Peripheral vascular diseases (PVD) are caused by the formation of atherosclerotic plaques in arteries, which carry blood to organs, limbs, and head. It is also known as peripheral artery occlusive disease (PAOD) or peripheral artery disease (PAD) or peripheral obliterative arteriopathy. It consist of diseases pertaining to both peripheral veins and peripheral arteries, affecting the peripheral and cardiac circulation in the body.
Global peripheral vascular devices market is estimated to be valued at US$ 10,266.8 million in 2022 and is expected to exhibit a CAGR of 7.6% during the forecast period (2022-2030).
Figure 1. Global Peripheral Vascular Devices Market Share (%), by End User, 2022
Increasing prevalence of peripheral vascular diseases is expected to drive growth of the global peripheral vascular devices market
Increasing prevalence of peripheral vascular diseases such as Peripheral Arterial Disease (PAD) is expected to drive market growth over the forecast period. For instance, according to Centers for Disease Control and Prevention (CDC), on September 27, 2021, approximately 6.5 million people age 40 and older in the U. S. have PAD.
Figure 2. Global Peripheral Vascular Devices Market Share (%), by Region, 2022
Increasing prevalence of diabetes is expected to drive market growth during the forecast period.
Increasing prevalence of diabetes and related diseases is expected to drive market growth over the forecast period. For instance, according to International Diabetes Federation (IDF), as on 14 December 2021, there are about 90 million adults (20-79) are living with diabetes in the South-East Asia (SEA) Region in 2021. This figure is estimated to increase to 113 million by 2030 and 152 million by 2045.
|Base Year:||2021||Market Size in 2022:||US$ 10,266.8 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||7.6%||2030 Value Projection:||US$ 18,503.7 Mn|
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, and Bayer AG.
|Restraints & Challenges:||
Global Peripheral Vascular Devices Market– Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.
COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, faced problems with regard to the transportation of drugs and vaccines from one place to another. The COVID-19 pandemic had a negative impact on the global peripheral vascular devices market, due to the lockdown in many countries, as patient visits to hospitals have been reduced significantly. As a result, the number of diagnostic tests has reduced. This has further reduced the sales of peripheral vascular devices.
Global Peripheral Vascular Devices Market: Key Developments
In May 2021, Transit Scientific, a development stage medical device company, announced that they have received the CE Mark clearance in the European Union for the XO Score Scoring Sheath Platform, it is used to facilitate dilation and apposition of the scoring surface to the stenotic material in the iliac, femoral, ilio-femoral, popliteal, infra-popliteal, and renal arteries; and for treatment of obstructive lesions. This device facilitates the dilation of stenotic material in the peripheral vasculature including infrapopliteal, popliteal, and native or synthetic arteriovenous dialysis fistulae.
Global Peripheral Vascular Devices Market: Restraint
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 due to the risk of outer material separating from the device in fractured pieces that could be left in the patient’s bloodstream.
Major players operating in the global peripheral vascular devices market include 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, and Bayer AG.
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 diseases.
Peripheral vascular devices market includes IVC (inferior vena cava) filters, angiography catheters, EVAR (Endovascular Aortic Aneurysm Repair) stent-grafts, hemodynamic flow alteration, and plague modification devices are used for treating peripheral arterial or coronary arterial disease and also used in the peripheral endovascular and coronary procedure. These devices are used to decrease the interference of patients with a minimum disturbance during the surgical procedure.
The rising global prevalence of venous diseases or CVI (Chronic Venous Insufficiency) is expected to drive the global peripheral vascular devices market. Some of the other drivers of this market include increasing demand for minimally invasive endovascular procedures on account of their shorter recovery time, lesser scaring, and lesser chances of post-surgery infections. In addition, growing prevalence of disease-causing lifestyle and eating habits such as high consumption of alcohol, tobacco products, and smoking cigarettes is expected to boost peripheral vascular devices market demand by triggering the incidence rates of cardiac arrest, blood clotting, and other vascular diseases. Moreover, increase in the global geriatric population is also expected to drive the growth of the market. For instance, according to the world health organization (WHO), on 1 October, 2022, between 2015 and 2050, the proportion of the world's population over 60 years will nearly get double from 12% to 22% and by 2050, the world’s population of people aged 60 years and older will be around 2.1 billion.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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