Peripheral Vascular Devices Market 2023 – 2030 By Type (Peripheral Stents, PTA Balloons, Catheters, Endovascular Aneurysm Repair Stent Grafts, Plaque Modification Devices) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Healthcare | Pages : 189 Pages | Published On : Jul 2023
The global market for peripheral vascular devices was valued at USD 6,500 million in 2022 and is projected to grow at a CAGR of 7.4% from 2023 to 2030. This growth is driven by the increasing prevalence of peripheral vascular diseases (PVDs), such as peripheral arterial disease (PAD). Smoking, atherosclerosis, diabetes, high cholesterol, and high blood pressure are key risk factors contributing to the rise in new cases of PAD worldwide.
Surgeons use devices like peripheral stents, catheters, and Percutaneous Transluminal Angioplasty (PTA) balloons to alleviate artery blockage and improve blood circulation in patients with PAD. The growing prevalence of PVD is expected to drive the demand for these devices in the coming years, thereby fueling market growth.
Furthermore, key players in the market are undertaking initiatives such as mergers and acquisitions and new product launches to expand their business portfolios. For example, in September 2021, Abbott acquired Walk Vascular, LLC, a medical device company that offers a minimally invasive mechanical aspiration thrombectomy system for removing peripheral blood clots. This acquisition strengthens Abbott's vascular business and is expected to drive market growth.
The market is also witnessing an increase in the use of bio-absorbable stents, which are designed to reduce thrombogenic risk factors and improve clinical applicability. Bio-absorbable stents, made of naturally soluble substances that dissolve after implantation, help prevent complications like late stent thrombosis.
Key players are focusing on manufacturing and selling bio-absorbable stents, resulting in their growing use in the market. For example, Boston Scientific launched the SYNERGY Megatron bio-absorbable polymer coronary stent system, which received FDA approval in January 2021. This stent is designed for the treatment of coronary artery disease and offers improved strength, vessel shaping capabilities, and precise stent placement.
The COVID-19 pandemic had a significant impact on the peripheral vascular devices market. The viral infection and strict measures implemented to control its spread led to a decrease in hospital admissions for coronary heart disease conditions. However, as lockdowns were relaxed and hospitalizations for heart conditions increased globally, the demand for peripheral vascular devices started to rise again.
Despite the market growth, the presence of highly effective alternative treatment options, such as anticoagulant drugs like Dabigatran, may restrain the market over the forecast period. These alternatives, along with medications like vasodilators, cholesterol-lowering drugs, and antiplatelet medicines, are used as alternatives to peripheral vascular devices for the treatment of PVDs.
In terms of type, the peripheral stents segment held the largest share of 25.7% in 2022. This dominance can be attributed to the increasing use of stents, which are highly effective, safe, and well-tolerated. The U.S. Food and Drug Administration (FDA) recommends Paclitaxel coated balloons and stents for treating patients with new and recurring atherosclerotic lesions in the femoropopliteal artery.
These stents mechanically open blocked blood vessels. Some FDA-approved peripheral stents include Zilver PTX and ELUVIA drug-eluting vascular stent system manufactured by Cook Ireland Ltd and Boston Scientific Corporation. The introduction of new peripheral stents is expected to drive market growth.
Furthermore, the peripheral accessories segment is anticipated to experience the fastest growth during the forecast period. The development of improved peripheral accessories that enhance accessibility and assist in peripheral vascular procedures is likely to increase their usage in the coming years.
In 2022, North America dominated the peripheral vascular devices market with a share of 39.7%. This can be attributed to factors such as the increasing incidence of cardiovascular diseases and the growing geriatric population, which drive market growth. Additionally, the rising number of cardiovascular disease cases in the U.S. contributes to the market's growth. North America is also home to a majority of key industry players who have enhanced their product portfolios through strategic collaborations, mergers, partnerships, and novel product launches, further boosting the peripheral vascular devices market.
For instance, in December 2021, Philips, a global technology leader, entered into an agreement to acquire Vesper Medical Inc., a U.S.-based medical technology company that manufactures minimally invasive peripheral vascular devices. Vesper Medical's advanced portfolio of venous stents for the treatment of deep venous illness will complement Philips' line of diagnostic and therapeutic devices. Such advancements stimulate market growth and create lucrative opportunities.
Asia Pacific is expected to witness the fastest growth during the forecast period, primarily driven by the increasing incidence of diabetes, which contributes to the rising prevalence of peripheral vascular disorders. Moreover, the growing demand for minimally invasive and technologically advanced treatments, along with improving healthcare infrastructure, are factors projected to drive market growth in the region.
Key Companies & Market Share Insights:
The market is driven by various strategies adopted by key players, including product development, partnerships, funding, and investments. In August 2022, Boston Scientific Corporation acquired Obsidio, Inc., a privately held company that developed the FDA-approved Gel Embolic Material (GEM) technology used for embolizing blood vessels in the peripheral vasculature. This acquisition strengthens Boston Scientific's interventional oncology portfolio and embolization sector with the addition of GEM technology.
Some prominent players in the global peripheral vascular devices market include Abbott Laboratories, Angioscore Inc., Edward Lifesciences Corporation, Medtronic Inc., St. Jude Medical, Teleflex Medical, Volcano Corporation, Boston Scientific Corporation, Cook Group Inc., Cordis Corporation, Covidien, W.L.Gore and Associates Ltd., and Angioscore Ltd.
Global Peripheral Vascular Devices Market Report Segmentation
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2023 to 2030. For this study, Grand View Research has segmented the global peripheral vascular devices market report based on type, and region:
- Type Outlook (Revenue, USD Million, 2018 - 2030)
- Peripheral Stents
- Iliac Artery Stents
- Femoral Artery Stents
- Carotid Artery Stents
- Renal Artery Stents
- Other Peripheral Stents
- PTA Balloons
- Angiography Catheters
- Guiding Catheters
- IVUS/OCT Catheters
- Endovascular Aneurysm Repair Stent Grafts
- Thoracic Endovascular Aneurysm Stent Grafts
- Abdominal Endovascular Aneurysm Stent Grafts
- Plaque Modification Devices
- Atherectomy Devices
- Thrombectomy Devices
- Peripheral Accessories
- Workhorse Guidewires
- Specialty Guidewires
- Extra Support Guidewires
- Frontline Finesse Guidewires
- Peripheral Vascular Closure Devices
- Balloon Inflation Devices
- Introducer Sheaths
- Inferior Vena Cava Filters
- Permanent Filters
- Retrievable Filters
- Hemodynamic Flow Alteration Devices
- Chronic Total Occlusion Devices
- Embolic Protection Devices
- Peripheral Stents
- Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- North America
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