The global Peripheral Vascular Device Market size was estimated at USD 5,888.5 million in 2014 and is expected to grow at a CAGR of 7.2% over the forecast period. Rising demand for minimally invasive procedures and growing aging population coupled with changing lifestyles are some of the key factors driving the growth of peripheral vascular device market. Increase in peripheral vascular diseases and technological advancements in the devices is also anticipated to further boost up the demand for these devices in the market. According to an estimate of Central Disease for Control and Prevention, about 8.5 million people in the U.S have peripheral artery disease including 12-20% of individuals ageing 60 years and above.
Furthermore, rising number of specialists treating peripheral vascular disease also propel the market growth of these devices. Introduction of technologically advanced products like drug eluting balloons further drive the future adoption of such devices. Rising chronic conditions including diabetes, obesity and end-stage renal disease is one of the crucial factors anticipated to boost demand for these devices. Some of the key advantages associated with these devices are minimal scarring and post-surgery infection that improves the adoption level of these devices among the patients. However, the market growth is expected to negatively impact the market owing to factors such as reimbursement issues in developing countries, stringent regulatory policies, and presence of highly fragmented market.
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Based on the products, the market is segmented as peripheral vascular stents, peripheral transluminal angioplasty balloon catheters, PTA guidewires, atherectomy devices, chronic total occlusion devices, aortic stents, synthetic surgical grafts, embolic protection devices, and inferior vena cava filters. Peripheral vascular stents accounted for the major share of over 31% in 2014 pertaining to the factors such as rising incidences of peripheral artery disease and development of new imaging techniques. Introduction of technologically advanced stents such as drug eluting stents further boost up demand for such devices. In addition, increase in need for therapies that reduce the risk of complications such as thrombosis is one of the factor contributing towards its growth. However, stringent product approval process, number of product failures, and presence of alternative treatment options for cardiac disease may restrain the growth of stents in the market. Peripheral angioplasty balloon catheters held significant market share owing to introduction of technological advance products like drug coated balloons and favorable reimbursement policies in developed countries like Germany and the U.S.
North America dominated the market with the maximum share of 39% in 2014 owing to rising healthcare expenditure, high R&D activities, favorable reimbursement policies, increasing awareness, and growing stent surgeries in the region. Asia pacific region is expected to be the fastest growing segment with a CAGR of 10% over the forecast period. The growth in the region is driven by the factors such rising incidence of cardiovascular disease, improving healthcare infrastructure, large population base unmet medical needs, and rising disposable income level in emerging countries like India and China. In addition, cost of surgery is less in this region as compared to developed nations that is expected to boost medical tourisms, which in turn anticipated to surge demand for such devices.
Few of the key participants of peripheral vascular devices market include, Edward Lifesciences Corporation; Abbott Laboratories; Angiocare, Inc.; Boston Scientific Corporation; Medtronic, Inc.; Teleflex Medical; St.Jude Medical; Volcano Corporation; Bayer; Terumo International System, Inc. ;B Braun, Inc.; Endologix; Volcano Corporation; W.L. Gore and Associates Ltd.; Angioscore Ltd, and Cordis Corporation.
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Product Outlook (Revenue, USD Million, 2012 – 2020)
• Peripheral vascular stents
• Peripheral transluminal angioplasty balloon catheters
• PTA guidewires
• Atherectomy devices
• Chronic total occlusion devices
• Aortic stents,
• Synthetic surgical grafts,
• Embolic protection devices
• Inferior vena cava filters.
Regional Outlook (Revenue, USD Million, 2012 – 2020)
• North America
• Asia Pacific
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/medical-devices
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