Peripheral Vascular Devices Market Is Estimated To Witness High Growth Owing To Rising Prevalence of Peripheral Artery Diseases

Peripheral Vascular Devices Market

 Market Overview:

Peripheral vascular devices are medical tools used to treat and diagnose diseases affecting peripheral arteries and veins located outside of the heart and brain. These include stents, plain old balloon angioplasty (POBA) catheters, stent grafts, vascular closure devices, and angioplasty balloons. Peripheral vascular devices are used by vascular surgeons in endovascular surgical procedures to restore blood flow to the legs or arms and treat conditions like peripheral artery disease.

Market Dynamics:

The peripheral vascular devices market is primarily driven by the rising prevalence of peripheral artery diseases globally. According to estimates by Global Burden of Disease 2015, 202 million people worldwide suffered from peripheral artery disease in 2015. Growing geriatric population is another major factor fueling the market growth as risk of developing peripheral vascular disorders increases with age. Moreover, increasing preference for minimally invasive endovascular procedures over open surgeries is supporting the market expansion. Technological advancements leading to development of innovative product offerings by key players is further propelling the market growth. However, high cost of peripheral vascular devices and lack of reimbursement policies in developing nations are some of the factors expected to hamper the market growth over the forecast period.

The rising prevalence of peripheral artery disorders caused by unhealthy lifestyle behaviors and obesity pandemic has emerged as a key driver propelling the peripheral vascular devices market growth. Factors like growing aging population who are more susceptible to peripheral vascular ailments along with rising preference for minimally invasive procedures are further complementing the market expansion.

SWOT Analysis

Strength: Peripheral Vascular Devices Market Demand has strong growth potential due to rising geriatric population and increasing prevalence of peripheral artery disease. Technological advancements have improved product efficacy and success rates of procedures. Strong distribution network of key players ensure wide availability of devices.

Weakness: High cost of newer technologically advanced devices limits their adoption in low and middle-income countries. Lack of skilled surgeons and interventional cardiologists poses challenge for market growth.

Opportunity: Rising healthcare expenditure in developing nations has opened new growth avenues. Growing demand for minimally invasive surgeries drives innovation and development of novel devices.

Threats: Stringent regulatory approvals delay market entry of new devices. Reimbursement issues in some countries restrict product access.

Key Takeaways

The global Peripheral Vascular Devices Market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing prevalence of peripheral artery diseases and rising healthcare expenditure in developing nations. The market size is estimated to reach US$ 11047.08 Mn in 2023.

Regional analysis North America dominates the global market and is expected to continue its dominance over the forecast period. This is attributed to presence of advanced healthcare infrastructure, rising obese population and growing number of surgical procedures in the region. Asia Pacific exhibits highest growth and is estimated to grow at 8.6% CAGR due to large patient pool, increasing healthcare spending and improving access to healthcare in densely populated countries like China and India.

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. The major players are focusing on new product launches and geographical expansion to strengthen their market position.

Read More:

https://www.marketwebjournal.com/peripheral-vascular-devices-market-demand-share-analysis/