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Peripheral Vascular Devices Market 2033: Trends, Growth & Forecast
Peripheral Vascular Devices And Equipment Global Market Report 2024
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According to The Business Research Company's, The peripheral vascular devices and equipment market size has grown strongly in recent years. It will grow from $8.49 billion in 2023 to $9.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to cardiovascular disease prevalence, aging population, chronic disease management, clinical guidelines and research.
The peripheral vascular devices and equipment market size is expected to see strong growth in the next few years. It will grow to $11.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to minimally invasive procedures, telehealth integration, global access to healthcare, drug-coated devices. Major trends in the forecast period include artificial intelligence (ai) in vascular medicine, robot-assisted interventions, point-of-care testing, bioresorbable vascular scaffolds.
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Market Drivers and Trends:
The peripheral vascular devices and equipment market is driven by the rising number of people with peripheral artery diseases. Peripheral artery diseases are caused when arteries in the human body are blocked by plaque consisting of fats, cholesterol, and other substances restricting their blood flow to important organs. Lower extremity peripheral artery disease (PAD) affects >230 million adults worldwide and is associated with increased risk of various adverse clinical outcomes (other cardiovascular diseases such as coronary heart disease and stroke and leg outcomes such as amputation. The disease is different in younger populations; but, the incidence rises sharply, with over 20% of people over 80 years old having PAD. According to the Center for Disease Control and Prevention (CDC), approximately 8.5 million people in the USA are suffering from peripheral artery diseases, of which 12-20% are aged above 60 years.
Major companies operating in the peripheral vascular devices and equipment market are focusing on innovative product developments such as bio-absorbable stents for increased treatment success rates and commercializing bio-absorbable stents. Bio-absorbable stents are made of naturally soluble materials that disappear after insertion and eliminate the risk of late stent thrombosis. They help protect the body from inflammation or reduced blood flow due to late-stent thrombosis (a condition where the stent used for treatment stays inside the body for a prolonged period). For instance, in March 2021, Meril Life Sciences Pvt. Ltd., an India-based medtech company, launched its bioresorbable scaffold (BRS) MeRes100 in India, which is also known as bio-absorbable stents. The BRS is a non-metallic, non-permanent mesh tube that dissolves over time after ensuring the previously blocked artery is opened via a routine angioplasty procedure. Meril Life Sciences will facilitate a multi-national, multi-center, randomized clinical trial, the MeRethon RCT, comparing MeRes100 to conventional drug-eluting stents. MeRes100 is the first-ever 100-micron thin-strut BRS developed to treat people with coronary artery disease.
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Major Key Players of the Market:
Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Cook Group, Angiomed GmbH & Co. Medizintechnik KG, Terumo Corporation, ENDOLOGIX Inc., Bolton Medical Inc., JOTEC GmbH, Clearstream Technologies, Aesculap AG, Curative Medical Devices, Lepu Medical Technology, MicroPort, Bioteque Corporation Co.Ltd., Cardinal Health, iVascular, B. Braun Group, Biosensors International Group, BIOTRONIK SE & Co., COVIDien, Volcano Corporation, AngioScore, Edwards Lifesciences Corporation, Cordis Corporation, Koninklijke Philips N.V., Nipro Corporation, Bluesail Medical Co. Ltd, Rex Medical, Teleflex Incorporated, Penumbra Inc., Lombard Medical Technologies PLC, W.L. Gore & Associates Inc., Merit Medical Systems Inc., Vascular Solutions Inc., LeMaitre Vascular Inc., Spectranetics Corporation
Peripheral Vascular Devices And Equipment Market 2024 Key Insights:
• The peripheral vascular devices and equipment market size is expected to see strong growth in the next few years. It will grow to $11.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Rising Incidence Of Peripheral Artery Diseases Drives Peripheral Vascular Devices Market
• Bio-Absorbable Stents Gain Traction In The Peripheral Vascular Devices Market
• North America was the largest region in global peripheral vascular devices and equipment market in 2023
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Top Key Player:-
Abbott Laboratories
Braun Melsungen AG
Boston Scientific Corporation
R. Brad, Inc.
Cardinal Health, Inc.
Medtronic plc.
Cook Medical, Inc.
Teruma Corporation
Jude Medical, Inc.
The Spectranetics Corporation
Volcano Corporation
Peripheral vascular disorder (PVD) is a blood circulation disorder…
