Peripheral Vascular Devices Market will grow at highest pace owing to increasing geriatric population growth.

The peripheral vascular devices market includes products such as peripheral stents, catheters, angioplasty balloons, plaque modification devices, hemodynamic flow alteration devices, and other devices used in the treatment of peripheral artery disease. Peripheral vascular disease refers to the obstruction of arteries other than those that supply the heart and brain. The occlusion of arteries in the extremities results in severe pain and, in some cases, may lead to amputation if not treated on time. The peripheral vascular devices help doctors restore blood flow in the arteries of the legs and are thus able to treat leg pain, wounds, and other problems associated with peripheral artery disease.

The global peripheral vascular devices market is estimated to be valued at US$ 12.68 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period of 2024 to 2031.

Key Takeaways

Key players operating in the peripheral vascular devices are 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, Bayer AG., Teleflex Medical, Koninklijke Philips N.V., Cardio Flow, Inc. The growing demand for minimally invasive surgeries along with an increasing geriatric population who are more prone to peripheral arterial diseases is fueling the market growth. Technological advancements such as drug-eluting stents, bio-absorbable stents, and advanced imaging modalities are further creating new opportunities in the market.

Market Trends

Peripheral Vascular Devices Market Growth is being driven by the increasing popularity of drug-eluting balloons, as they allow targeted drug delivery and help reduce restenosis rates. Manufacturers are focusing on developing bio-absorbable stents that get dissolved in the body over time, thereby reducing long-term complications. Another key trend is the development of peripheral atherectomy devices that use different mechanisms such as directional atherectomy, orbital atherectomy, and rotational atherectomy to remove blockages.

Market Opportunities

Peripheral artery disease has become highly prevalent worldwide owing to the rising lifestyle diseases and aging population. This widespread patient population suffering from PAD presents significant opportunities for players in the peripheral vascular devices market. Additionally, there is a scope for market expansion in developing regions as awareness regarding minimally invasive procedures increases in these countries.

The COVID-19 pandemic has significantly impacted the growth of the peripheral vascular devices market. As the virus spread globally, several countries announced complete lockdowns to contain its spread. This led to the postponement of all elective medical procedures, including peripheral artery disease treatment procedures. With hospitals focusing on COVID care, vascular procedures like angioplasty and stenting were delayed. This impacted the demand for devices used in such procedures as catheters, balloons, and stents significantly in 2020. Manufacturing and supply chains were also disrupted during the initial months of the pandemic.

However, as restrictions eased from mid-2021 in many regions with increasing vaccination rates, the delayed procedures saw growth. This increased the utilization of peripheral vascular devices. While emergency cases continued to be treated, there was a backlog of elective cases requiring attention. The market saw recovery from 2021 onwards. To ensure steady supply, companies activated business continuity plans, increased inventory levels and implemented strict safety protocols at manufacturing sites. Digital health solutions also saw increased adoption to remotely monitor patients, assist with rehabilitation and provide follow up care. Telemedicine played a key role.

Peripheral Vascular Devices Market Regional Analysis indicates North America holds the largest share of the market, in terms of value, owing to the high prevalence of peripheral artery diseases, growing geriatric population, developed healthcare infrastructure and availability of reimbursements. The US dominates the North American as well as global market.

However, Asia Pacific is poised to be the fastest growing market during the forecast period. This is attributed to factors like improving healthcare infrastructure, rising medical tourism, increasing focus of key players on emerging Asian markets through partnerships and expansions. Countries like China and India offer significant growth opportunities.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)