New York, Jan. 24, 2022 (GLOBE NEWSWIRE) -- According to our new research study on “Peripheral Vascular Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Peripheral Vascular Stents, Peripheral Transluminal Angioplasty Balloon Catheters, PTA Guidewires, Atherectomy Devices, Chronic Total Occlusion Devices, Aortic Stents, Synthetic Surgical Grafts, and Embolization Guidewires) and End User (Hospitals & Clinics, Ambulatory Care Centers, Specialty Clinics, and Others)”, published by The Insight Partners.
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| Report Coverage | Details |
| Market Size Value in | US$ 11,375.13 million in 2021 |
| Market Size Value by | US$ 17,679.72 million by 2028 |
| Growth rate | CAGR of 6.5% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 189 |
| No. Tables | 57 |
| No. of Charts & Figures | 75 |
| Historical data available | Yes |
| Segments covered | Product and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Peripheral Vascular Devices Market: Competition Landscape and Key Developments
Abbott, Edwards Lifesciences Corporation, Medtronic, Teleflex Incorporated, Boston Scientific Corporation, BD, Cook Medical LLC, Terumo Corporation, B. Braun Melsungen AG, and Cardinal Health Inc are among the major players operating in the market. Leading market players adopt strategies such as the launch of new products, expansion and diversification of market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
The peripheral vascular devices market growth is mainly attributed to the rising incidence of atherosclerosis, smoking, alcoholism, and obesity, coupled with the increasing prevalence of peripheral artery disease and arterial embolism. However, the high costs and complications associated with embolization procedures hamper the market growth.
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North America held the largest share of the peripheral vascular devices market in 2021, with the US leading the market in the region. The market is expected to grow due to rising awareness among people over the availability of treatment procedures for various diseases, increasing adoption of technological advancements, and growing investments by the public and private sectors in the peripheral vascular devices market. Also, the regulatory scenario for the global peripheral vascular devices market in North America has improved due to advancements in minimally invasive surgery and increased awareness about peripheral vascular diseases.
The COVID-19 pandemic is perplexing healthcare institutions in the region with unprecedented operational and clinical challenges. Moreover, the shift of priorities from cardiovascular treatment to COVID-19 diagnosis and treatment devices is leading to a decline in market growth up to a certain extent. Cardiac surgical patients not only require vital ICU resources but are also potentially in the highest risk category of complications of COVID-19. Hence, most hospitals and surgical centers have considered canceling or postponing elective surgeries, including cardiovascular surgeries. Hence, the COVID-19 outbreak is expected to impact the peripheral vascular devices market somewhat negatively. According to the Society of Thoracic Surgeons Adult Cardiac Surgery Database and Johns Hopkins COVID-19 database, there was a 52.7% reduction in adult cardiac surgery volume and a 65.5% reduction in elective cases in the US.
Similarly, as per a survey published in the Journal of Vascular Surgery, 91.7% of elective surgeries were canceled during April 2020 in the US. Also, according to Canadian Institute for Health Information, between March and June 2020, the number of surgeries declined by 47%, compared to 2019. It was reported that varicose vein surgeries/vein repairs were declined by 69% compared with 2019. Moreover, market players also witnessed a disruption in their business operations, slumped demand for products had a marginally negative impact on the North America peripheral vascular devices market. For instance, Cardinal Health, a medical equipment maker, claims that COVID-19 has harmed its income in the fiscal year 2021. Due to higher supply chain costs and an inventory reserve on specific PPE goods, the medical device business lost US$ 63 million in the fourth quarter of 2021.
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Rising Incidence of Atherosclerosis, Smoking, Alcoholism, and Obesity Drives Peripheral Vascular Devices Market:
Of late, the alarming rise in peripheral artery diseases has been a primary concern worldwide. Atherosclerosis, smoking, alcoholism, and obesity are the key factors that increase the risk of developing these diseases. Atherosclerosis is a condition in which fatty deposits build up on the inside walls of the arteries, reducing blood flow. According to omicsonline.org, approximately 1 in 58 or 1.70% or 4.6 million people have atherosclerosis in the US. As per hri.org.au, it is a common medical condition in Australia. People over the age of 40 and in general good health have a 50% chance of getting severe atherosclerosis, with the risk increasing as they get older. The disease affects a majority of people over the age of 60, yet it goes unnoticed most of the time. The increasing prevalence of atherosclerosis is boosting the peripheral vascular devices market substantially.
As per the World Health Organization (WHO), in 2021, around 1.13 billion people were suffering from hypertension, a leading cause of premature deaths worldwide. The Centers for Disease Control and Prevention stated that, in 2018, approximately half a million deaths included hypertension as a primary cause in the US, and the obesity prevalence in the country was 42.4% in 2017–2018. Additionally, the British Heart Foundation stated that, in 2019, about 14.4 million people had high blood pressure.
Similarly, as per the NHS 2019, obesity is a common problem in the UK that is estimated to affect around one in every four adults and around one in every five children aged 10 to 11. Further, A report by the WHO states that around six million people die from tobacco use every year, and 2.5 million die from alcohol abuse worldwide. Obesity is associated with high blood pressure, dyslipidemia, diabetes, or insulin resistance, and higher fibrinogen and C-reactive protein levels, all of which increase the risk of cardiovascular diseases (CVDs). Obesity has been associated with a greater risk of high blood pressure.
To compete with existing products in the market, a few significant players are developing and introducing novel products and technologies, while others are acquiring and partnering with other companies. For example, Merit Medical Systems Inc.'s EmboCube and Torpedo devices were FDA-approved in February 2020 for embolization of blood arteries to occlude blood flow and thereby aid in the control of bleeding and hemorrhaging in the peripheral vasculature. Thus, the increasing prevalence of hypertension, smoking, alcoholism, and obesity requiring mobility assistance is favoring the growth of this market.
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Peripheral Vascular Devices Market: Segmental Overview
Based on product, the peripheral vascular devices market is segmented into peripheral vascular stents, peripheral transluminal angioplasty balloon catheters, aortic stents, atherectomy devices, PTA guidewires, synthetic surgical grafts, embolization guidewires, and chronic total occlusion devices. In 2021, the peripheral vascular stents segment accounted for the largest share, owing to the increasing geriatric population, rising cases of hypertension resulting rapidly growing number of surgeries, and increasing demand for technologically advanced products in developed and developing economies, including the US, Germany, the UK, France, and Japan. However, the peripheral transluminal angioplasty balloon catheters segment is expected to grow at a CAGR of 7.5% during the forecast period due to the rise in demand for minimally invasive surgeries.
Based on end-user, the global peripheral vascular devices market is segmented into hospitals and clinics, specialty clinics, ambulatory care centers, and others. In 2021, the hospitals and clinics segment held the largest share of the market. Moreover, the segment is also expected to grow at the fastest CAGR of 6.9% from 2021 to 2028, owing to the rise in the number of peripheral vascular diseases globally.
Browse Adjoining Reports:
Peripheral Guidewires Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Material (Stainless Steel, Nitinol, Hybrid); Application (Diagnostic Guidewires, Interventional Guidewires) and Geography
Microcatheters Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Indication (Neurovascular, Coronary, General Peripheral Vascular); End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers), and Geography
Peripherally Inserted Central Catheter Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Conventional Peripherally Inserted Central Catheters, and Power Injected Peripherally Inserted Central Catheters), End User (Hospitals, Ambulatory Surgical Centers, and Catheterization Laboratories), and Geography
Vascular Guidewires Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Material (Nitinol, Stainless Steel, Hybrid); Application (Coronary Guidewires, Peripheral Guidewires, Urology Guidewires, Neurovascular Guidewires); Coating Type (Coated, Non-Coated); End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics) and Geography
PTA Balloon Catheters Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type ( Polyurethane, Nylon, Others ); Application ( Coronary Artery Disease, Peripheral Vascular Disease ); End-User ( Hospitals and Clinics, Ambulatory Surgical Centers, Others )
Atherectomy Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Rotational Atherectomy Systems, Directional Atherectomy Systems, Orbital Atherectomy Systems, Photo-Ablative (Laser) Atherectomy Systems, Support Devices); Application (Cardiovascular, Peripheral Vascular, Neurovascular); End User (Hospitals, Ambulatory Surgical Centers, Others), and Geography
Chronic Total Occlusion Market to 2025 - Global Analysis and Forecasts By Equipment (Guide Wires, Micro Catheters, Crossing Devices, and Re-Entry Devices); End User (Hospitals, Ambulatory Care Centers, and Others) and Geography
Neurovascular Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Neurothrombectomy Devices, Aneurysm Coiling & Embolization Devices, Cerebral Balloon Angioplasty & Stenting Systems and Support Devices), Application (Cerebral Aneurysms, Ischemic Strokes, Arteriovenous Malformation & Fistulas and Other Applications); and End User (Hospitals, Ambulatory Surgical Centers and Specialized Clinics) and Geography
Embolization Devices Market For Neurology Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Products ( Embolic Coils, Flow Diversion Devices, Liquid Embolic Agents ); End User ( Hospitals, Ambulatory Surgical Centers, Cardiac Centers ),and Geography
Embolization Particle Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Product Type (Radioembolization Spheres, Microspheres, Drug Eluting Beads, PVA Particles and Gel Foam Particles, Other Particles); Application (Peripheral Vascular Disease, Neurology, Oncology, Urology, Others); End-User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Others) and Geography
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