New York, USA, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global vascular disease devices market. According to the report, the global market is projected to surpass $22,610.3 million and grow with a CAGR of 6.9% in the estimated period, 2021–2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Vascular Disease Devices Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global vascular disease devices market. During the pandemic, several clinics & nursing centers, hospitals, and medical institutions postponed numerous regular appointments, surgeries, treatments, and others. Moreover, owing to lockdown restrictions and supply chain disruptions, the production of vascular disease devices greatly deteriorated. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Vascular Disease Devices Market Growth
The key factor boosting the growth of the global vascular disease devices market is a significant rise in the need for vascular disease devices owing to rising cases of atherosclerosis across the globe. Furthermore, the growing occurrence of peripheral artery disorders (PAD) due to unhealthy eating habits, obesity, smoking, and bad lifestyle patterns in people is estimated to unlock lucrative opportunities for market growth in the forecast period. However, high initial costs and a lack of knowledge of vascular disease devices are anticipated to deter the market’s growth.
The report segments the global vascular disease devices market into product, end user, and region.
Stents Sub-Segment to Grab a Foremost Share of the Market
The stents sub-segment of the product segment is foreseen to observe leading growth and garner $6,715.3 million in the forecast period. This growth is mainly owed to the increasing use of stents to cure blockages in arteries owing to their high reliability and accuracy.
Hospitals & Cardiac Centers Sub-Segment to Witness Rapid Growth
The hospitals & cardiac centers sub-segment of the end user segment is predicted to grow enormously and hit $14,244.5 million in the forecast period. This growth is mainly owed to the growing preference of people for hospitals & cardiac centers for their surgical treatments and other medical procedures.
North America Region to Perceive Maximum Growth
The report analyzes the global vascular disease devices market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is projected to observe significant growth and hit $8,727.6 million in the estimated period. This growth is mostly due to the rising cases of cardiovascular and peripheral artery disorders and the presence of leading market players such as Abbott Laboratories, Medtronic, and others in this region.
Key Players of the Global Market
The report states some of the foremost players operating in the global vascular disease devices market including
- Medtronic
- Boston Scientific Corporation
- Abbott Laboratories
- Ivascular
- Becton
- Dickinson and Company
- B. Braun Melsungen Ag
- Cordis
- Merit Medical
- Venus Medtech
- Terumo Corporation
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These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market. For instance, in November 2021, Otsuka Medical Devices, a leading medical device provider, launched a BioMimics 3D Vascular Stent System in Japan for patients with peripheral vascular disorders.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Vascular Disease Devices Market:
- 5 Types of Vascular Disease Devices That You Should Know About
- Global Vascular Disease Devices Market’s Growth to Propel with Rising Cases of Heart Disorders Worldwide
