Peripheral Artery Disease Market Size, Share, Growth Analysis, By Treatment Type, By Route of Administration, By End Users, By Region - Industry Forecast 2024-2031

Peripheral Artery Disease Market size was valued at USD 4.27 billion in 2022 and is poised to grow from USD 4.66 billion in 2023 to USD 9.28 billion by 2031, growing at a CAGR of 9.80% in the forecast period (2024-2031).

Surveys indicate that around 6.5 million individuals aged 40 and above in the United States are affected by Peripheral Artery Disease (PAD). Both men and women are susceptible, but statistics indicate that African Americans face a higher risk of developing this condition. The aging population significantly contributes to the increasing prevalence of PAD, as vascular diseases become more common with age. Moreover, the ongoing aging of the population correlates with an increase in approvals for products related to the diagnosis, management, and treatment of PAD. Together, these factors heighten the overall risk of developing peripheral arterial disease. The convergence of demographic changes, rising disease prevalence, and advancements in medical technology highlights the complex nature of the risk factors associated with PAD in the United States.

Top-down and bottom-up approaches were used to estimate and validate the size of the Peripheral Artery Disease market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Peripheral Artery Disease Market Segmental Analysis

The peripheral artery disease market is segmented into product type, route of administration, end user, and region. Based on product type, the market is segmented into Peripheral Angioplasty Balloons, Plaque Modification Devices, Peripheral Stents, Peripheral Catheters, Hemodynamic Flow Alteration Devices, Inferior Vena Cava Filters, Peripheral Accessories. Based on the route of administration, the peripheral artery disease market is segmented into oral, parenteral, and others. Based on end users, the peripheral artery disease market is segmented into hospitals & clinics, ambulatory surgical clinics, and others. Based on region, the market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America.

Drivers of the Peripheral Artery Disease Market

The increasing prevalence of diabetes and hypertension among elderly populations is a notable risk factor driving the rise in peripheral artery disease (PAD), thereby boosting market demand. Elderly individuals are particularly vulnerable to developing vascular complications, with diabetes and hypertension significantly heightening this risk. These chronic conditions frequently result in the narrowing and hardening of arteries, reducing blood flow to the extremities and escalating the probability of PAD.

Restraints in the Peripheral Artery Disease Market

The expected recurrence of peripheral artery disease (PAD) following treatment is anticipated to present a significant hurdle to the growth of the peripheral arterial disease market in the forecast period. Despite advancements in medical interventions, the possibility of PAD recurring poses a challenge to sustained market expansion. Moreover, concerns about product recalls within the industry could exacerbate difficulties for the peripheral arterial disease market in the near term. Product recalls have the potential to impact consumer confidence, attract regulatory scrutiny, and necessitate corrective actions, all of which may hinder overall growth and stability in the PAD market. Addressing these challenges will require collaborative efforts from stakeholders to navigate the complexities of disease management and ensure the ongoing development of effective solutions in the realm of peripheral arterial disease.

Market Trends of the Peripheral Artery Disease Market

The rising prevalence of peripheral artery diseases (PAD) alongside increasing approvals of new products are key factors projected to create opportunities for growth in the PAD market in the coming years. The growing incidence of PAD, which involves the narrowing of arteries supplying blood to the limbs, underscores the urgent requirement for advanced diagnostic and treatment options. With regulatory bodies consistently approving new products designed to tackle the complexities associated with PAD, the market is set to expand. These approvals signify advancements in medical technology, introducing innovative approaches to diagnose, manage, and treat PAD effectively.