Market Overview:
Peripheral vascular devices are used for diagnostic as well as therapeutic purposes such as angioplasty, stenting, thromectomy, and endarterectomy. Peripheral vascular diseases affect peripheral arteries and veins, reducing blood flow. These devices are used to diagnose and treat diseases such as atherosclerosis, aneurysms, and varicose veins. Their minimally invasive nature helps patients recover faster with less pain and scarring compared to open surgeries.
The Peripheral Vascular Devices Market is estimated to be valued at US$ 10,266.8 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:
The global peripheral vascular devices market is driven by the growing preference for minimally invasive procedures over conventional open surgeries. Minimally invasive procedures are associated with benefits such as reduced hospital stay, lower risk of surgical site infections, lesser postoperative pain, and faster recovery. According to a study published in the Annals of Vascular Surgery, patients undergoing minimally invasive procedures for peripheral arterial disease had a shorter length of hospital stay of 1.5 days compared to 4 days for open surgeries. Growing obese and aging populations that are more susceptible to peripheral vascular diseases will also contribute to the demand for these devices. Moreover, technological advancements enabling day-care treatment and reduced trauma to patients are encouraging the adoption of minimally invasive peripheral vascular procedures.
Porter’s Analysis
Threat of new entrants: The peripheral vascular devices market requires huge capital investments and there are stringent regulations. This poses high entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate as peripheral vascular devices have applications in critical care. However, the presence of many established manufacturers limits the buyers power.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitutes and the fragmented nature of the supply base.
Threat of new substitutes: Patented drug-eluting stents pose a threat of substitution for other peripheral vascular devices.
Competitive rivalry: Intense competition exists between major players to gain greater market share.
SWOT Analysis
Strength: Peripheral vascular devices have wide applications in treating various cardiovascular diseases. Innovation and technological advancements in product offerings.
Weakness: High costs associated with devices. Risk of complications from surgeries using the devices.
Opportunity: Rising geriatric population prone to peripheral artery diseases. Increasing healthcare expenditure in emerging nations.
Threats: Stringent regulatory environment. Reimbursement issues in certain regions.
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 peripheral artery diseases. The market size for 2023 is US$ 10,266.8 Mn.
Regionally, North America dominates the peripheral vascular devices market currently. However, Asia Pacific is anticipated to grow at fastest pace owing to rising healthcare spending, large patient pool, and growing medical tourism.
Key players operating in the peripheral vascular devices 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. They are focused on new product launches and geographic expansion to strengthen their market position.
The market based on type is classified into angioplasty balloons, angioplasty stents, catheters, endovascular aneurysm repair stent grafts, inferior vena cava filters, plaque modification devices, hemodynamic flow alteration devices, and other peripheral vascular devices.
The guidewires segment is accounted for the largest market shares of the market.
The rising use of guidewires in stenting procedures is one of the factors driving the growth of this segment.Geographically, the market has been segmented into Asia-Pacific, North America, Europe, Middle-East & Africa and Latin America.
Increasing incidence of peripheral vascular diseases in aging population is one of the major factors driving the market growth for peripheral vascular devices.The years that have been considered for the market analysis are:• Base year – 2016• Estimated year – 2017• Forecast period – 2016 to 2026Key Highlights:• Peripheral vascular devices market analysis and forecast, in terms of value.• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the peripheral vascular devices market.• Peripheral vascular devices market segmentation on the basic type and geography (country-wise) has been provided.• Peripheral vascular devices market strategic analysis with respect to individual growth trends, future prospects along with a contribution of various sub-market stakeholders have been considered under the scope of the study.• Peripheral vascular devices market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the peripheral vascular devices market are also profiled.Research Methodology:The market is estimated by triangulation of data points obtained from various sources and feeding them into a simulation model created individually for each market.
The data points are obtained from paid and unpaid sources along with paid primary interviews with key opinion leaders (KOLs) in the market.
KOLs from both, demand and supply side were considered while conducting interviews to get an unbiased idea of the market.
Peripheral Vascular Devices Market Report OverviewThe peripheral vascular devices market is projected to reach USD 14.4 billion by 2024 from USD 10.3 billion in 2019, at a CAGR of 6.8% during the forecast period.
The rapid growth in the geriatric population and the associated increase in the prevalence of peripheral vascular diseases, approval of new and advanced products, and the growing preference for minimally invasive surgeries are driving the growth of the peripheral vascular devices.Atherectomy devices accounted for the larger share of the plaque modification devices market in 2018On the basis of type, the plaque modification devices market is segmented into atherectomy devices and thrombectomy devices.
In 2018, the atherectomy devices segment accounted for the larger market share mainly due to the increasing incidence of atherosclerosis as a result of the rising global prevalence of obesity.Embolic protection devices accounted for the largest share of the peripheral vascular devices market in 2018On the basis of type, the hemodynamic flow alteration devices market is segmented into embolic protection devices and chronic total occlusion devices.
In 2018, the embolic protection devices segment accounted for the larger share of the hemodynamic flow alteration devices market.
This can be attributed to the advantages of EPDs over CTO devices, such as the ability to capture embolic debris without interrupting continuous blood flow.Download PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=790North America dominates the peripheral vascular devices marketNorth America, which includes the US and Canada, accounted for the largest share of the peripheral vascular devices market in 2018.
The large share of this market segment can be attributed to the rising incidence of peripheral vascular diseases (PVDs), growing geriatric population, and the strong presence of industry players in the region.Growth in this market is majorly driven by the rapid growth in the geriatric population and the associated increase in the prevalence of peripheral vascular diseases, approval of new and advanced products, and the rising prevalence of diabetes.
