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Hospitals are Fueling the Market Demand for Peripheral Vascular Devices
Hospitals are the major consumers of peripheral vascular devices because a huge number of patients seek diagnosis, treatment, or surgery for peripheral vascular diseases (PVDs) in hospitals. With the rising number of hospitals specializing in the treatment of PVDs especially in emerging economies, the demand for these devices is bound to surge. Furthermore, a large number of hospitals are investing huge amounts for adopting advanced and sterilized catheterization lab equipment, which is expected to drive the growth of the global peripheral vascular device market during the forecast period.
Growing Investment Towards Catheterization Laboratory
The government and private sectors are investing a considerable amount towards the installation and expansion of cardiac catheterization labs. The growing number of such labs is expected to pull immense demand for peripheral vascular devices. The development of these laboratories is much more prominent in emerging economies, especially in countries like India, China, Singapore, etc. Furthermore, private individuals are also setting up these labs as a stand-alone catheterization laboratory, which is going to propel the demand for peripheral vascular devices in the forecast period.
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The Angioplasty Stents Segment is Expected to Flourish During the Forecast Period
Angioplasty stents are one of the device types available in the market for peripheral vascular surgery procedures. It has witnessed significant growth in the year 2020 and is further estimated to have a high CAGR in the forecast period as well. The market growth for angioplasty stents is propelled by the increasing prevalence of various medical conditions like arteriosclerosis, hypertension, or other arterial disorders. Furthermore, people are getting more aware of minimally invasive surgeries and are opting for them. As a result, the angioplasty stents segment is flourishing across the globe.
High Cost and Stringent Regulatory Procedures Impeding Market Growth
Though the global peripheral vascular devices market is all set to witness a healthy CAGR, certain factors are impeding the growth of the market. For instance, according to the American Association for Vascular Surgery, the average cost of a patient's hospitalization for peripheral vascular surgery is approximately USD 27,000, making it prohibitively expensive for a low-income patient. As a result, many people with PVDs are reluctant to have surgery due to the high cost, thereby inhibiting the global market growth. Also, stringent regulatory protocols, equipment faults, and recalls all hamper the growth of the peripheral vascular devices market globally.
Global Peripheral Vascular Devices Market - Regional Insights
Geographically, the global peripheral vascular devices market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, North America held the largest market share in the year 2020 due to its advanced healthcare infrastructure. However, the Asia-Pacific region is coming up as a potential market and is likely to witness an impressive CAGR for the demand for peripheral vascular devices owing to its rapidly growing geriatric population as well as the government initiatives and rising investment towards the development of healthcare infrastructure.
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Impact of Covid-19 on Global Peripheral Vascular Devices Market
The Covid-19 pandemic has had a severe influence on the global market for peripheral vascular devices. Because healthcare facilities are one of the most unsafe areas for the virus to spread, patients avoided visiting hospitals out of the fear of becoming infected. Furthermore, as the governments imposed stringent lockdown restrictions, the number of people visiting hospitals decreased significantly, causing diagnostic testing to decline as well, besides reducing market demand for peripheral devices. All the surgeries involve incisions, which puts the patients as well as the surgeons at risk of contracting the deadly coronavirus. As a result, all elective and non-emergency procedures were postponed, considerably reducing the demand for peripheral vascular devices.
Global Peripheral Vascular Devices Market is Highly Competitive
Some of the leading market players in the global peripheral vascular devices are Edward Lifesciences Corporation, Medtronic Inc., Abbott Laboratories, Jude Medical, Angioscore Inc., Teleflex Medical, Cook Group Inc., Cordis Corporation, Volcano Corporation, C.R.Bard, Terumo Corporation, Biosensors International Group, iVascular, Cardinal Health, Becton, Dickinson, and Company and other prominent players. The prominence of giant players makes the market highly competitive as well as dense, especially for the new entrants. Additionally, the existing market players are focused on offering innovative and technologically advanced products through intensive research and development to secure their position in the market and to get a competitive edge.
Don’t miss the business opportunity of the global peripheral vascular devices market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global peripheral vascular devices market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global peripheral vascular devices market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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