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Press Release: Peripheral Vascular Devices Market to Reach US$ 14,592.7 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Peripheral vascular disease (PVD) is narrowing of arteries outside brain and heart. Risk factors for the growth of PVD include, hypertension, obesity, diabetes, and smoking. Peripheral vascular devices are used for the treatment of these blocked arteries and remove the buildup plaque. Peripheral vascular stents, peripheral transluminal angioplasty balloon catheter and aortic stents are the mostly used devices for the treatment of PVD.
Statistics:
The global peripheral vascular devices market is estimated to account for US$ 8,918.9 Mn in terms of value in 2020 and is expected to reach US$ 14,592.7 Mn by the end of 2027.
Global Peripheral Vascular Devices Market: Drivers
Increasing prevalence of peripheral arterial disease is expected to propel growth of the global peripheral vascular devices market over the forecast period. For instance, according to National Center for Biotechnology Information May 2018 data, over 200 million people suffer from peripheral arterial disease worldwide.
Moreover, increasing geriatric disorder is also expected to boost demand for peripheral vascular devices. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
Statistics:
Peripheral Vascular Stents held dominant position in the global peripheral vascular devices market in 2019, accounting for 31.0% share in terms of value, followed by Peripheral Transluminal Angioplasty Balloon Catheters and Aortic Stents, respectively.
Figure 1. Global Peripheral Vascular Devices Market Share (%), by Value, by Product Type, 2019
Global Peripheral Vascular Devices Market: Restraints
Infection from peripheral vascular implantations is expected to hinder growth of the global peripheral vascular devices market. Insertion of foreign body has become an indispensable part in the field of medicine; however, medical devices are associated with a risk of bacterial and fungal infection. As peripheral vascular implants are in direct contact with the body, the ability for infection is more as compared to other devices.
Moreover, product recalls are expected to hinder growth of the market. For instance, in October 2019, Medtronic plc recalled all models of its 6 French Sherpa NX Active Guide Catheter because of a risk the outer material may separate from the device in fractured pieces that could be left in the patient’s bloodstream.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 8,319.0 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 7.3% | 2027 Value Projection: | US$ 14,592.7 Mn |
| Geographies covered: |
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| Companies covered: |
Abbot 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, and Bayer AG. |
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| Restraints & Challenges: |
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Global Peripheral Vascular Devices Market: Opportunities
R&D in peripheral catheters is expected to offer lucrative growth opportunities for players in the global peripheral vascular devices market. For instance, in October 2019, researchers from Hartford Hospital (Hartford, Conn.) and PICC Excellence reported that implementing standardized set of best practices for inserting peripheral IV catheters results in significant clinical and economic benefits, in the Journal of the Association for Vascular Access.
Moreover, high prevalence of type 2 diabetes mellitus and hypertension is also expected to boost demand for peripheral vascular devices. For instance, in March 2019, the study ‘Prevalence of hypothyroidism in patients with type 2 diabetes mellitus and hypertension in India: a cross-sectional observational study’, reported that the prevalence of hypothyroidism in patients with type 2 diabetes mellitus, hypertension, and type 2 diabetes mellitus + hypertension was 24.8%, 33.5%, and 28.9%, respectively.
The global peripheral vascular devices market was valued at US$ 8,319.0 Mn in 2019 and is forecast to reach a value of US$ 14,592.7 Mn by 2027 at a CAGR of 7.3% between 2020 and 2027.
Figure 2. Global Peripheral Vascular Devices Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027
Market Trends/Key Takeaways
Increasing awareness regarding peripheral vascular disease is expected to propel growth of the global peripheral vascular devices market. For instance, in November 2019, Brownwood Regional Medical Center and Ernesto Rivera, MD Interventional Cardiologist of Heart of Texas Heart Associates hosted a Community Education Program on Peripheral Vascular Disease and Diabetic Foot Ulcers.
Major players in the market are also focused on approval and launch of new devices to expand their product portfolio. For instance, in 2018, Teleflex Incorporated received the U.S. Food and Drug Administration (FDA) 510(k) clearance for its Expro Elite and Sympro Elite Snares for manipulating interventional devices in peripheral procedures.
Global Peripheral Vascular Devices Market: Competitive Landscape
Major players operating in the global peripheral vascular devices market include, Abbot Laboratories, Boston Scientific Corporation, Angioscore, Emboline Inc., BD, Cook Group Inc., Cordis Corporation, Covidien PLC, Edward Lifesciences Corporation, Medtronic Plc, St. Jude Medical, and Bayer AG.
Global Peripheral Vascular Devices Market: Key Developments
Major players in the global peripheral vascular devices market are focused on adopting M&A strategies to expand their product portfolio. For instance, in June 2020, Becton, Dickinson and Company acquired Straub Medical AG, a privately-held company that develops and sells medical atherectomy and thrombectomy devices that treat peripheral arterial disease (PAD) and venous disease.
Peripheral vascular disease (PVD), also known as arteriosclerosis obliterans, arterial insufficiency of the legs, claudication, or intermittent claudication, is a blood circulation disorder that causes the blood vessels in the heart or brain to narrow, spasm or block. Peripheral vascular disease usually causes fatigue and pain in the legs and particularly during strenuous physical activities, which usually subsides with rest. The blood vessels supplying oxygenated blood to the arms, kidneys, intestines, and stomach are usually affected by the peripheral vascular devices. According to the Center for Disease Control and Prevention, around 12 to 20 percent of the population in the age category of 60 years and above, developed PAD, in 2016. The incidence rate of this disease is steadily increasing.
Restraints of the Global Peripheral Vascular Devices Market
Major factors hampering the growth of the peripheral vascular devices market during the forecast period constitutes of product recalls, and infection related issues.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 32 market data tables and 24 figures on “Peripheral Vascular Devices Market – Global forecast to 2027.
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