Market Research Report
Global Peripheral Vascular Devices Market - Forecasts from 2021 to 2026
|Global Peripheral Vascular Devices Market - Forecasts from 2021 to 2026|
Published: October 5, 2021
Knowledge Sourcing Intelligence
Content info: 112 Pages
Delivery time: 1-2 business days
The global peripheral vascular devices market is expected to grow at a compound annual growth rate of 4.63% over the forecast period to reach a market size of US$6.849 billion in 2026 from US$4.988 billion in 2019.
Peripheral vascular diseases (PVD) are caused by the formation of atherosclerotic plaques in arteries, which carry blood to organs, limbs, and the head. It is also known as peripheral artery occlusive disease (PAOD) or peripheral artery disease (PAD) or peripheral obliterative arteriopathy. It comprises diseases pertaining to both peripheral veins and peripheral arteries, affecting the peripheral and cardiac circulation in the body. Peripheral vascular devices like IVC channels, angiography catheters, EVAR stent-joins, hemodynamic stream change, and plague adjustment devices are utilized for treating peripheral blood vessel or coronary blood vessel infection and utilized in the peripheral endovascular and coronary methodology. These devices are used to decrease the interference of patients with a minimum disturbance during the surgical procedure.
The growing global geriatric population is expected to drive the global peripheral vascular devices market growth in the upcoming years as according to the National Institute of Health, one in every 20 Americans, who are of age 50 years or above, has PAD. It has been influencing 8-12 million individuals in the United States, particularly those for more than 50 years. Besides, as the populace is developing, the predominance of the infection is additionally expanding, which may develop from 9.6 million to arrive at 19 million generally, globally, by 2050. With the maturing global populace, all things considered, PAD might be progressively normal later on. Hence, the statistics show that the number of PAD is increasing at a faster pace, which is ultimately expected to drive the peripheral vascular devices market growth.
Some of the other drivers of this market include the global prevalence of venous diseases or CVI (Chronic Venous Insufficiency) and increasing demand for minimally invasive endovascular procedures on account of their shorter recovery time, among others. In addition, the growing prevalence of disease-causing lifestyle and eating habits such as high consumption of alcohol, tobacco products, and smoking cigarettes is expected to boost peripheral vascular devices market demand by triggering the incidence rates of cardiac arrest, blood clotting, and other vascular diseases. However, stringent regulations related to the import and export of peripheral vascular devices are expected to act as a restraint to this market growth.
The interest for clinical devices in arising nations is developing at a hearty rate when contrasted with created nations (Source: International Trade Organization). The clinical instruments business in arising nations is expanding quickly because of the extension of the private medical care area to oblige the necessities of the developing working-class populace and the rising dispensable wages. The working-class populace in the Asia Pacific is relied upon to increment to 66% by 2030 from 28% in 2009, as per OECD. As indicated by a similar source, the buying force of the working class is relied upon to increment to 59% by 2020 from 23% in 2009. Because of these patterns, an expanding number of individuals in nations, for example, India and China are currently ready to bear the cost of cutting-edge medicines, including peripheral vascular diseases. Emerging markets such as China, India, Singapore, and Brazil are expected to witness high growth in the coming years owing to the presence of less-stringent regulatory policies and low competition. To leverage the high-growth opportunities in these markets, manufacturers are strategically focusing on expanding their presence in these countries. Moreover, the increasing competition in mature markets is further compelling manufacturers to focus on emerging markets.
Over the most recent couple of months, the quantity of patient visits to clinics has decreased essentially, regardless of crisis and OPD administrations being accessible in emergency clinics. Before beginning any interventional technique, specialists go through a progression of clinical tests to choose the best treatment for patients. Nonetheless, because of the lockdown in numerous nations, patient visits to medical clinics have decreased altogether. Therefore, the quantity of indicative tests has diminished. This has additionally diminished the deals of peripheral vascular devices. Globally, a larger part of nations has deferred elective medical procedures to forestall the spread of COVID-19. Since 70-80% of peripheral vascular interventional strategies are elective, a significant number of these systems have been postponed. This is another factor contrarily affecting the development of the peripheral vascular devices market. Additionally, shut assembling offices because of lockdowns disturbed stock chains, and diminished enlistments for clinical preliminaries have additionally affected the development of the global peripheral vascular devices market in 2020.
Prominent/major key market players in the global peripheral vascular devices market include Medtronic, Terumo, Abbott, and Cordis among others. The players in the global peripheral vascular devices market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global peripheral vascular devices market.