Market Overview:
Perpherial vascular devices are medical devices used to diagnose and treat peripheral vascular diseases. Peripheral vascular diseases are related to blood vessels outside of the heart and brain. This market includes angioplasty balloons, peripheral stents, and peripheral guidewires. These devices facilitate minimally invasive treatment options and improve blood flow to limbs threatened by peripheral arterial disease.
Market key trends:
One of the key drivers of the peripheral vascular devices market is the increase in geriatric population globally. Older adults are more prone to develop peripheral arterial disease owing to aging blood vessels. According to the United Nations Population Fund, the number of people over age 60 will double from current estimates of 900 million to nearly 2 billion by 2050. Growing geriatric population leads to increased prevalence of peripheral arterial diseases, thereby driving demand for peripheral vascular devices. Various minimally invasive treatment options provided by these devices help in reducing complications and improving quality of life of elderly people with peripheral vascular conditions.
Porter's Analysis
Threat of new entrants: Low capital requirements and established brand names raise barriers to entry.
Bargaining power of buyers: Large group purchasing organizations give buyers higher negotiating power over prices.
Bargaining power of suppliers: A few large medical device manufacturers dominate supply, increasing their bargaining power.
Threat of new substitutes: Technological advances introduce new minimally invasive treatment options.
Competitive rivalry: Strong competition between dominant players to introduce innovative products drives market.
SWOT Analysis
Strengths: Large R&D budgets and established brand names. Technologies help treat previously untreatable conditions.
Weaknesses: Products face stringent regulatory approval processes. High manufacturing costs.
Opportunities: Expanding elderly population increases disease prevalence. Emerging economies offer new markets.
Threats: Economic slowdowns may delay procedure volumes. Stringent regulations raise compliance costs.
Key Takeaways
The global Peripheral Vascular Devices Market Demand is expected to witness high growth, exhibiting a CAGR of 7.6% over the forecast period, due to increasing aging population and rising cardiovascular diseases. The market size for peripheral vascular devices was valued at US$ 11047.08 Mn in 2023.
Regionally, North America dominates the peripheral vascular devices market holding over 30% share in 2023 due to supportive reimbursement policies and higher healthcare spending. The Asia Pacific peripheral vascular devices market is expected to grow the fastest over the forecast period with a CAGR of around 9% due to growing medical tourism and increasing healthcare investments in emerging countries like India and China.
Key players operating in the peripheral vascular devices market are Abbott Laboratories, Boston Scientific Corporation, Angioscore, Emboline Inc., Becton Dickinson, and Company, Cook Group Inc., Cordis Corporation, Covidien PLC, Edward Lifesciences Corporation, Medtronic Plc, St. Jude Medical, and Bayer AG. Abbott Laboratories holds the leading market share due to its diversified product portfolio and strong global presence.
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The market based on type is classified into angioplasty balloons, angioplasty stents, catheters, endovascular aneurysm repair stent grafts, inferior vena cava filters, plaque modification devices, hemodynamic flow alteration devices, and other peripheral vascular devices.
The guidewires segment is accounted for the largest market shares of the market.
The rising use of guidewires in stenting procedures is one of the factors driving the growth of this segment.Geographically, the market has been segmented into Asia-Pacific, North America, Europe, Middle-East & Africa and Latin America.
Increasing incidence of peripheral vascular diseases in aging population is one of the major factors driving the market growth for peripheral vascular devices.The years that have been considered for the market analysis are:• Base year – 2016• Estimated year – 2017• Forecast period – 2016 to 2026Key Highlights:• Peripheral vascular devices market analysis and forecast, in terms of value.• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the peripheral vascular devices market.• Peripheral vascular devices market segmentation on the basic type and geography (country-wise) has been provided.• Peripheral vascular devices market strategic analysis with respect to individual growth trends, future prospects along with a contribution of various sub-market stakeholders have been considered under the scope of the study.• Peripheral vascular devices market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the peripheral vascular devices market are also profiled.Research Methodology:The market is estimated by triangulation of data points obtained from various sources and feeding them into a simulation model created individually for each market.
The data points are obtained from paid and unpaid sources along with paid primary interviews with key opinion leaders (KOLs) in the market.
KOLs from both, demand and supply side were considered while conducting interviews to get an unbiased idea of the market.
Peripheral Vascular Devices Market Report OverviewThe peripheral vascular devices market is projected to reach USD 14.4 billion by 2024 from USD 10.3 billion in 2019, at a CAGR of 6.8% during the forecast period.
The rapid growth in the geriatric population and the associated increase in the prevalence of peripheral vascular diseases, approval of new and advanced products, and the growing preference for minimally invasive surgeries are driving the growth of the peripheral vascular devices.Atherectomy devices accounted for the larger share of the plaque modification devices market in 2018On the basis of type, the plaque modification devices market is segmented into atherectomy devices and thrombectomy devices.
In 2018, the atherectomy devices segment accounted for the larger market share mainly due to the increasing incidence of atherosclerosis as a result of the rising global prevalence of obesity.Embolic protection devices accounted for the largest share of the peripheral vascular devices market in 2018On the basis of type, the hemodynamic flow alteration devices market is segmented into embolic protection devices and chronic total occlusion devices.
In 2018, the embolic protection devices segment accounted for the larger share of the hemodynamic flow alteration devices market.
This can be attributed to the advantages of EPDs over CTO devices, such as the ability to capture embolic debris without interrupting continuous blood flow.Download PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=790North America dominates the peripheral vascular devices marketNorth America, which includes the US and Canada, accounted for the largest share of the peripheral vascular devices market in 2018.
The large share of this market segment can be attributed to the rising incidence of peripheral vascular diseases (PVDs), growing geriatric population, and the strong presence of industry players in the region.Growth in this market is majorly driven by the rapid growth in the geriatric population and the associated increase in the prevalence of peripheral vascular diseases, approval of new and advanced products, and the rising prevalence of diabetes.
