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