PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1730667
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1730667
Global peripheral vascular devices market is projected to witness a CAGR of 6.23% during the forecast period 2025-2032, growing from USD 10.49 billion in 2024 to USD 17.01 billion in 2032. The market's growth can be attributed to the rising emphasis on vascular health, the increasing number of clinical trials, and growing prevalence of various cardiac conditions, including peripheral arterial disease (PAD) in different regions across the globe. The American Heart Association estimates that PAD affects approximately 200 million individuals across the globe, though certain demographic groups experience higher clinical effects and prevalence of PAD.
There is an ever-increasing demand for novel, advanced, and efficient vascular interventions due to the rise in lifestyle disorders including obesity, diabetes mellitus, and hypertension, major risk factors for vascular diseases. The rising number of awareness campaigns, government initiatives, and advancements in diagnostic imaging technology are allowing healthcare professionals to provide early diagnosis of the condition and start the treatment sooner, supporting the market's expansion.
The rise in the number of cardiovascular and vascular disorders is also bolstering the market's demand. Conditions such as atherosclerosis, PAD, and varicose veins are becoming increasingly common, due to sedentary lifestyles, expansion of the aging population, and poor dietary habits. The high prevalence of such conditions is encouraging medical professionals to introduce modern, efficient, and minimally invasive solutions for early diagnosis and treatment. Advancements in peripheral vascular devices are allowing healthcare professionals to treat blockages, facilitate blood flow, and reduce the chances of stroke and amputation.
Technological Innovations Drive Market Growth
Technological advancements are allowing the leading market players to improve the safety, performance, and effectiveness of peripheral vascular interventions, thus improving patient outcomes. Easy availability of the newer generation of the drug-eluting stent and balloon, bioresorbable scaffolds, and newer guidewire technologies have led to improved procedural precision. Additionally, imaging-guided interventions have changed vascular surgery by assisting accurate navigation in real-time, fewer complications in procedures, and higher accuracy. The companies are also heavily investing in research and development to bring to devices that are easy to use, flexible, and durable, enhancing physician convenience. Artificial intelligence and machine learning algorithms have now begun to enter vascular diagnostics to prioritize personalized treatment plans and earlier detection of disease. These technological advancements are giving better clinical outcomes and making vascular procedures more cost-effective, thus encouraging companies to expand their product portfolios. For instance, in September 2024, Shockwave Medical, Inc. launched the Shockwave E8 Peripheral IVL Catheter, following clearance by the U.S. FDA. The catheter is designed for optimizing the treatments for patients with below the knee PAD and calcified femoropopliteal.
Rising Research Activities Support Market Expansion
Research activities drive market growth by improving clinical outcomes, fostering innovation, and bolstering the selection of treatment options available. Rising investments in research studies and clinical trials by leading market players and medical device companies are propelling the availability of advanced technologies and medical solutions such as novel stent systems, drug-coated balloons, and atherectomy devices. Such innovations address the complex vascular disorders in a more effective manner, enhancing the quality of life and safety of the patient population, bolstering the demand for novel, innovative solutions.
Additionally, the key players of the market are also investing in research studies and clinical trials to demonstrate the effectiveness and safety of various peripheral vascular devices to boost physician confidence and propel their utilization. For instance, in November 2024, Abbott Laboratories released data from the second year of the LIFE-BTK clinical trial that demonstrated the effectiveness of Esprit BTK Everolimus Eluting Resorbable Scaffold System (Esprit BTK) in patients with severe PAD below the knee.
Angioplasty Balloons Account for Significant Share of the Market
The segment's dominance can be attributed to the rising prevalence of cardiovascular diseases, especially coronary artery disease. These medical devices are used during minimally invasive procedures to open blocked or narrow arteries, reducing symptoms such as PAD and angina, by restoring effective blood flow. The rising efforts of the leading market players to introduce technologically advanced devices including drug-coated balloons to reduce the risk of restenosis and improve patient outcomes is further supporting the segment's expansion.
As the aging population expands and the incidences of obesity continue to rise, the preference for minimally invasive procedures is increasing, thus encouraging the leading medical device companies to introduce new products and technologies. For instance, in August 2024, Teleflex Incorporated received 510(k) clearance from the Food and Drug Administration (FDA) for its percutaneous transluminal coronary angioplasty perfusion balloon catheter for balloon dilation of coronary artery and coronary bypass graft stenoses.
North America Holds Major Market Share
The market's growth in North America can be attributed to the expansion of the geriatric population, advancements in medical technology, easy availability and adoption of novel medical solutions, and rising incidences of PAD in countries such as the United States and Canada. As per the estimates of the American Heart Association, 7-12 million individuals in the United States suffer from PAD. The increasing prevalence of PAD can be attributed to the rising cases of diabetes, high blood pressure, and smoking.
Meanwhile, the market in the Asia-Pacific is expected to witness rapid growth over the forecast period owing to rising incidences of PAD and increasing prevalence of diabetes. As per the estimates of the World Health Organization (WHO), approximately 77 million people above the age of 18 suffer from diabetes in India. Additionally, the rising preference for advanced treatment solutions and minimally invasive technologies coupled with growing emphasis on improving healthcare infrastructure are further expected to propel the market's expansion in the region.
Impact of the U.S. Tariff on Global Peripheral Vascular Devices Market
The key players of the market, such as Medtronic Inc. and Abbott Laboratories, are expected to face various challenges with the introduction of the tariffs. The increased costs may result in higher prices for consumers and potential reductions in research and development budgets, impacting innovation and availability of new devices.
Additionally, a large number of these devices rely on imported materials such as aluminum, steel, and specialized polymers, high tariffs on such materials are expected to disrupt supply chains and result in delays, boosting operational costs for medical device manufacturers. Healthcare providers and small hospitals are expected to experience financial strain due to the increased costs of medical devices, potentially leading to reduced accessibility to essential medical equipment for the patient population.
Key Players Landscape and Outlook
The key players of the market are focusing on launching new products and technologies in order to enhance physician convenience and expand their presence in the market. For instance, in June 2024, Koninklijke Philips N.V launched the Duo venous stent system for treating symptomatic venous outflow obstruction in patients suffering from chronic venous insufficiency. The innovative device was developed by Vesper Medical, Inc., a wholly owned subsidiary of Philips, however, the device is being marketed under the Philips brand name. As healthcare professionals seek evidence-based and cutting-edge diagnostic solutions for venous diseases, the introduction of such devices is setting standards for minimally invasive solutions that aid them in improving treatment outcomes.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.