Global Peripheral Vascular Devices Market Size By Type of Product, By Application, By End User, By Geographic Scope And Forecast

Peripheral Vascular Devices Market Size and Forecast

Peripheral Vascular Devices Market size was valued at USD 13 Billion in 2023 and is projected to reach USD 17 Billion by 2030 , growing at a CAGR of 4.43% during the forecasted period 2024 to 2030. To Learn More: Global Peripheral Vascular Devices Market Drivers The market drivers for the Peripheral Vascular Devices Market can be influenced by various factors. These may include: Growing Incidence of Peripheral Vascular illnesses: One major factor driving the market is the rising prevalence of peripheral vascular illnesses, which include varicose veins, deep vein thrombosis (DVT), and peripheral artery disease (PAD). Globally, the burden of peripheral vascular disorders is rising due to a number of factors including aging populations, sedentary lifestyles, obesity, and an increase in the prevalence of diabetes.

Technological Developments:

Innovation in peripheral vascular devices is fueled by ongoing developments in medical device technology, such as minimally invasive procedures, innovative biomaterials, and enhanced imaging methods like ultrasound and angiography. These developments improve peripheral vascular therapies' efficacy, safety, and patient outcomes.

Growing Preference for Less Invasive Procedures:

Less invasive procedures are becoming more popular than open operations because they offer advantages such quicker recovery periods, shorter hospital stays, fewer problems, and more patient comfort. The market for peripheral vascular products such balloons, catheters, and stents made especially for minimally invasive procedures is growing as a result of this trend.

Growing Geriatric Population:

The market for peripheral vascular devices is significantly influenced by the aging of the world's population. Due to age-related changes in blood vessels, elderly people are more vulnerable to peripheral vascular disorders, which increases the need for diagnostic and treatment measures. Peripheral vascular treatments are necessary since the aged population frequently has several comorbidities.

Growing Awareness and Screening Programs:

Patients, medical professionals, and government agencies are becoming more aware of peripheral vascular disorders, which has resulted in a rise in screening initiatives and early diagnosis. Because prompt detection allows for timely interventions, peripheral vascular devices are in high demand for both therapeutic and diagnostic applications.

Positive Reimbursement Policies:

Market expansion is facilitated by reimbursement policies and healthcare reforms that offer sufficient coverage for peripheral vascular operations and devices. Expanding markets are fueled by improved reimbursement rates, which incentivize healthcare providers to implement cutting-edge peripheral vascular technologies.

Strategic Partnerships and Collaborations:

Working together, medical device producers, healthcare facilities, and research centers promotes creativity and quickens the creation and marketing of peripheral vascular devices. Market growth is largely driven by partnerships intended to strengthen distribution networks, increase market presence, and improve product ranges.

Global Peripheral Vascular Devices Market Restraints

Several factors can act as restraints or challenges for the Peripheral Vascular Devices Market. These may include:

Exorbitant Cost of Peripheral Vascular Procedures:

Peripheral vascular interventions, which include stent implantation and angioplasty, are among the more costly diagnostic and therapeutic procedures. Peripheral vascular operations and devices can be expensive, which could prevent patients from receiving care, especially in areas with scarce healthcare resources or among low-income populations.

Strict Regulatory Requirements:

Peripheral vascular device regulatory approval procedures can be drawn out and complicated, requiring extensive testing and clinical studies to guarantee safety and efficacy. Adherence to regulatory mandates, such those enforced by the Food and Drug Administration (FDA) in the US and the CE mark in Europe, prolongs the time and expense of introducing new goods into the market, thereby impeding market expansion.

Limited payment Coverage:

The desire of healthcare providers to adopt cutting-edge technologies may be impacted by limited or restricted payment coverage for peripheral vascular treatments and devices in certain healthcare systems. Limited reimbursement can make healthcare facilities and patients financially unstable, which will impede market expansion.

Product Recalls and Safety problems:

The peripheral vascular devices industry is prone to product recalls and safety problems, much like any other medical device market. Device malfunctions, unfavorable incidents, or manufacturing flaws can undermine consumer trust and decrease the uptake of particular brands and gadgets. To address safety concerns and preserve market trust, manufacturers need to make significant investments in rigorous quality assurance procedures and post-market surveillance.

Alternative Treatment Options:

When it comes to managing vascular illnesses, alternative treatment modalities like lifestyle changes and pharmaceutical therapies may compete with peripheral vascular devices. Peripheral vascular procedures may eventually be required, even though some patients may initially prefer conservative or non-invasive treatment options due to disease progression or an insufficient response to other medications.

Limited Knowledge and Access in Developing locations:

Patients and healthcare professionals may not be fully informed about peripheral vascular disorders and available treatments in some developing locations. Furthermore, the lack of a proper healthcare infrastructure and restricted access to specialist medical services may limit the use of peripheral vascular devices in these areas, which would limit market expansion.

Technological Challenges and Learning Curve:

The implementation of sophisticated peripheral vascular technology, such drug-eluting stents and enhanced imaging modalities, may be impeded by technological obstacles and a challenging learning curve for medical professionals. The implementation of training programs and educational activities is imperative to guarantee appropriate utilization and optimal results with these cutting-edge devices.

Global Peripheral Vascular Devices Market Segmentation Analysis

The Peripheral Vascular Devices Market is segmented on the basis of Type of Product, Application, End User And Geography.

By Type of Product:

Angioplasty Balloons:

This section covers the several kinds of balloons that are used in angioplasty operations, including cutting balloons, drug-coated balloons (DCB), and plain old balloon angioplasty (POBA) balloons.

Stents:

Drug-eluting stents (DES), bioresorbable stents (BRS), and bare-metal stents (BMS) are sub-segments within stents.

Atherectomy Devices:

Rotational, directional, and orbital atherectomy devices are among the tools used to remove plaque from blood arteries.

Chronic Total Occlusion (CTO) Devices:

Equipment made expressly to diagnose and manage blood vessel chronic total occlusions.

Embolic Protection Devices:

During interventional procedures, these devices are utilized to trap and remove debris or emboli in order to prevent distant embolization.

Peripheral Guidewires:

These are wires that are inserted into the peripheral vasculature to guide catheters and other devices.

Peripheral Vascular Catheters:

These are catheters used in peripheral vessels for interventional or diagnostic purposes.

Others:

This could involve thrombectomy, vascular graft, and vascular closure devices, among other devices.

By Application:

Peripheral Artery Disease (PAD):

Devices such as angioplasty, stenting, and atherectomy devices are used to treat peripheral artery disease.

Peripheral Vein Disease:

Equipment for treating venous conditions such venous ulcers, varicose veins, and deep vein thrombosis (DVT).

Neurovascular Disease:

Instruments used to treat diseases like aneurysms and stroke that impact the blood arteries supplying the brain.

Other uses:

This could involve techniques such as tumor embolization or arteriovenous malformations (AVMs).

By End User:

Hospitals:

The majority of interventional procedures are performed in hospitals, both public and private.

Ambulatory Surgical Centers (ASCs):

As a result of technological improvements and patient preferences for outpatient operations, these facilities are increasingly carrying out peripheral vascular interventions.

Specialty clinics:

For example, vascular clinics that specialize on disorders of the peripheral circulation.

Others:

This category could include educational and scientific establishments that carry out cutting-edge operations and clinical trials.

By Geography:

North America:

The largest market because of significant healthcare spending, a sophisticated healthcare system, and a high incidence of peripheral vascular illnesses.

Europe:

Large market share as a result of an older population and rising public awareness of peripheral vascular illnesses.

Asia-Pacific:

A market with a big population base, increasing at a rapid pace due to improved healthcare facilities and rising disposable income.

Latin America:

Expanding market due to rising rates of lifestyle-related illnesses and increased use of cutting-edge medical technology.

The Middle East and Africa:

An emerging region where the incidence of vascular illnesses is on the rise and there are growing government measures to upgrade the healthcare system.

Key Players

The major players in the Peripheral Vascular Devices Market are:

Abbott Laboratories

Boston Scientific Corporation

Medtronic plc

Siemens Healthineers AG

Terumo Corporation

Stryker Corporation

Cook Medical

B. Braun Melsungen AG

Cordis Corporation

Gore Medical