Worldwide, healthcare costs are rising, and this trend is anticipated to persist. Healthcare expenditure is a major growth driver for the peripheral vascular devices market, as it drives demand for innovative medical devices that can reduce the overall cost of care, such as advanced imaging technologies and minimally invasive procedures.
Latest Trends
Changes in Peripheral Vascular Devices:
Peripheral vascular devices are growing in popularity in the medical sector, and several key market trends are influencing their development. As a result of advancements in technology and the need for improved medical solutions to improve patient outcomes, businesses have invested in research and development to create novel treatment options. This strategy has played a significant role in enhancing patient care and has led to numerous changes in the way peripheral vascular devices are utilized in healthcare.
Presenting Innovative Peripheral Vascular Devices:
One of the factors for the expansion of the peripheral vascular devices market is the introduction of new devices. These devices offer a number of advantages over conventional methods of treatment and have transformed the medical industry by improving patient outcomes.
Drug-coated balloons function by delivering a drug that prevents restenosis, a condition in which the artery narrows again after treatment, thereby reducing the risk of complications and enhancing patient outcomes. Additionally, other novel devices, such as atherectomy and thrombectomy devices, have been making ripples in the medical industry, providing new and improved methods for plaque and clot removal from arteries.
Digital Technologies Adoption in Peripheral Vascular Devices:
The adoption of digital technologies is an additional significant trend in the peripheral vascular devices market. Numerous businesses have invested in digital healthcare solutions to optimize clinical workflows and enhance patient outcomes.
By analyzing patient data, digital technologies such as artificial intelligence and machine learning have similarly assisted healthcare providers in making more precise diagnoses and treatment decisions. In addition, the use of 3D printing technology has allowed medical professionals to create personalized devices that conform to a patient's anatomy, thereby enhancing the device's efficacy and minimizing complications.
Strategic Collaborations and Partnerships Between Key Players:
The market for peripheral vascular devices has also been influenced by strategic collaborations and partnerships between key participants. Companies have been forming alliances to acquire new technology or market advantages, enter new markets, and optimize clinical workflows with innovative solutions.
These partnerships have assisted businesses in diversifying their portfolios, expanding their reach, and strengthening their position in the market. They have also contributed to the creation of peripheral vascular devices that are more innovative and effective.
Concentration on Research and Development Activities:
The importance of research and development in the creation of new and innovative peripheral vascular devices cannot be overstated. Companies have made substantial investments in R&D to bring new devices to market, thereby enhancing patient outcomes and streamlining clinical workflows.
The Peripheral Vascular Devices are Being Shaped by the Growing Popularity of Drug-Coated Balloons.
The increasing popularity of drug-coated balloons is a significant trend that is shaping the market for peripheral vascular devices. As previously stated, drug-coated balloons have transformed the medical industry by substantially enhancing patient outcomes and minimizing the likelihood of complications.
Regional Analysis
Peripheral Artery Disease's increasing prevalence is one of the key factors driving the rising demand for peripheral vascular devices. Significant contributors to the increase in peripheral artery disease cases include an aging population, rising rates of hypertension and diabetes, and harmful lifestyle choices. As more people become aware of the benefits of peripheral vascular device therapy options, demand continues to rise.
Increasing obesity rates in the region also contribute to the expansion of this industry. Obesity can result in a variety of health problems, such as peripheral artery disease, which has increased the demand for peripheral vascular devices. In addition, the pervasive use of tobacco products, in conjunction with unhealthy dietary habits, contributes significantly to the increasing prevalence of peripheral artery disease.
In addition, technological advances and reimbursements for peripheral vascular procedures fuel the expansion of this market. Current treatment procedures are extremely sophisticated and have a higher success rate, which has increased acceptance of the devices. In addition, hospitals and insurance companies have increased their reimbursements for these procedures in tandem with favorable government policies that have facilitated an annual increase in the number of procedures performed.
The North American Peripheral Vascular Device Market is highly competitive, with numerous established and emerging participants. Nonetheless, collaborations and partnerships between stakeholders are growing as each entity strives to increase its market share.
The preference of patients for minimally invasive peripheral vascular interventions is another developing trend. Patients prefer minimal risks, less discomfort, a shorter hospital stay, and a quicker rate of recovery. This has led to a substantial increase in demand for minimally invasive procedures and, as a result, a rise in demand for peripheral vascular devices.
As technology continues to advance in the healthcare industry, we anticipate a surge in demand for a variety of advanced technologies that will alter the treatment process. Among these new technologies are bioabsorbable stents and balloon catheters, drug-coated balloons, and gene therapies that target specific human tissues.
Key Regions and Countries
North America
- US
- Canada
- Mexico
Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Players Analysis
In recent years, the peripheral vascular devices market has expanded significantly due to the increasing prevalence of cardiovascular diseases and technological advancements in devices. The main players in this market are working to develop innovative products that are anticipated to propel market expansion. Here, we examine some of these major peripheral vascular device market players.
Medtronic is one of the most prominent players in the peripheral vascular devices market. The company provides an extensive selection of products, including drug-eluting stents, balloon catheters, intravascular ultrasound devices, and others. Continuous investment in research and development has enabled the company to provide innovative treatments for peripheral vascular diseases.
Another major player in the peripheral vascular devices market is Abbott Laboratories. Stents, chronic total occlusion devices, and peripheral balloon dilatation catheters are included in the company's product line. Abbott's focus on developing minimally invasive devices has allowed it to meet the rising demand for effective and secure treatment options.
Boston Scientific is a leading provider of peripheral vascular devices such as stents, balloons, and catheters, and is a prominent market player. Continuous research and development efforts have led to the creation of innovative products, such as drug-eluting balloons for the treatment of peripheral artery disease.
In addition to Becton, Dickinson and Company, Cook Medical, Inc., and Cardinal Health, Inc., other significant players in the peripheral vascular devices market include Becton, Dickinson and Company, Cardinal Health, Inc., and Cook Medical, Inc. To provide safer and more effective treatments for patients with peripheral vascular diseases, these players are constantly investing in research and development.
Top Key Players in Peripheral Vascular Devices Market
- Abbott Laboratories
- Angioscore Inc.
- Edward Lifesciences Corporation
- Medtronic Inc.
- Jude Medical
- Teleflex Medical
- Volcano Corporation
- Boston Scientific Corporation
- Teleflex Medical
- Cook Group Inc.
- Cordis Corporation
- Covidien
Recent Development
- In 2021, The peripheral vascular devices market will experience FDA approval for drug-coated balloons and advances in stent technology.
- In 2022, The introduction of catheters of the next generation, the increased adoption of atherectomy devices, and the expansion of peripheral embolization devices are anticipated.
- In 2023, There will be an increased emphasis on patient safety, improved imaging capabilities, the development of remote monitoring systems, and other improvements.
Report Scope:
Report Features Description Market Value (2022) USD 15.2 Bn Forecast Revenue (2032) USD 24.9 Bn CAGR (2023-2032) 5.2% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Type Analysis (Peripheral Stents, PTA Balloons, Catheters, Peripheral Accessories), By End-User Analysis (Hospital, Ambulatory surgical centers, Specialty clinics) Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Abbott Laboratories, Angioscore Inc., Edward Lifesciences Corporation, Medtronic Inc., Jude Medical, Teleflex Medical, Volcano Corporation, Boston Scientific Corporation, Teleflex Medical, Cook Group Inc., Cordis Corporation, Covidien Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) -
-
- Abbott Laboratories
- Angioscore Inc.
- Edward Lifesciences Corporation
- Medtronic Inc.
- Jude Medical
- Teleflex Medical
- Volcano Corporation
- Boston Scientific Corporation
- Teleflex Medical
- Cook Group Inc.
- Cordis Corporation
- Covidien