Peripheral vascular disease (PVD), also known as arteriosclerosis obliterans, arterial insufficiency of the legs, claudication, or intermittent claudication is a blood circulation disorder that results in the narrowing of blood vessels outside the heart and the brain. It can also block the blood vessels altogether. Peripheral vascular disease can occur in the veins or arteries. The disease usually causes fatigue and pain, often in the legs, and particularly during strenuous physical activities, which usually subsides with rest. PVD can affect the vessels that supply oxygen and blood to arms, kidneys, intestines and stomach. In peripheral vascular disease, blood vessels are narrowed and flow of blood decreases. This can happen due to arteriosclerosis (hardening of the arteries), or it can be caused by spasms in the blood vessel. In case of arteriosclerosis, plaques build up in a blood vessel and hamper the flow of blood and oxygen to the limbs and other organs. As the plaque growth progresses, the artery can get completely blocked due to the formation of clot in the vessels. If left untreated, his phenomenon can result into organ damage, loss of fingers, toes, or limbs. PAD or Peripheral arterial disease is a type of peripheral vascular disease that develops only in the arteries (blood vessels carrying oxygen-rich blood from the heart to the other parts of the body). According to the Center for Disease Control and Prevention, around 12 to 20 percent of the population over the age of 60 developed PAD, in 2016. Peripheral arterial disease is the most common form of peripheral vascular disease
The number of patients with peripheral artery disease is increasing at a steady rate throughout the world and hence the peripheral vascular devices market is likely to grow at substantial rate over the forecast period. The global market of peripheral vascular devices is likely to be driven by the increasing demand for minimum invasive procedures, rise of PVD, change in the lifestyle and increase in the geriatric population coupled with the technological innovations towards the development of new devices. Nonetheless, the market growth is likely to be hindered by strict regulatory framework as well as the complexities associated with the management and treatment of peripheral vascular diseases.
Peripheral vascular devices market Taxonomy
On the basis of product type, the global market is classified into:
North America held the maximum share in the global peripheral vascular devices market. The dominance of this region is owing to the high adoption of minimally invasive surgeries, high healthcare expenditure as well as patient awareness, among others. Asia Pacific is likely to grow at maximum rate over the forecast period. Presence of a large patient pool with unmet medical need is anticipated to be a major driver for growth of the market in this region. Improving healthcare scenario in the emerging economies of India, and China, among others coupled with the growing GDP of these countries and increased government initiative are some of the other factors that will aid the growth of the peripheral vascular devices market in this region.
High growth of geriatric population and changing lifestyle will drive the overall peripheral vascular devices market
Rise in global geriatric population base have lead to higher incidence rates of end diseases, widespread presence of both public and private funding programs, change in lifestyle and food habits are likely to fuel the growth of the peripheral vascular devices industry during the forecast period. Additionally, presence of unexploited growth opportunities in the emerging markets such as China, India, and Brazil coupled with rising health awareness among the population are also projected to boost the market in the coming years.
The rising utilization of bio-absorbable stents coupled with the increase in health awareness and growing disposable incomes some of the market opportunities for the manufacturers. Nonetheless, the costs of the procedures particularly in the developing countries and product failures are some key challenges that will be faced by the vendors. Some of the major companies operating in the global peripheral vascular devices market are Abbot Laboratories, Boston Scientific Corporation, Angioscore, Emboline INC, and Bayer AG, among many others.
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