PUBLISHER: The Business Research Company | PRODUCT CODE: 1387742
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387742
“Peripheral Vascular Devices And Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on peripheral vascular devices and equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for peripheral vascular devices and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The peripheral vascular devices and equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Peripheral vascular devices and equipment play a crucial role in the management of peripheral vascular diseases, which are characterized by the gradual and progressive impairment of blood circulation in blood vessels located outside the heart and brain, encompassing both arteries and veins. These conditions typically result from blockages, narrowing, or spasms within these vessels.
The primary categories of peripheral vascular devices and equipment include peripheral vascular stents, percutaneous transluminal angioplasty balloons, catheters, PTA guide wires, atherectomy devices, chronic total occlusion devices, aortic stents, synthetic surgical grafts, embolic protection devices, and inferior vena cava filters. Catheters, for instance, are tubular medical devices designed for insertion into canals, vessels, passageways, or body cavities to facilitate the injection or withdrawal of fluids or to maintain the patency of a passage. These devices find application in the treatment of damaged peripheral blood vessels and the management of blockages in peripheral blood vessels, ultimately enhancing blood circulation and supporting patient health. Various healthcare settings, including hospitals and clinics, utilize peripheral vascular devices and equipment to address these medical conditions.
The peripheral vascular devices and equipment market research report is one of a series of new reports from The Business Research Company that provides peripheral vascular devices and equipment market statistics, including peripheral vascular devices and equipment industry global market size, regional shares, competitors with a peripheral vascular devices and equipment market share, detailed peripheral vascular devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the peripheral vascular devices and equipment industry. This peripheral vascular devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The peripheral vascular devices and equipment market size has grown strongly in recent years. It will grow from $8.49 billion in 2023 to $9.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth observed during the historic period in the field of peripheral vascular devices and equipment can be attributed to several key factors. These include the high prevalence of cardiovascular diseases, an aging population, the increasing focus on managing chronic diseases, and the continuous advancement of clinical guidelines and research. These factors have driven the demand for and adoption of peripheral vascular devices and equipment as part of the efforts to address and manage cardiovascular and peripheral vascular conditions in healthcare settings.
The peripheral vascular devices and equipment market size is expected to see strong growth in the next few years. It will grow to $11.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The expected growth in the forecast period in the field of peripheral vascular devices and equipment can be attributed to several factors. These factors include the increasing adoption of minimally invasive procedures for treating vascular conditions, the integration of telehealth solutions to extend access to healthcare, the expansion of global healthcare services and their availability to a broader population, and the use of drug-coated devices for more effective treatment. Notable trends anticipated during the forecast period include the integration of artificial intelligence (AI) in vascular medicine to enhance diagnostics and treatment planning, the use of robot-assisted interventions to improve precision and outcomes, the implementation of point-of-care testing for more efficient patient care, and the development and utilization of bioresorbable vascular scaffolds for enhanced patient outcomes and reduced long-term risks. These trends reflect the ongoing innovation and advancements in the field of peripheral vascular devices and equipment.
The peripheral vascular devices and equipment market is being primarily fueled by the increasing prevalence of peripheral artery diseases. These conditions occur when arteries become obstructed by plaque, including fats and cholesterol, leading to reduced blood flow to vital organs. Lower extremity peripheral artery disease (PAD) is impacting over 230 million adults globally, posing risks of adverse cardiovascular and leg-related outcomes. While younger populations may also be affected, the incidence rises significantly, with more than 20% of individuals over 80 years old experiencing PAD. In the United States, approximately 8.5 million people are currently affected by peripheral artery diseases, with 12-20% of them being over 60 years old, according to the Centers for Disease Control and Prevention (CDC).
The rising healthcare expenditure is expected to be a driving force behind the growth of the peripheral vascular devices and equipment market. Healthcare expenditure represents the total amount of money spent on healthcare-related goods and services by individuals, organizations, or governments within a specific timeframe. An increase in healthcare expenditure is likely to boost the demand for peripheral vascular devices and equipment as healthcare systems invest in advanced medical technologies to enhance the diagnosis and treatment of conditions like peripheral artery disease. This ultimately leads to improved patient care and outcomes. In 2021, U.S. healthcare spending reached $4.3 trillion, growing by 2.7%, with an expenditure of $12,914 per person, as reported by the Centers for Medicare & Medicaid Services (CMS). Therefore, the rising healthcare expenditure will be a driving factor for the peripheral vascular devices and equipment market.
The peripheral vascular devices and equipment market faces challenges due to stringent approval processes, product recalls, and failures. These issues can potentially harm the reputation of companies in this market. Product recalls and failures have the potential to affect the brand image of companies, and regulatory authorities, such as the US Food and Drug Administration (FDA), impose strict guidelines to ensure the safety and minimal adverse reactions of peripheral devices. For example, Medtronic was instructed to recall its artery-clearing HawkOne System in January 2022 due to reported injuries. To reduce incidences associated with peripheral devices and ensure device safety, the FDA enforces restrictions on device use, issues field safety notices, and mandates product recalls. These stringent approval processes and regulatory policies may have a restraining effect on the peripheral vascular devices and equipment market.
Major companies operating in the peripheral vascular devices and equipment market are focusing on innovative product developments, such as bio-absorbable stents, to improve treatment success rates and commercialize these advanced stents. Bio-absorbable stents are made from naturally soluble materials that dissolve over time, eliminating the risk of late stent thrombosis. These stents safeguard against inflammation or reduced blood flow due to the prolonged presence of a stent. Meril Life Sciences Pvt. Ltd., for instance, launched its bioresorbable scaffold (BRS) MeRes100, also known as bio-absorbable stents, in India in March 2021. MeRes100 is a thin-strut BRS designed to treat individuals with coronary artery disease.
Major companies in the peripheral vascular devices and equipment market are also focused on innovative advancements, such as peripheral IVL catheters, which offer better treatment opportunities. Peripheral intravascular lithotripsy (IVL) catheters are instrumental in treating vascular disease, especially for managing calcified lesions within arteries. In March 2022, Shockwave Medical Inc. introduced the Shockwave M5+ peripheral IVL catheter, which aims to reduce IVL treatment time, expand access options, and extend IVL therapy to patients with larger vessel sizes. The Shockwave L6 Peripheral IVL Catheter optimizes IVL therapy for larger peripheral vessels, providing efficient and effective treatment for patients who were previously difficult to treat with IVL.
In September 2021, Boston Scientific, a U.S.-based medical device manufacturer, acquired Devoro Medical, Inc., enhancing procedural efficiencies with the addition of the WOLF platform. Devoro Medical, Inc. is a U.S.-based medical technology manufacturer.
Major companies operating in the peripheral vascular devices and equipment market include Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Cook Group, Angiomed GmbH & Co. Medizintechnik KG, Terumo Corporation, ENDOLOGIX Inc., Bolton Medical Inc., JOTEC GmbH, Clearstream Technologies, Aesculap AG, Curative Medical Devices, Lepu Medical Technology, MicroPort, Bioteque Corporation Co.Ltd., Cardinal Health, iVascular, B. Braun Group, Biosensors International Group, BIOTRONIK SE & Co., COVIDien, Volcano Corporation, AngioScore, Edwards Lifesciences Corporation, Cordis Corporation, Koninklijke Philips N.V., Nipro Corporation, Bluesail Medical Co. Ltd, Rex Medical, Teleflex Incorporated, Penumbra Inc., Lombard Medical Technologies PLC, W.L. Gore & Associates Inc., Merit Medical Systems Inc., Vascular Solutions Inc., LeMaitre Vascular Inc., Spectranetics Corporation
North America was the largest region in global peripheral vascular devices and equipment market in 2023. Western Europe was the second-largest region in global peripheral vascular devices and equipment market. The regions covered in the peripheral vascular devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the peripheral vascular devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The peripheral vascular devices and equipment market consist of sales of peripheral vascular stents, percutaneous transluminal angioplasty balloons, PTA drug-eluting balloons, embolic protection devices, inferior vena cava filters, Aortic stent-grafts, synthetic surgical drafts, and peripheral guide wires. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.