Peripheral Artery Disease Market Share, Size, Key Players, Trends, Competitive And Regional Forecast To 2027
Peripheral artery disease market 2020 can potentially achieve a CAGR of 4.84% between 2016 and 2025 (appraisal period), claims MRFR/Market Research Future. MRFR also anticipates the market size to touch USD 23,624.01 Million by 2025. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Key Boosters and Challenges
Factors including rapid expansion of the geriatric populace and the subsequent rise in cases of peripheral artery diseases have been favorable for the global market in recent years. Increased prevalence of high blood pressure and diabetes could also benefit the global market, since these diseases increase the risk of contracting the peripheral artery disease. Supportive reimbursement schemes available across countries for the treatment of peripheral artery disease and the frequent introduction of innovative treatment devices like drug-eluting stents are also projected to bolster the market growth in the following years.
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Some of the peripheral artery disease market trends include the rising preference for minimally or non-invasive endovascular surgical procedures since they facilitate lower recovery time, less scarring, and reduced chances of acquiring post-surgery infections. Surge in lifestyle diseases in line with the rising prevalence of unhealthy eating habits including tobacco and alcohol, will also enhance the peripheral artery disease market size in the coming years. In the years ahead, the peripheral vascular devices market could receive a substantial boost from the escalating cases of blood clotting, cardiac arrests, and various vascular diseases.
Many of the companies are engaged in partnerships and agreements to garner higher dominance over the market. Increasing approvals by FDA and other healthcare authorities are encouraging players to focus on innovations and introduction of new and more advanced devices. A case in point, in November 2020, FDA gave the green light to Boston Scientific’s newly developed paclitaxel-coated Ranger balloon designed for peripheral artery disease in the popliteal artery behind the knee and the femoral artery that is present in the upper thigh.
Peripheral artery disease market can be considered for treatment type and end user.
The various treatment types available worldwide are drugs and devices.
The top end-users in the peripheral artery disease industry are ambulatory surgery centers, hospitals and clinics, and more.
Europe and the Americas along with MEA/Middle East and Africa as well as APAC/Asia Pacific are the key markets for peripheral artery disease.
Since 2018, the Americas continues leading the global market, backed by the significant growth rate of diabetes, high healthcare spending and the high prevalence of obesity. The constantly evolving lifestyle habits that include bad diet, excessive consumption of tobacco and alcohol, and lack of exercise have made people in the region extremely vulnerable to the peripheral artery disease, resulting in robust market growth. It is alto projected that the United States peripheral vascular devices market can perform well in the coming years, thanks to the emerging trend of minimally-invasive surgical procedures, rise in technical innovations and the substantial investments by public as well as private organizations this field.
In the global market, Europe is in the second place, while Western Europe contributes the most to the said growth. The regional market‘s sturdy expansion rate in the coming years is expected to be the outcome of the surge in cardiovascular disorders and the burgeoning pool of smokers. The growing elderly population also boosts revenue generation in the region.
APAC represents the highest growth potential on account of the rising per capita income and rise in government initiatives focused on improving the healthcare system. The escalating number of diabetes cases and the booming geriatric population has made India, Australia and China the most profitable markets in the region. Many of the emerging countries in the region are expected to observe notable growth over the ensuing years due to the presence of lenient regulatory norms and low intensity of competition between the players. With the intention of leveraging the attractive opportunities present in these countries, manufacturers are striving to expand their presence by adopting agreements, partnerships and product launches as key growth strategies.
Top competitors active in the worldwide market are Becton, Dickinson and Company (BD) (US), Cardinal Health (US), Bayer AG (Germany), Cook (US), B. Braun Melsungen AG (Germany), Medtronic (Ireland), Boston Scientific Corporation (US), Terumo Medical Corporation (Japan), Koninklijke Philips NV (Netherlands), and more.
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