Visiongain has published a new report: Peripheral Vascular Device Market Report 2024-2034: Forecasts by Product (Stents (Bare Metal Stents, Drug-eluting Stents), PTA Balloons, Catheters (Angiography Catheters, IVUS/OCT Catheters, Guiding Catheters), Endovascular Aneurysm Repair Stent Grafts (Thoracic Endovascular Aneurysm Stent Grafts, Abdominal Endovascular Aneurysm Stent Grafts), Plaque Modification Devices (Atherectomy Devices, Thrombectomy Devices), Inferior Vena Cava Filters (Permanent Filters, Retrievable Filters), Hemodynamic Flow Alteration Devices (Chronic Total Occlusion Devices, Embolic Protection Devices), Others (Guidewires, Vascular Closure Devices, Balloon Inflation Devices, Introducer Sheaths)), by End-users (Hospitals, Ambulatory Surgery Centers (ASCs), Others)) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The peripheral vascular devices market is estimated at US$12.49 billion in 2024 and is projected to grow at a CAGR of 8.5% during the forecast period 2024-2034.
Rising Geriatric Population is Propelling the Market Growth
The rising global geriatric population presents a significant opportunity for peripheral vascular devices, driven by the increased susceptibility to vascular diseases such as atherosclerosis and peripheral artery disease with age. According to the NCBI study (August 2023), on average, about 735,000 Americans experience a heart attack annually, with 525,000 being the first occurrence and 210,000 being recurrent attacks. Studies indicate that 75% of acute myocardial infarctions result from plaque rupture, with the highest incidence observed in men aged over 45 and in women aged over 50. According to the NCBI study (June 2023), peripheral vascular disease impacts almost 200 million individuals globally, with an estimated 40 to 45 millions of them being Americans. This growing demand for interventions, including stents, angioplasty balloons, and atherectomy devices, is expected to boost market growth.
According to the United Nations Population Fund's India Ageing Report of 2023, the elderly population (aged 60 and above) is expected to double from 10.5% (149.0 million) to 20.8% (347.0 million) by 2050. Additionally, research indicates that between 55% and 98% of individuals aged 60 and older experience at least two chronic diseases, known as multimorbidity, with cardiovascular diseases being particularly prevalent. This rising prevalence of heart disease among older adults is expected to fuel the use of angioplasty balloons, contributing to market growth.
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How has COVID-19 had a Negative Impact on the Peripheral Vascular Devices Market?
The COVID-19 pandemic has significantly impacted the peripheral vascular devices market, presenting challenges and opportunities for industry players. Initially, healthcare systems faced strain as resources were redirected towards COVID-19 patients, leading to disruptions in elective procedures. This resulted in a temporary decline in device demand. However, as healthcare adapted, demand rebounded due to the resumption of elective procedures and backlog of surgeries. Additionally, the pandemic accelerated the adoption of telemedicine and innovative technologies in the peripheral vascular space. The importance of minimally invasive procedures was underscored, offering shorter hospital stays and reduced healthcare costs. As healthcare systems aim to optimize resources amidst the pandemic, demand for these interventions is expected to grow.
The COVID-19 pandemic has stimulated a fresh emphasis on healthcare resilience and readiness, prompting investments in healthcare infrastructure, medical technologies, and research and development. This heightened attention to healthcare resilience is anticipated to catalyse innovation in the peripheral vascular devices market, fostering the creation of advanced technologies and next-generation devices to meet evolving patient requirements and healthcare hurdles. Moreover, the pandemic has underscored the significance of early detection and treatment of vascular diseases, resulting in increased awareness and screening initiatives that may further propel market expansion for peripheral vascular devices.
How will this Report Benefit you?
Visiongain’s 325-page report provides 150 tables and 240 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the peripheral vascular devices market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for peripheral vascular devices. Get financial analysis of the overall market and different segments including scale of operation, size of contract manufacturer, and source of stem cells, type of stem cells, and end-user and capture higher market share. We believe that there are strong opportunities in this fast-growing peripheral vascular devices market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Demand for Minimally Invasive Procedures Driving Industry Growth
The demand for minimally invasive procedures is on the rise due to their numerous advantages, including shorter hospital stays, faster recovery, reduced pain, and lower complication risks. Consequently, there's an increased need for peripheral vascular devices such as stents, catheters, and balloons in the healthcare industry. This surge in demand for minimally invasive surgeries (MIS) is driving the demand for peripheral devices, offering benefits like shorter recovery times, decreased post-operative pain, and minimized scarring compared to traditional open surgeries.
Minimally invasive techniques like angioplasty and stenting are gaining popularity over conventional surgical interventions due to their benefits, including faster recovery time, reduced infection risks, and less scarring. Balloon angioplasty has become the preferred method for managing peripheral and coronary artery disorders, replacing open surgery due to the increasing prevalence of cardiovascular diseases. According to the British Heart Foundation (January 2024), around 620 million individuals worldwide are affected by circulatory and heart diseases. The market for peripheral vascular devices is witnessing a shift towards minimally invasive procedures and technologies driven by factors such as reduced patient trauma, faster recovery times, and improved patient outcomes.
Technological Advancements is Boosting the Market Growth
Technological advancements in the realm of peripheral vascular devices present numerous opportunities. Innovations such as the utilization of bioresorbable materials, drug-eluting technologies, and minimally invasive procedures have transformed the landscape of treatment. These advancements result in improved patient outcomes, reduced procedure times, and enhanced safety. For instance, in April 2023, Terumo Europe initiated a new prospective clinical study involving the Ultimaster Nagomi sirolimus-eluting coronary stent system in complex PCI patients. This study device, which received CE mark approval in November 2022, represents a therapeutically equivalent version of the Ultimaster Tansei sirolimus-eluting coronary stent system. The market is poised for growth due to increasing consumer preference for minimally invasive procedures, which utilize angioplasty balloons and small incisions to identify and treat damaged blood vessels. For instance, according to a January 2023 article published by the National Library of Medicine, the U.S. witnesses over three million cases of minimally invasive surgeries annually. Angioplasty, a minimally invasive procedure, offers numerous benefits including reduced physical trauma, shorter hospital stays, quicker recovery times, and fewer complications.
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Where are the Market Opportunities?
New product launches in the peripheral vascular devices market underscore companies' ongoing efforts to innovate. These devices target conditions like peripheral artery disease, coronary artery disease, and thoracic aortic aneurysms, enhancing efficiency and patient outcomes. For instance, in June 2023, Cook Medical introduced new variants of the Advance Serenity PTA balloon, featuring a laser-formed entry tip and improved hydrophilic coating for smoother vessel navigation. Getinge also announced the commercial availability of its iCast covered stent system in October 2023, targeting iliac arterial occlusive disease in the U.S. Additionally, Shockwave Medical, Inc. launched the Shockwave L6 Peripheral IVL Catheter in March 2023 after FDA clearance, while Zeus introduced the Absorv XSE oriented tubing in September 2023, offering versatility and a bioabsorbable design platform. These innovations drive growth and expand treatment options for vascular diseases.
Competitive Landscape
The major players operating in the peripheral vascular devices market are Abbott Laboratories, B. Braun SE, Becton, Dickinson and Company, Biotronik SE & Co KG, Boston Scientific Corporation, Cardinal Health, Inc., Cook Group, Inc., Cordis Corporation, Getinge AB, Koninklijke Philips N.V., Kyoto Medical Planning Co., Ltd., Medtronic plc, Merit Medical Systems, Inc., Penumbra Inc., and Terumo Corporation. These major players in the industry have implemented a variety of strategies, including mergers and acquisitions, substantial investments in research and development, collaborative initiatives, partnerships, regional business expansion, and the introduction of innovative products. These actions aim to bolster and enhance their positions within the market.
Recent Developments
- On 23rd January 2024, AngioDynamics, Inc announced that the U.S. FDA has authorized the Auryon XL Catheter. This 225-cm radial access catheter is approved for utilization with the Auryon Atherectomy System in treating Peripheral Arterial Disease (PAD).
- On 13th December 2023, Medtronic announced that the United States Food and Drug Administration (FDA) has approved the PulseSelect Pulsed Field Ablation (PFA) System for the treatment of both paroxysmal and persistent atrial fibrillation (AF). This is the first PFA technology to receive FDA approval and follows the recent European CE (Conformité Européenne) Mark of the PulseSelect PFA system in November.
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To find more Visiongain research reports on the Pharma sector, click on the following links:
- Medical Imaging Devices Market Report 2024-2034
- Cardiovascular Devices Market Report 2023-2033
- Neurotech Devices Market Report 2023-2033
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