The Latin America Peripheral Vascular Device Market was worth USD 1005.91 million in 2022 and is estimated to be growing at a CAGR of 7.93%, to reach USD 1473.22 million by 2027. The peripheral vascular device is utilized as a part of the treatment of blood vessels outside the heart and brain.
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 key factors driving the peripheral vascular devices market forward in the Latin American region. In addition, stent restenosis problems caused by neovascularization and neointimal hyperplasia at the implant site have been reduced due to advances in stent manufacturing techniques. This is also helping to drive up the demand for stents. Stents are utilized to treat peripheral vascular disorders; hence their rising demand propels the market forward. The rate of occurrence of peripheral vascular diseases has increased in Brazil due to industrialization and the rise in the geriatric population. In addition, the government of the country provides reimbursement services to patients. This is likely to increase the number of patients seeking treatment for Peripheral Vascular Devices, boosting the Brazilian market for peripheral vascular devices.
The availability of alternative treatments and product failures and recalls are projected to restrict the market's growth throughout the forecast period.
With the population aging, PAD (Peripheral Vascular Device) is projected to become more widespread in the future. As a result, statistics suggest that the number of people with PAD is increasing quicker, driving the peripheral arterial disease market. Other causes, such as the growing need for minimally invasive procedures, particularly for peripheral arterial disease, lifestyle changes, and technical improvements, have expanded the peripheral vascular device range. Furthermore, by increasing the incidence rates of cardiac arrest, blood clotting, and other vascular disorders, disease-causing lifestyle and eating habits such as heavy alcohol intake, tobacco products, and smoking cigarettes are predicted to enhance Latin America's peripheral vascular device market demand.
There was also a disturbance in the supply chain and a slowdown in production due to lockdowns. As a result, medical device procurement and surgical resource availability were delayed. As a result, the COVID-19 pandemic poses a threat to the peripheral vascular devices business, restricting its growth temporarily.
This research report on the Latin America Peripheral Vascular Devices Market has been segmented & sub-segmented into the following categories:
By Product Type:
Peripheral vascular diseases, obesity, and diabetes, to name a few, are becoming more common in Brazil. As a result, there has been an increase in the demand for stent implants. In addition, junk food consumption and smoking behaviors are becoming more common. This results in the production of atherosclerotic plaques, which raises the risk of stroke. Endologix is a medical device company specializing in developing, manufacturing, and distributing medical devices to treat aortic disorders. The company's solutions are designed to treat abdominal aortic aneurysms (AAA) via minimally invasive surgery. They are being developed on two platforms: endovascular aneurysm sealing (EVAS) and endovascular aneurysm repair. In addition, Argentina's medical tourism industry is booming, with most visitors coming from outside Latin America. For these individuals, peripheral vascular therapies are one of the most popular options. As a result of these factors, the peripheral vascular device market is likely to grow during the forecast period.
KEY MARKET PLAYERS:
Promising companies dominating the LATAM Peripheral Vascular Devices market include Abbott Laboratories (U.S.), Cordis Corporation (U.S.), Medtronic, Inc. (U.S.), Boston Scientific Corporation (U.S.), and Covidien, Inc. (U.S.).
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