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
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Content info: 112 Pages
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The global peripheral vascular devices market is projected to grow at a CAGR of 4.63% to reach US$6.849 billion by 2026, from US$4.988 billion in 2019.
Medical devices used to treat peripheral vascular disease are known as peripheral vascular devices (PVD). PVD is characterized by plaque accumulation, which results in artery constriction or blockage and inadequate blood flow. Peripheral Vascular Stents, Peripheral Transluminal Angioplasty (PTA) Balloon Catheters, Peripheral Transluminal Angioplasty (PTA) Guidewires, Embolic Protection Devices are some of the devices used to treat PVD. Surgical or minimally invasive catheter-based methods can be used to treat peripheral vascular devices. Over the next few years, the peripheral vascular devices market is projected to be driven by rapid growth in the elderly population and an increase in the incidence of peripheral vascular disorders. In addition, the rising incidence of diabetes and increased demand for Minimally Invasive Endovascular treatments are expected to propel the market forward in the approaching years. Furthermore, rising diabetes occurrences and the approval of new and improved medicines are expected to propel the market forward throughout the anticipated period.
One of the primary causes driving demand for peripheral vascular devices is the increasing rise of the senior population, which is at a higher risk of acquiring peripheral vascular illnesses such as atherosclerosis and aneurysms. This is because, as people become older, hereditary and lifestyle factors can cause plaque to build up in the arteries. According to research published by the US National Library of Medicine, more than 202 million individuals worldwide suffer from peripheral vascular disease, with more than two-thirds of them living in low- and middle-income nations. The incidence of peripheral vascular disorders is projected to rise further in the coming years due to the rising elderly population in all major areas throughout the world. As a result, throughout the projection period, demand and acceptance of peripheral vascular devices will grow in key markets.
The most profitable market for peripheral vascular devices is expected to be the North America and Asia-Pacific region. The availability of a huge patient pool with unmet medical requirements is one of the major reasons contributing to this region's quickest development. Furthermore, the peripheral vascular devices market is anticipated to increase as the healthcare environment in Asian nations improves, along with GDP growth and government efforts. Furthermore, the rising incidence of peripheral vascular illnesses linked to obesity, diabetes, and hypertension, as well as the growing elderly population, need for less invasive treatment alternatives, and the prevalence of disease-causing lifestyles, are all important contributors boosting the market growth in the region.
One of the major reasons for the growth of the global peripheral vascular devices market is growing growth opportunities in emerging economies owing to less rigorous regulatory rules and minimal competition, emerging markets like as China, India, Singapore, and Brazil are projected to develop rapidly in the future years. The growing population among these countries and the high prevalence of peripheral diseases are further fueling the market growth for global peripheral vascular devices. Medical device demand in emerging nations is rising at a faster rate than in industrialized ones. Due to the growth of the private healthcare sector to meet the requirements of the growing middle-class population and rising disposable incomes, the medical equipment business in emerging nations is quickly growing.
The COVID-19 pandemic has had a great impact on the world as a whole and has led to economic breakdown and loss of life. Patient visits to hospitals have decreased considerably as a result of the lockdown in several nations. As a result, there are fewer diagnostic tests available. This has resulted in a further drop in sales of peripheral vascular devices. Elective operations have been postponed in a majority of nations throughout the world to avoid the spread of COVID-19. Many peripheral vascular interventional treatments have been postponed due to the fact that the bulk of these operations are elective which is obstructing the growth of the peripheral vascular devices market is the course of the pandemic. Supply lines were also affected by shuttered production sites owing to lockdowns, and clinical trial recruitment was down.
The market leaders for the pretreatment coating market are Medtronic, Terumo, Abbott, Cordis, Biomerics, Cardiva Medical Inc., Vasorum Ltd., Biotronik GMBH & CO.KG, Boston Scientific Corporation, and TZ Medical Inc.