PUBLISHER: TechSci Research | PRODUCT CODE: 1348912
PUBLISHER: TechSci Research | PRODUCT CODE: 1348912
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Global Peripheral Vascular Devices market is anticipated to witness impressive growth during the forecast period. This can be ascribed to growing geriatric population along with a subsequent increase in the prevalence of peripheral vascular diseases across the globe. Also, the favorable reimbursement scenario for peripheral vascular procedures is expected to create lucrative growth during the forecast period. Similarly, increasing number of product approvals along with the growing prevalence of diabetes are major factors driving the growth of the market over the years. Additionally, rising the rate of tobacco consumption is anticipated to boost the growth of the market over the years. In March 2022, Siemens Healthineers launched next-generation ACUSON AcuNav Volume 4D ICE Catheter in the United States. As per the company, AcuNav Volume ICE catheter transforms care delivery by enabling the treatment of patients who were previously not able to undergo structural heart procedures.
The aging population is one of the key factors driving the growth of the global peripheral vascular devices market. As people age, they are more likely to develop peripheral vascular diseases, which can affect the blood vessels outside of the heart and brain. These conditions include peripheral artery disease (PAD), deep vein thrombosis (DVT), and venous insufficiency, among others. Furthermore, the elderly population is often more susceptible to the complications of peripheral vascular diseases, such as limb amputation, stroke, and heart attack. This creates a significant burden on healthcare systems, increasing the demand for peripheral vascular devices for diagnosis and treatment. In addition, the aging population is more likely to have other comorbidities, such as diabetes and hypertension, which are risk factors for peripheral vascular diseases. As the prevalence of these chronic diseases also increases with age, the demand for peripheral vascular devices to manage these conditions also increases.
Market Overview | |
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Forecast Period | 2024-2028 |
Market Size 2022 | USD 1106.12 Million |
Market Size 2028 | USD 1617.26 Million |
CAGR (2023-2028) | 6.49% |
Fastest Growing Segment | Hospitals & Clinics |
Largest Market | North America |
Chronic diseases such as diabetes and hypertension are major drivers of the growth of the global peripheral vascular devices market. These conditions can contribute to the development of peripheral vascular diseases, which affect the blood vessels outside of the heart and brain. Peripheral vascular diseases include peripheral artery disease (PAD), deep vein thrombosis (DVT), and venous insufficiency, among others. As the prevalence of chronic diseases such as diabetes and hypertension continue to increase worldwide, so too does the incidence of peripheral vascular diseases. According to the International Diabetes Federation, the global prevalence of diabetes is expected to reach 10.9% by 2045, up from 8.3% in 2013. Diabetes is a significant risk factor for peripheral vascular diseases, particularly PAD, which affects an estimated 20% of people with diabetes. Hypertension, or high blood pressure, is another major risk factor for peripheral vascular diseases. According to the World Health Organization, hypertension affects around 1.13 billion people worldwide, and is responsible for an estimated 9.4 million deaths each year. Hypertension can contribute to the development of PAD and other peripheral vascular diseases by damaging blood vessels and reducing blood flow. The growing prevalence of chronic diseases such as diabetes and hypertension are driving demand for peripheral vascular devices for diagnosis, treatment, and management of peripheral vascular diseases. These devices include stents, catheters, balloons, and other devices used in minimally invasive procedures such as angioplasty and atherectomy.
Technological advances have played a significant role in driving the growth of the global peripheral vascular devices market. These advances have led to the development of new and improved devices, as well as new procedures and techniques for diagnosis, treatment, and management of peripheral vascular diseases. One of the most significant advances in recent years has been the development of minimally invasive procedures for peripheral vascular diseases, such as angioplasty and atherectomy. These procedures use small incisions and specialized tools to treat blocked or narrowed blood vessels, reducing the need for open surgery and minimizing recovery time. Advances in imaging technology have also played a key role in the growth of the market. Improved imaging techniques such as magnetic resonance angiography (MRA) and computed tomography angiography (CTA) have made it easier to diagnose and assess peripheral vascular diseases, allowing for more accurate treatment planning. In addition, there have been significant advances in device materials, such as bioresorbable stents and drug-eluting balloons, which have improved the safety and efficacy of peripheral vascular devices. Another area of technological advancement that is driving growth in the market is the development of remote patient monitoring systems. These systems allow healthcare providers to monitor patients with peripheral vascular diseases remotely, reducing the need for frequent hospital visits and improving patient outcomes.
Healthcare expenditure is a significant factor that influences the growth of the global peripheral vascular devices market. As healthcare expenditure increases, there is typically a corresponding increase in demand for medical devices, including peripheral vascular devices, to diagnose, treat, and manage peripheral vascular diseases. In addition, the increasing prevalence of chronic diseases such as diabetes and hypertension, which are significant risk factors for peripheral vascular diseases, is also driving healthcare expenditure. These conditions require ongoing management and treatment, including the use of peripheral vascular devices, to prevent complications such as limb amputation, stroke, and heart attack. Furthermore, as healthcare systems strive to reduce costs and improve efficiency, there is a growing focus on preventive care and early diagnosis of peripheral vascular diseases. This has led to increased investment in screening and diagnostic tools, such as imaging technology and biomarker tests, which can help identify peripheral vascular diseases early and prevent the need for more costly interventions later on.
Reimbursement policies are a significant factor that influences the growth of the global peripheral vascular devices market. Reimbursement policies determine the amount of money that healthcare providers and patients can receive from insurance companies and government programs to cover the cost of medical procedures and devices, including peripheral vascular devices. In many countries, government and private insurance programs cover the cost of peripheral vascular devices for patients with certain medical conditions, such as peripheral artery disease or deep vein thrombosis. Reimbursement policies have a significant impact on the adoption of new and innovative peripheral vascular devices, as providers and patients are more likely to use devices that are covered by insurance. Furthermore, changes in reimbursement policies can have a significant impact on the growth of the market. For example, a decision by a government or insurance provider to reduce reimbursement for peripheral vascular devices could lead to a decline in demand for those devices. In addition, the complexity of reimbursement policies can also be a barrier to market growth. The process of obtaining reimbursement for peripheral vascular devices can be time-consuming and complicated, which can deter healthcare providers from using these devices.
Global Peripheral Vascular Devices market can be segmented by type, end user, by region and competitive landscape. Based on the type, the market can be segmented into Peripheral Stents, PTA Balloons, Catheters, Endovascular Aneurysm Repair Stent Grafts, Plaque Modification Devices, Peripheral Accessories, Inferior Vena Cava Filters, Hemodynamic Flow Alteration Devices. Based on end user the market can be differentiated into Hospitals, Clinics, Ambulatory Surgical Centers.
Abbott Laboratories., AngioScore Inc., Edward Lifesciences Corporation., Medtronic Inc., St. Jude Medical., Teleflex Medical., Volcano Corporation., Boston Scientific Corporation., Teleflex Medical., Cook Group Inc., Cordis Corporation, Covidien, W.L. Gore and Associates Ltd are some of the leading players operating in the Global Peripheral Vascular Devices Market.
In this report, Global Peripheral Vascular Devices market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in the Global Peripheral Vascular Devices Market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: