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Global Peripheral Vascular Devices Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product Type, Material and Region – Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 2006
Pages: 190
Formats: report pdf report excel report power bi report ppt

Peripheral Vascular Devices Market Size (2022 to 2027)

The size of the global peripheral vascular devices market is forecasted to be worth USD 11760 million by 2027 and USD 8306 million in 2022, growing at a CAGR of 7.2% between 2022 to 2027.

Atherosclerotic plaques cause peripheral vascular disease (PVD) in the arteries, carrying blood toward the organs, limbs, and head. It is also known as a peripheral arterial occlusive disease (PAOD), peripheral arterial disease (PAD), or peripheral arterial obliterating disease. It includes diseases belonging to both peripheral veins and peripheral arteries, affecting the peripheral and cardiac circulation in the body. These devices are used to reduce patient interference with minimal disruption during the surgical procedure.

Impact of COVID-19 on the global peripheral vascular devices market:

In recent months, the number of patient hospital visits has dropped significantly, despite emergency and DPO services being available in hospitals. Before starting any interventional procedure, surgeons perform a series of clinical tests to decide the best treatment for patients. However, due to closures in many countries, patient visits to hospitals have been drastically reduced. As a result, the number of diagnostic tests has been reduced; this further reduced sales of peripheral vascular devices.

Globally, most countries have postponed elective surgeries to prevent the spread of COVID-19. Since 70-82% of peripheral vascular interventional procedures are elective, many of these procedures have been delayed. According to a study published in the Heart Journal, substantial reductions in activity were seen in the UK, with reductions in carotid endarterectomies, peripheral artery procedures, and aortic aneurysm repairs.

According to the Journal of Vascular Surgery report, the supply chain disruption devices such as thrombectomy catheters and peripheral vascular grafts were in shortage in Italy. In addition, according to a Vascular News article, there was an 80% reduction in beds and an 85% reduction in operating rooms for elective surgeries in the first week of the outbreak, while 43% of hospitals did not perform elective surgeries in Italy. Additionally, manufacturing facilities shut down due to blockages that disrupted supply chains and declining clinical trial hires have further impacted the overall growth of the peripheral vascular devices market in 2020.

MARKET DRIVERS:

The increasing global prevalence of venous disease or CVI (chronic venous insufficiency) drives the global peripheral vascular devices market.

The increasing prevalence of the management of diabetes among individuals is the key driving factor for the global peripheral vascular devices market to grow. In addition, the rise in the incidences of peripheral artery diseases worldwide and the growing demand for minimally invasive and non-invasive surgical procedures are accelerating the growth rate of the market. Also, the rise in the number of people suffering from obesity problems due to changes in food habits and other factors boosts the global peripheral vascular devices market.

Other factors promoting the peripheral vascular devices market include the growing global geriatric population base, target disease incidence rates, and increased demand for minimally invasive endovascular procedures due to their shorter recovery time, less scarring, and less chance of postoperative infections. In addition, the increasing prevalence of pathogenic lifestyles and eating habits, such as high consumption of alcohol, tobacco products, and smoking, is expected to drive the market demand for peripheral vascular devices by skyrocketing the unemployment incidence heart rate, blood clotting, and other vascular problems diseases. The developing utilization of bioabsorbable stents, Increasing expendables, and rising health awareness are expected to favour the market’s growth rate during the forecast period. 

Growth opportunities for the market lie in the increasing knowledge of angioplasty procedures. Furthermore, the government's rise in investments in hospitals, increasing spending on healthcare, especially in urban areas, promotes the development of the peripheral vascular devices market. 

MARKET RESTRAINTS:

However, the cost of the technique, particularly in developing nations, and product failures, which have been accounted for by many small players, are some key challenges. Furthermore, the costs for installing and maintaining the devices are a little high, quietly hindering the demand of the global peripheral vascular devices market. In addition, the lack of skilled people handling the systems and monitoring them continuously is challenging for the market developers. 

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Product Type, Material, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This research report on the global peripheral vascular device market has been segmented and sub-segmented into the following categories.

Peripheral Vascular Devices Market - By Product Type:

  • Stents
    • Balloon-Expandable Stent
    • Self-Expandable Stents
    • Secured Stents
  • Embolic Protection Devices
  • Angioplasty Balloons
    • Ordinary
    • Cutting
    • Scoring
    • Medication
  • Aortic Stent-Grafts
  • Inferior Vena Cava Filters
  • Synthetic Surgical Grafts
  • Peripheral Vascular Accessory Devices
  • Vascular Closure Devices
  • Chronic Total Occlusion (CTO) Devices
  • PTA Balloon Catheters

Based on product type, the market is led by the stents segment, where the angioplasty balloons segment is growing faster than in the past decade. The rise in the utilization of stents in various applications is straightforwardly making the shares of this segment expand. In addition, increasing older people are also one factor prompting the market's demand. 

Peripheral Vascular Devices Market - By Material:

  • Resistant
  • Semi-Consistent Sorts

Based on material, the resistant category holds the highest share of the market with the rise in the government's rules and regulations to use eco-friendly materials. Also, the growing scale of healthcare centers is elevating the market. 

Peripheral Vascular Devices Market - By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Geographicallythe North American peripheral vascular devices market leads the global market due to the acceptance of the latest technology and innovative product launch. The Asia Pacific and Europe are following North America, showing the most significant market share. Increasing capital income in well-developed and developing countries is gearing up the market. In addition, the rise in awareness among people over the availability of treatment procedures for various diseases is bolstering the need for the peripheral vascular devices market. 

The global peripheral vascular devices market was dominated by North America in 2019 and is expected to experience similar growth due to factors such as increasing incidence of cardiovascular disease, growing geriatric population, and the strong presence of player industrialists in the region. In 2020, the US peripheral vascular device market was valued at $ 7.4 billion, with more than 8.42 million peripheral vascular procedures performed each year. This value is expected to increase to $ 10.7 billion by 2025. More than 8.66 million peripheral vascular procedures are performed each year. According to the International Journal of Epidemiology, in 2020, approximately 615,500 people die from heart disease or another in the United States each year. Also, about 747,300 people in the United States experience heart attacks each year.

The European peripheral vascular devices market was valued at around 1.4 billion in 2020. It is expected to grow during the forecast period at a CAGR of 3.1% to reach approximately 1.8 billion in 2025. Growth is expected; venous treatment in Europe will gain momentum in the years to come as clinical knowledge continues to develop and the experience of the medical community expands. Although currently established in parts of the UK, Germany, France, Austria, and Switzerland, it is expected that venous treatment centers will be developed across Europe to facilitate both the diagnosis and treatment of venous diseases.

The Asia-Pacific Peripheral Vascular Device Market expects strong growth in the peripheral vascular devices market due to the increasing number of healthcare facilities, increasing prevalence of chronic diseases, and increasing healthcare spending. Also, the rapid development of healthcare infrastructure in Asian countries such as Singapore, India, and China will boost the market growth.

The Peripheral Vascular Device Market in Latin America is estimated to be growing at a CAGR of 7.93% between 2021 to 2026. The increasing rise of the elderly population and the related increase in the prevalence of peripheral vascular disorders, the approval of new and improved devices, and the rising incidence of diabetes are all driving this industry forward in Latin America

The Peripheral Vascular Device Market in the Middle East & Africa was worth USD 730.09 million in 2021. The growing number of persons with peripheral arterial diseases is driving the market for peripheral vascular devices and equipment. The other significant factors driving the growth of this market are the rising prevalence of peripheral vascular disorders associated with obesity, hypertension, reduced scarring, lower risk of post-surgery infections, the growing demand for minimally invasive treatment options, and the rising prevalence of disease-causing lifestyles.

KEY MARKET PARTICIPANTS:

Companies playing a promising role in the global peripheral vascular devices market profiled in the report are Abbot Laboratories, Angioscore, Boston Scientific Corporation, Bayer AG, and Emboline Inc.

RECENT MARKET DEVELOPMENTS:

  • In November 2020, Boston Scientific Corporation received the U.S FDA acceptance for Ranger Drug-Coated Balloon. The balloon is developed for treating patients with peripheral artery disease (PAD). 
  • In September 2020, Abbott launched the LIFE-BTK clinical trial to estimate the safety and effectiveness of the company's new Resorbable Scaffold System. This is used to treat blocked arteries in people fighting against peripheral artery disease (PAD). 
  • In Jan 2020, Emboline Inc. stated that they completed the enrollment for the Safepass 2 clinical study of the Emboliner Embolic Protection Catheter.
  • On July 15, 2019, Bayer released a statement that FDA approved Gadavist injection for the cardiac magnetic resonance imaging (MRI) technique. 
  • In July 2017, The Spectranetics Corporation received the U.S FDA approval for Stellarex drug-coated balloon, designed to restore and maintain the blood flow to the superficial femoral and popliteal arteries in patients with PAD. 

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FAQ's

How much is the global peripheral vascular devices market going to be worth by 2027?

As per our research report, the global peripheral vascular devices market size is estimated to be worth USD 11760 million by 2027.

Does this report include the impact of COVID-19 on the peripheral vascular devices market?

Yes, we have studied and included the COVID-19 impact on the global peripheral vascular devices market in this report.

Which segment by product led the peripheral vascular devices market in 2021?

Based on product type, the stents segment dominated the global peripheral vascular devices market in 2021.

Which are the significant players operating in the peripheral vascular devices market?

Abbot Laboratories, Angioscore, Boston Scientific Corporation, Bayer AG, and Emboline Inc. are a few of the noteworthy players operating in the global peripheral vascular devices market.

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