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Peripheral vascular devices are used in diagnosing and treating cardiovascular diseases. Angioplasty balloons, venous stents, angiography catheters, and advanced angioplasty guidewires are some commonly used peripheral vascular devices. The rising prevalence of cardiovascular diseases has increased the demand for minimally invasive and effective treatment options such as percutaneous interventions which require peripheral vascular devices. The global Peripheral Vascular Devices Market is estimated to be valued at US$ 10,266.08 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of cardiovascular diseases is one of the major factors driving the growth of the peripheral vascular devices market. Cardiovascular diseases are the leading cause of death globally. According to WHO, cardiovascular diseases caused over 17.9 million deaths in 2016 representing 31% of all global deaths. Moreover, the WHO report estimates that cardiovascular diseases will remain the single leading cause of deaths globally by 2030. The rising cases of cardiovascular diseases have led to an increasing demand for minimally invasive endovascular procedures which require the use of peripheral vascular devices. This growing incidence of cardiovascular diseases is expected to augment the demand for peripheral vascular devices over the forecast period.
SWOT Analysis
Strength: Peripheral vascular devices offer minimally invasive solutions for treating vascular diseases, reducing risks and recovery time associated with open surgeries.
Weakness: High costs associated with peripheral vascular devices limit their adoption in price sensitive markets.
Limited clinical evidence for some newer devices increases regulatory approval timelines.
Opportunity: Rising geriatric population and growing prevalence of lifestyle diseases increase the patient pool for peripheral vascular treatments.
Introduction of novel drug-coated balloons and stents expands the product portfolio.
Threats: Stiff competition among existing players limits pricing flexibility and bargaining power.
Stringent regulatory approvals and reimbursement policies pose challenges.
Key Takeaways
The global peripheral vascular devices market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional Analysis: North America currently dominates the market owing to the rising disease burden, availability of advanced healthcare facilities and favorable reimbursement environment in the region. The Asia Pacific region is expected to offer lucrative opportunities driven by growing medical tourism, increasing healthcare spending and expanding base of cardiac patients in China and India.
Key players operating in the peripheral vascular devices market include Abbott Laboratories, Boston Scientific Corporation, Angioscore, Emboline Inc., Becton Dickinson and Company, Cook Group Inc., Cordis Corporation, Covidien PLC, Edward Lifesciences Corporation, Medtronic Plc, St. Jude Medical, and Bayer AG. Abbott Laboratories leads the market with wide assortment of peripheral vascular products including guidewires, balloons, stent grafts and catheters. Boston Scientific holds a strong position in drug-coated balloons and stents. Further innovations in drug-delivery technologies and minimally invasive procedures will determine the leader in the coming years.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
